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Portuguese Automobile Association (ACAP): New Tesla (TSLA.O) registrations in Portugal increased by 43.2% year-on-year in June, with a cumulative increase of 53.5% from January to June.
Google Cloud has confirmed that it will provide EU public sector organizations with a more secure option following the approval of its data protection impact assessment in the Netherlands.
According to Sky News, Harvey Nichols, a long-established British luxury department store, has requested a takeover offer to be submitted within two weeks.
General Motors (GM.N): As of the end of April, cumulative electric vehicle sales exceeded 100,000 units.
1. According to SMM, the JFR union in Moquegua, Peru, has begun a strike, which is expected to cause delays in shipments from mines owned by Quellaveco and Grupo Mexico. Furthermore, the strike could spread to the port of Matarani in Arequipa, which, if it does, will further impact the shipping schedules of other major mines such as Las Bambas, Cerro Verde, and Constancia. Whether the strike has extended to Arequipa is currently unconfirmed. 2. Federal Reserve Chairman Warsh said on Wednesday that inflation expectations and inflation risks have both declined in recent weeks; he also reiterated the Fed's commitment to reducing inflation to its 2% target. "In the initial weeks of this period, inflation expectations have fallen, and inflation risks have decreased accordingly," Warsh said. 3. Data shows that Venezuelan oil exports through trading companies fell to approximately 775,000 barrels per day. Venezuelan oil exports to the United States increased to 630,000 barrels per day in June, while exports to India fell to 277,000 barrels per day in June. 4. Federal Reserve Chairman Warsh reiterated that he will not provide "forward guidance" on upcoming interest rate policy, marking a significant shift for the Fed. "We're going to forge a new path," Warsh said. "I hope that when we meet again in four weeks, we'll have a full 'internal debate.'" 5. U.S. ADP employment rose by 98,000 in June, the lowest increase since March, below market expectations of 118,000. 6. Three sources said Wednesday that OPEC+ oil-producing countries will agree to further increase their August production target at their meeting on Sunday, a move that would increase oil supply as the Strait of Hormuz gradually reopens and oil prices fall. The sources said the August production target would increase by approximately 188,000 barrels per day, the same increase as in June and July. 7. The EIA report showed that U.S. commercial crude oil inventories, excluding strategic reserves, fell by 3.775 million barrels to 408 million barrels in the week ending June 26, a decrease of 0.92%, the lowest level since the week ending September 28, 2018. U.S. crude oil inventories fell for the 10th consecutive week. Crude oil inventories on the U.S. West Coast fell to a record low.
Market news: The EU has postponed the meeting of the Carbon Market Reform Committee to July 17.
SC crude oil futures contract 2608 hit a new intraday low, with the decline widening to 3%, and was last quoted at 446.5 yuan/barrel; the trading volume was approximately 7.444 billion yuan, with nearly 1,000 lots added to open interest during the day, indicating increased market volatility.
The U.S. Energy Information Administration (EIA) reported that refinery utilization rates on the U.S. East Coast fell to their lowest level since April 2025 in the latest week.
July 1st - U.S. manufacturing activity expanded for the sixth consecutive month in June as the surge in input costs driven by war eased. According to data released Wednesday, the Institute for Supply Management (ISM) manufacturing index fell 0.7 points to 53.3, still near a four-year high. A reading above 50 indicates expansion, and the latest data shows the sector is experiencing its longest expansion since 2022. The pace of increase in raw material purchase prices slowed significantly in June. The ISM's price sub-index fell 9.1 points to 73, the largest monthly drop since July 2022; this followed a sharp decline in oil prices after a provisional agreement between the U.S. and Iran.
July 1st - The Philadelphia Semiconductor Index fell more than 5%, Micron Technology (MU.O) fell more than 8%, Intel (INTC.O) fell more than 7%, Arm (ARM.O) fell 6%, and Nvidia (NVDA.O) fell 2.6%.
Market news: The London High Court's ruling on Prince Harry's privacy lawsuit against the Daily Mail publisher is expected to be announced on July 7.
The U.S. Energy Information Administration (EIA) reported that gasoline inventories along the U.S. Gulf Coast fell to their lowest level since October 2024 last week.
U.S. diesel futures have given back some of their gains and are currently up 0.4%, after an EIA report showed an unexpected increase in U.S. distillate fuel inventories.
ECB Governing Council member Kasik: There may be more clarity on wages in the fall.
ECB Governing Council member Kasik: The impact of the war on oil prices is likely to have a longer-term effect. Another rate hike is a reasonable expectation.
On July 1st, CIFI Holdings Group issued an interest payment announcement on June 30th. According to the overseas debt restructuring plan, the company paid in kind interest totaling US$16,598,900 on June 30th (the interest payment date) on its 2.75% senior notes due in 2029. The day before (June 29th), CIFI Holdings Group announced that it was unable to pay a cash installment under an overseas debt restructuring plan originally due on that day, and announced the suspension of principal and interest payments on all matured or soon-to-be-matured overseas financing obligations. According to sources, exchange regulations require PIKNotices to be issued no later than June 24th. CIFI's announcement on June 29th of the suspension of overseas debt principal and interest payments, and the in-kind interest payment completed on June 30th, is fulfilling contractual obligations under the previously issued PIKNotice and is not a new payment arrangement; the two are not contradictory.
July 1 – In response to the Supreme Court's ruling this week blocking President Trump's dismissal of Federal Reserve Governor Cook, Federal Reserve Chairman Warsh gave his initial response: "The Federal Reserve operated independently and followed its statutory duties until the Supreme Court's ruling. Following the Supreme Court's ruling, the Federal Reserve will continue to do so… I trust the federal judges appointed under Article III of the Constitution and I firmly believe in the rule of law. We will follow the Supreme Court's ruling, but from the perspective of day-to-day operations, this ruling reaffirms our position: we are doing everything in our power to perform our duties impartially, just as a referee would judge a ball. We take our reform goals seriously and will deliver on the important commitments Congress has given us—to achieve price stability within the framework of our 'dual mandate'; as long as we do this, we need not worry about political interference or judicial intervention. We can focus on the task at hand."
Meta Platforms (META.O) rose more than 10% intraday after the company reportedly built a cloud business to sell its excess AI computing power.
1. U.S. EIA Strategic Petroleum Reserves for the week ending June 26 were at their lowest level since the week ending May 20, 1983. 2. U.S. Commercial crude oil inventories, excluding strategic reserves, for the week ending June 26 were at their lowest level since the week ending September 28, 2018. 3. U.S. domestic crude oil production for the week ending June 26 saw its largest decline since the week ending May 1, 2026. 4. U.S. crude oil exports for the week ending June 26 were at their lowest level since the week ending March 27, 2026. 5. U.S. crude oil inventories declined for the tenth consecutive week. Crude oil inventories on the U.S. West Coast fell to a record low.
The EIA report for U.S. distillate fuel oil production implied demand for the week ending June 26 was 4.9413 million barrels per day, compared to 4.9273 million barrels per day in the previous week.
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