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On August 10th, Yum China Holdings, Inc. (09987.HK) announced that for the six months ended June 30, 2026, system sales increased by 5% year-on-year (excluding the impact of foreign currency translation), with total revenue of US$6.4 billion, up 11% year-on-year, and same-store sales up 1% year-on-year. Operating profit was US$795 million, up 13% year-on-year; net profit (Yum China Holdings, Inc.) was US$553 million, compared to US$507 million in the same period last year; diluted earnings per share were US$1.57, up 16% year-on-year. During the period, a net increase of 1,196 stores was recorded, a 105% increase compared to the same period last year, bringing the total number of stores to 19,297, of which franchised stores accounted for 18%.Apple (AAPL.O) shares fell 1.3% in pre-market trading after Jefferies downgraded the company from "hold" to "underperform" and lowered its target price from $285.56 to $263.66.Jefferies downgraded Apple (AAPL.O) from "Hold" to "Underweight"; lowered its price target from $285.56 to $263.66.On August 10, the Peoples Bank of China issued the "15th Five-Year Plan for Reform and Development of the Peoples Bank of China." The plan calls for the continued construction of an open, inclusive, dynamic, and resilient modern financial market. It also aims to improve the multi-category, multi-tiered financial market system, further enrich financial market formats, and better leverage the functions of the financial market. Furthermore, it emphasizes strengthening the institutional framework of the financial market and maintaining its stable operation.Meta Platforms (META.O): Will build a completely private mode for personal intelligent agents, where even META itself cannot access user information.

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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