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July 14th - Amidst heightened investor anxiety over a sell-off in AI-driven tech stocks, this weeks earnings reports from TSMC (TSM.N) and ASML (ASML.O) are more significant than ever. TSMCs capital expenditure plans are among the most closely watched data points in Nvidias supply chain, while ASMLs capacity planning will provide crucial clues about the industrys expansion pace. Market expectations for both companies earnings have now reached almost unassailable levels, making previously surging stocks more susceptible to pullbacks after the results are released. Pepperstone strategist Dilin Wu stated, "The market is currently in a very fragile position. These two earnings reports from ASML and TSMC will either support this sell-off or exacerbate the decline. Either way, the market reaction could be very pronounced." TSMC previously stated that its capital expenditures this year will approach a record $56 billion, but UBS predicts that the figure could reach as high as $60 billion.On July 14, Foreign Ministry Spokesperson Lin Jian held a regular press conference. Lin Jian stated that the Tanzania-Zambia Railway (TAZARA) is a historical monument to China-Africa friendship. More than 50 years ago, despite its own severe economic difficulties, China resolutely decided to assist in the construction of the TAZARA, providing strong support for the national liberation and development of countries in the region. The people of China, Tanzania, and Zambia joined hands and worked shoulder to shoulder during the construction of the TAZARA, jointly forging the great spirit of the TAZARA and leaving a valuable spiritual legacy for future generations. Lin Jian stated that, standing at a new historical starting point, China is willing to work with Tanzania and Zambia to jointly promote the revitalization and prosperity of the TAZARA railway, jointly building a road of freedom, development, friendship, happiness, green development, and harmony, helping the three countries and other countries in the region to jointly build modernization, and injecting new and inexhaustible impetus into the construction of an all-weather China-Africa community with a shared future in the new era.Commander of Ukrainian drone forces: Ukrainian drones have hit 11 more Russian ships in the Sea of Azov.July 14th - A recent Bank of America global fund manager survey shows that global investor sentiment has risen to its highest level since February. Fund managers are more optimistic about the global economic outlook, AI-related spending, and the Federal Reserves dovish policy. The survey shows that fund managers cash allocation ratio has fallen to an "extremely low level" of 3.6% from 4.1% in June, triggering a contrarian sell signal from Bank of America. Meanwhile, a record proportion of respondents expect a "no-landing" scenario for the global economy. The survey was conducted from July 2nd to July 9th, between the temporary ceasefire agreement reached between the US and Iran and the renewed escalation of the conflict.July 14 - Due to rainfall, the inflow to Fengman Reservoir (Jilin Fengman) on the Songhua River in Jilin Province reached 10,900 cubic meters per second at 2 PM on July 14. According to the regulations for numbering floods in major rivers, this flood is designated as "Songhua River Jilin Section 2026 No. 1 Flood".

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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