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Futures News, May 11th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 199,456 tons, an increase of 478 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 5,360 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 58,530 tons, unchanged compared to the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 24,200 tons, down 1,800 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 21,790 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 19,050 tons, down 8,520 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.On May 11, local time, Iranian media PressTV reported on social media that within 24 hours, a second US Air Force F-35A Lightning II fighter jet issued an emergency code 7700 while flying over the Gulf of Oman and then diverted to the Zafra Air Base in the United Arab Emirates for an emergency landing. According to Iranian sources on May 10, a US Air Force F-35 fighter jet sent the 7700 emergency code while flying over the Gulf of Oman. This code indicates that the aircraft is in an emergency and urgently needs to land. Subsequently, the aircraft changed course towards the UAE and lowered its altitude.On Monday, May 11, the German DAX 30 index opened up 9.79 points, or 0.04%, at 24,317.21; the UK FTSE 100 index opened up 28.88 points, or 0.28%, at 10,261.95; and the French CAC 40 index opened down 39.52 points, or 0.49%, at 8,073.05. The Stoxx 50 index opened down 8.93 points, or 0.15%, at 5902.60 on Monday, May 11; the Spanish IBEX 35 index opened down 15.82 points, or 0.09%, at 17873.58 on Monday, May 11; and the Italian FTSE MIB index opened down 24.04 points, or 0.05%, at 49265.50 on Monday, May 11.May 11 - According to Japans Ministry of Economy, Trade and Industry, an oil tanker carrying Azerbaijani crude oil is scheduled to arrive at the Negishi Refinery in Yokohama, Kanagawa Prefecture, on May 12. This will be the first shipment of crude oil from Azerbaijan in Central Asia to Japan since the US attack on Iran. The crude oil was reportedly purchased by ENEOS, a major Japanese oil company.On May 11th, Futures News reported that last week (May 4th-May 10th), the average production-to-sales ratio for gasoline vehicles at Shandong local refineries was 81%, up 3 percentage points from the previous week; the average production-to-sales ratio for diesel vehicles was 94%, up 10 percentage points from the previous week. Regarding gasoline, increased driving during the May Day holiday led to small-scale restocking by end-users, resulting in a brief but limited improvement in Shandongs gasoline vehicle market transactions. As for diesel, demand was supported by sectors such as engineering infrastructure and logistics transportation, and with wholesale diesel prices falling to low levels, end-users increased restocking, leading to a slight improvement in Shandongs diesel market transactions last week compared to the previous week.

AUD/JPY is anticipated to decline to 92.00 based on stable Japan Employment data

Daniel Rogers

Nov 29, 2022 15:10

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As a result of the Statistics Bureau of Japan's publication of robust employment data, it is anticipated that the AUD/JPY pair will extend its slide into the crucial support level of 92.00. The Unemployment Rate was 2.6%, beating expectations of 2.5% but matching the prior announcement of 2.6%. While the employment-to-applicant ratio has been recorded at 1.35, in accordance with projections, it is greater than the prior figure of 1.34.

 

As a result of rising protests in China against the Chinese government's lifting of Covid-19 lockup restrictions, the Australian dollar has suffered and the risk barometer is experiencing a rough patch. After hearing tales of public protest over restrictions, experts wasted little time in providing negative economic estimates for China.

 

No one could deny that diminished expectations for China will harm more than simply the economy of the dragon. Even major trading partners, including Australia and New Zealand, feel the heat. China's protest-inspired risk aversion has sent the AUD/JPY pair near to the 92,000 mark.

 

Notably, the demand for democracy in place of authoritarianism may cause political instability inside the Chinese economy. This may further decrease investors' risk appetite.

 

The Caixin Manufacturing PMI data released on Thursday will be the focus of investors' attention moving forward. The expected economic data is 48.6, compared to 49.2 in the previous release. A Caixin Manufacturing data that is weaker than expected could boost market volatility.