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The Bank of England will release its interest rate decision, meeting minutes, and monetary policy report in ten minutes.On April 30th, Futures News reported that while the US-Iran situation remains uncertain, its impact on the market has weakened. Regarding the Federal Reserves policy, the market is pricing in the Fed maintaining interest rates at its April meeting, with market focus on the statements comments on the impact of the Middle East crisis, the inflation outlook, and the future path of interest rates. On the supply side, raw materials remain tight overall. On the demand side, price declines have led to downstream restocking, easing wait-and-see sentiment and potentially leading to a gradual recovery in market activity. However, since April, end-user purchases have only been for immediate needs, and overall orders remain weak. Nevertheless, AI demand remains strong, indicating continued resilience in consumption. Looking ahead, tin prices may continue to face slight pressure after the holiday in early May due to the inertia of the late April adjustment. In the latter half of the month, as macroeconomic sentiment dissipates and supply-side disruptions become apparent, prices are expected to gradually stabilize. The average price of electrolytic tin in May is projected to be around 380,000 yuan/ton, with a specific price range of 357,000-413,000 yuan/ton.Bernstein: Lowered its price target for Meta Platforms (META.O) from $900 to $850.Bernstein raised its price target for Alphabet (GOOG.O) from $345 to $390.Mizuho Bank raised its price target for Qualcomm (QCOM.O) from $140 to $170.

Crude Oil Tests $95 as Recession Fears and a Surging Dollar Shake the Oil Rally's Foundation

Charlie Brooks

Jul 08, 2022 11:23


On Wednesday, U.S. crude futures slid $4 to test the $95 per barrel support as recession concerns and a strengthening dollar in expectation of further rate hikes by the Federal Reserve shook the roots of this year's oil boom. After topping $97 a barrel in the previous session, the benchmark for U.S. crude oil, West Texas Intermediate, fell by more than $9.


Brent, the benchmark for international crude oil, dropped below $100 for the first time since April 25. Tuesday, Brent lost nearly $11 after a $101 examination.


Overnight, the Dollar Index, which measures the U.S. dollar to six major international currencies, surpassed 107 for the first time since December 2002. The dollar has climbed significantly since November of last year in anticipation of aggressive rate hikes by the Federal Reserve, which have just now begun to materialize.


In June, a carefully watched barometer of the U.S. services sector fell to its lowest level in twenty months, but despite rising labor and other input costs, it held up better than expected.


Separately, the U.S. Department of Labor said that the labor market may be slowing. According to its monthly study, the number of job openings declined in May to 11.254 million, which is still an all-time high. The sum was around a quarter of a million more than projected, and the government revised its estimate from May to 11,681 million.


The data on job openings was issued before the more critical nonfarm payrolls report on Friday, which is anticipated to suggest a slower rate of employment growth in June compared to May. Economists anticipate that around 268,000 payrolls were added in June, compared to 390,000 in May, keeping the unemployment rate at 3.6% for the third straight month. The Federal Reserve considers a rate of unemployment of 4 percent or less to signify full employment.


In an assessment of the energy sector, Goldman Sachs analysts wrote, "While we believe that higher consumer prices are required to stabilize the oil market this summer, we recognize that significant and huge shocks continue to distort fundamentals."



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