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Moderna (MRNA.O) continued to rise, with intraday gains exceeding 150%.August 19th - A Pew Research Center survey reveals a growing skepticism among Americas youngest working class regarding artificial intelligence (AI), with concerns that its advancements could lead to mass unemployment. For the first time since the Pew Research Center began its survey in 2021, adults under 30 expressed more concern than excitement about AI. This finding is largely consistent with other age groups, but the youngest group has seen a significant shift in attitude, moving from being among the most optimistic about AIs potential to being among the most skeptical. The survey also shows that nearly 75% of adults under 30 believe the technology will lead to fewer job opportunities, up from 61% two years ago. These findings further illustrate the complex relationship between young Americans and AI. They are among the most proficient users of the technology, but at the same time, AI threatens entry-level jobs that traditionally underpin their entry into the labor market.Merck (MRK.N) recorded its best intraday gain since 2009, rising more than 12% during the session.On August 19, French Foreign Minister Jean-Michel Barrow stated on social media that France does not rule out further sanctions against Israeli settlers in the West Bank, adding that "all options are under consideration." Barrow described the current situation in the West Bank as "despicable," and noted that France had previously pushed for sanctions against settlers who have committed violence, as well as the entities, companies, and organizations providing support. Barrow also stated that recent remarks by Israeli National Security Minister Ben-Gevilé regarding Gaza were "unacceptable and inhumane." France had previously imposed sanctions on Ben-Gevilé.Apple (AAPL.O) shares hit a near three-week high, recently up 2.1%.

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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