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On July 27th, Hyundai Motor Group Executive Chairman Chung Eui-sun stated that the group is transforming into a provider of physical AI solutions, covering autonomous driving, robotics, and AI-driven smart manufacturing. As part of this strategy, Hyundai and NVIDIA will jointly develop a robotics reference platform, providing standardized hardware and software to support startups, universities, and research institutions in more efficiently developing and validating robotic technologies. Hyundai also announced a broader roadmap, including collaborations with Waymo and Google DeepMind. Building on a previous agreement to purchase 50,000 NVIDIA GPUs, the company plans to accelerate the development of digital twin technology and autonomous driving systems.July 27 - According to Xunze (03317.HK), the company has reached a strategic cooperation agreement with Shenzhen Kaihong Digital Industry Development Co., Ltd. The two parties will carry out comprehensive cooperation in three major areas: AI data infrastructure, terminal data tokenization application, and token business model.Apples (AAPL.O) system status webpage indicates that the outage has been resolved for all affected services, including the App Store.On July 27th, Yu Weining, Chief Statistician of the Industrial Statistics Department of the National Bureau of Statistics, interpreted the data, stating that in the first half of the year, against the backdrop of stable industrial production growth and a continued rebound in industrial product prices, the operating revenue of industrial enterprises above designated size increased by 6.5% year-on-year, 1.5 percentage points faster than in the first quarter. The accelerated growth in operating revenue led to a 18.7% year-on-year increase in profits for industrial enterprises above designated size, 3.2 percentage points faster than in the first quarter. Looking at the three major sectors, profits in the mining and manufacturing industries increased by 33.5% and 20.1% respectively, accelerating by 17.3 and 1.0 percentage points respectively compared to the first quarter; while profits in the production and supply of electricity, heat, gas, and water decreased by 4.2%. In June, the profits of industrial enterprises above designated size nationwide increased by 15.1% year-on-year.On July 27th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4850%, and the lowest was 0.7320%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0130%, and the lowest was 0.9220%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0610%, and the lowest was 0.9520%.

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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