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June 18 – Hong Kong Exchanges and Clearing Limited (HKEX) announced today the renewal of its Memorandum of Understanding (MOU) with the China Financial Futures Exchange (CFFEX) to deepen exchanges and cooperation between the two exchanges and jointly promote the healthy development of the financial markets in Hong Kong and Shanghai. According to the MOU, the two sides will deepen cooperation in areas such as exploring the possibility of product and business collaboration, strengthening the sharing of research findings and experience, and exchanging personnel and training programs.Eurozone construction output rose 0.6% month-on-month in April, down from 0.80% in the previous month.On June 18, the Cyberspace Administration of China, the Ministry of Industry and Information Technology, and the Ministry of Public Security jointly released the "Measures for Network Data Security Risk Assessment," which will take effect on August 20, 2026. The Measures clarify the relevant requirements, basis, and forms of risk assessment. They stipulate that important data processors should conduct risk assessments annually. If a significant change in the security status of important data may adversely affect data security, a risk assessment should be conducted promptly on the changed parts and their impact. Network data processors handling general data are encouraged to conduct risk assessments at least every three years. The Measures clarify that risk assessments should be conducted in accordance with legal and regulatory requirements and with reference to relevant national standards. The Measures also stipulate that network data processors may conduct risk assessments themselves or entrust third-party assessment agencies to do so.The pound fell to a 10-week low against the dollar, trading at 1.3252.The UK FTSE 100 index fell by 1.00% on the day.

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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