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The European Council has approved Hungarys new Recovery and Resilience Plan (RRP). The EU states that this new plan will allow for €10 billion in funding to Hungary, including approximately €6.5 billion in grants and €3.5 billion in loans.On July 10th, Andrew Hitz, Global Head of Fixed Income Research at Morgan Stanley, stated that the bank is closely monitoring three major obstacles that could cause a summer setback for the stock market; historically, summer is typically the strongest season for stock market performance. The first major risk is a resurgence of the conflict with Iran. Hitz stated, "The US Strategic Petroleum Reserve has fallen to a historic low, and if the conflict escalates again, this could weaken its ability to withstand shocks." The second major risk is a Federal Reserve interest rate hike. Hitz pointed out that the expectation that the Fed will keep interest rates unchanged until the end of the year is one of the key pillars supporting the current stock market bull run. "The risk is that this assumption may be wrong, and that mistake could soon become apparent. Of course, there is the view that if the Fed is concerned about inflation, it should not delay its actions." The third is a weakening outlook for AI capital expenditures. Hitz said, "The risk is that second-quarter earnings reports may show a more cautious approach to spending, perhaps due to the recent poor performance of some companies that have heavily invested in AI. Given the current high correlation between growth and earnings prospects and AI, and investors strong preference for AI-related stocks, this situation poses a risk."The UK government stated that this designation, which involves cloud services, aims to minimize the impact of cloud service disruptions.On July 10th, Q Technology (01478.HK) announced that, in June 2026, the sales volume of the company and its joint venture, Q India, for its main products was as follows: Mobile phone camera modules: 39.715 million units, a decrease of 12.0% month-on-month and an increase of 21.6% year-on-year; among which, camera modules with less than 32 megapixels: 25.006 million units, a decrease of 9.8% month-on-month and an increase of 56.0% year-on-year; Camera modules with 32 megapixels and above: 14.709 million units, a decrease of 15.5% month-on-month and a decrease of 11.5% year-on-year. Other camera modules and LiDAR: 1.785 million units, a decrease of 23.9% month-on-month and an increase of 5.0% year-on-year. The total sales volume of camera modules and LiDAR: 41.5 million units, a decrease of 12.6% month-on-month and an increase of 20.8% year-on-year. Biometric modules: 11.961 million units, a decrease of 13.4% month-on-month and a decrease of 13.9% year-on-year. From January to June 2026, a total of 239 million mobile phone camera modules were produced, along with 12.314 million camera modules and LiDAR modules in other fields, and 86.948 million biometric modules. In June, QTech of India produced 10.08 million camera modules, a 6.3% increase month-over-month and a 261.0% increase year-over-year; and 1.28 million biometric modules, a 25.3% decrease month-over-month and a 36.6% decrease year-over-year.Sources revealed that Philippine Airlines will order 15 Boeing (BA.N) 787-10s and 9 Airbus A350-1000 jets.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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