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On May 18th, Morningstar analyst Chelsey Tam believes Meituans (03690.HK) long-term profit outlook looks very optimistic. She points to Meituans well-developed network and loyal core user base. She anticipates that its competitor, Alibaba (09988.HK), will prioritize investments in artificial intelligence over its fast-commerce sector, as Alibaba is unlikely to maintain high levels of investment in both areas simultaneously in the medium to long term. She adds that this could benefit Meituans fast-commerce segment and potentially provide clearer guidance on the timing of its profit recovery. Morningstar maintains its fair value assessment of Meituan at HK$85.70 per share and considers its stock attractive.Nomura Securities: Tencent Holdings (00700.HK)’s core business is solid, supporting AI investment; rating: Buy.The onshore yuan closed at 6.7979 against the US dollar at 16:30 on May 18, up 73 points from the previous trading day.May 18 - Pakistani sources say Pakistan has handed over to the United States a revised proposal from Iran to end the war, and the U.S. has received the proposal.On May 18th, Musk stated on Monday that he expects self-driving cars without human drivers to become more widespread in the United States later this year. In a speech, Musk mentioned that driverless cars are already operating without safety supervisors in three Texas cities, adding that this model will expand nationwide this year. He said, "Five years from now, even ten years from now… roughly 90% of the mileage will be done by artificial intelligence in self-driving cars. Therefore, ten years from now, driving a car yourself will be a rather niche activity."

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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