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South Korean President Lee Jae-myung: We must expedite the administrative processes related to the chip industry cluster.July 6th - Members of the New Zealand Institute of Economic Researchs (NZIER) Shadow Monetary Policy Committee held nearly equal views, reflecting uncertainty about the Reserve Bank of New Zealands (RBNZ) policy outlook ahead of its July meeting. The NZIER Shadow Monetary Policy Committee narrowly supported keeping the RBNZs Official Cash Rate (OCR) unchanged at 2.25% in July, but called it a move roughly equivalent to a 25 basis point rate hike. Those supporting raising the OCR to a neutral level as soon as possible cited rising inflation as the primary reason. Weak demand and high unemployment were considered key reasons for carefully weighing tightening policies. Members differed on the impact of oil prices, with some believing the inflationary impact was temporary and waning, while others warned that price pressures could persist for a longer period. Some members indicated that the next significant policy assessment would be around the time of the second-quarter CPI data release. The committee unanimously agreed that the OCR should rise to 3% to 3.25% over the next year. Several committee members stated that monetary policy needs to gradually return to a neutral level, while also pointing out that weak demand and high unemployment mean the Fed should carefully manage the pace of tightening.International crude oil prices are trending weakly. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.Spot gold and silver rebounded from their lows; a chart provides a quick overview of the pre-market prices of precious metals, converted between domestic and international markets.July 6th - Samsung Electronics, the worlds largest memory chip manufacturer, is set to release its second-quarter results on Tuesday. Analysts average forecast predicts preliminary operating profit of 84.3 trillion won (approximately $55.1 billion), an 18-fold increase year-over-year, exceeding its full-year profit for 2025. Revenue is expected to grow by 127%, reaching a record 169 trillion won. Since June, chip stocks have experienced several significant corrections due to market concerns about intensified competition, potential overcapacity, and the return on massive AI investments. This further amplifies the importance of Samsungs results, as market expectations are already high, leaving little room for the company to disappoint. Dave Mazza, CEO of Roundhill Financial, stated, "Samsungs results come at a time when the market is simultaneously questioning both the supply and demand sides of the memory chip investment logic. If the results are close to market expectations, it will help quell the controversy and benefit Samsung."

China's Perspective And Supply Fears After The Turkey Earthquake Boost Oil Prices

Skylar Williams

Feb 07, 2023 14:46

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Oil prices increased for a second consecutive session on Tuesday, pushed by optimism on the recovery of demand in China and concerns over supply shortages caused by the closure of a major export terminal in Turkey following an earthquake.


By 3:00 GMT, Brent crude futures increased 82 cents, or 1.01%, to $81.81 per barrel, whereas West Texas Intermediate futures rose 82 cents, or 1.10%, to $74.93 per barrel.


Edward Moya, an analyst at OANDA, commented, "Crude prices are increasing due to anticipation that China's economic rebound will gain traction and supply disruptions caused by the earthquake that rocked Turkey."


The International Energy Agency (IEA) anticipates that China will account for half of this year's global oil demand growth, the agency's head stated on Sunday, adding that jet fuel demand is soaring.


Saudi Arabia, the largest oil exporter in the world, increased the price of its flagship crude for Asian clients for the first time in six months in anticipation of a rebound in oil demand, particularly from China.


After a strong earthquake struck the region, operations at the 1 million barrel per day (bpd) oil export facility in Ceyhan, Turkey, were suspended. The BTC terminal, which sells crude oil from Azerbaijan to foreign markets, will be closed from February 6 to 8.


Daniel Hynes, senior commodity analyst at ANZ bank in Sydney, cited the suspension of Phase 1 of the Johan Sverdrup oil field in Norway's portion of the North Sea as a major price mover.


Wednesday's speech by U.S. Federal Reserve Chair Jerome Powell will be eagerly monitored by the oil markets, analysts say. Typically, interest rate increases boost the dollar, which could increase the price of crude for non-American purchasers.


Tina Teng, an analyst at CMC Markets, said, "The comeback in oil prices is more of a cautious move ahead of Fed Powell's speech tomorrow, when the Fed chairman may provide additional hints on the future rate hike path."


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