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The Israel Defense Forces (IDF) recently detected a missile launch by Iran towards Aqaba, Jordan, a city bordering Israel. This attack may have resulted in missile debris falling into Israel. Therefore, air raid sirens may be sounding in southern Israel.On July 19th, Hong Kong Financial Secretary Paul Chan Mo-po announced in his blog that the Hong Kong SAR government will launch an optimized version of the "Digital Transformation Support Pilot Scheme" this year to support SMEs in adopting readily available artificial intelligence solutions. Hong Kongs AI strategy has moved from piecemeal implementation to a systematic deployment phase, aiming to empower various industries with AI. Chan stated that Hong Kong, as an international innovation and technology center, leverages its advantages under the "One Country, Two Systems" framework to serve as a hub for AI R&D and commercialization, as well as a strategic location for mainland AI companies expanding overseas, assisting in aligning cutting-edge technologies and business models with international standards and applications. He emphasized the SAR governments strong commitment to AI-related infrastructure and ecosystem development. The Sha Ling Data Park, already under construction, will provide approximately 180,000 PFlops of computing power by 2032, equivalent to 36 times Hong Kongs current total computing power; the Artificial Intelligence Research Institute is also about to commence operations; and the Hong Kong Investment Corporation (HKIC), wholly owned by the SAR government, allocated 56% of its investment in various projects last year to hard technologies, including AI.On July 19th, Tianshu Intelligent Chip officially launched its new generation of general-purpose GPU flagship product, the Tiangai 300, at WAIC2026. The Tiangai 300 is based on the SIMT general-purpose computing architecture and is designed for three intelligent trends: information, action, and exploration. It features comprehensive upgrades in chip architecture, key operators, system expansion, and software ecosystem. Test data provided by Tianshu Intelligent Chip shows that the Tiangai 300s performance under complex business workloads is comparable to and surpasses mainstream international solutions based on the Hopper architecture. The company revealed that the Tiangai 300 is currently ready for large-scale application and has undergone deep adaptation with domestic cloud vendors, server vendors, internet ecosystems, and supernode systems, supporting large-scale deployment from single machines to large-scale clusters.According to RIA Novosti, the Russian Ministry of Defense stated that Russian forces have taken control of Verny in eastern Ukraine.On July 19, the Bahrain Defense Forces Command issued a statement saying that Iran continued its attacks on Bahrain, and that Bahrains air defense system intercepted and destroyed multiple missiles and drones originating from Iran that morning. The Command stated that all its operational units and forces were on high alert and fully prepared for defense. Earlier that day, the Bahrain Interior Ministry advised the public to remain calm and move to the nearest safe location.

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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