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As of 8:30 on July 8, 2026, Brent crude oil, WTI crude oil and other commodities saw the largest fluctuations. A chart reviews the overnight price changes in the international market and their corresponding theoretical mappings in the domestic market.International oil prices continue to rise, with US crude oil breaking through $72. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.Spot gold and silver prices continued to rise slightly, with spot gold surpassing the $4,100 mark. A quick overview of the pre-market prices of precious metals in both domestic and international markets is provided in this chart.On July 8th, Bank of Japan policy board member Toshiro Asada stated that he must see signs of demand-driven inflation before supporting an interest rate hike, but he also noted that the transmission of rising costs is "relatively fast," suggesting he might vote for a rate hike in the future. Asada made these remarks in his first interview since joining the policy board. He is a policy board member appointed by dovish Prime Minister Sanae Takaichi. The Bank of Japan raised interest rates to a 31-year high of 1% in June, and Asada was the sole dissenter on that decision. He stated that he voted against the rate hike because of the continued uncertainty surrounding the Middle East situation, which could impact output and employment. A key prerequisite for supporting future rate hikes is that Japan has the conditions to sustainably achieve its 2% inflation target. "Furthermore, I believe it is necessary to confirm that this target is achieved with the support of endogenous economic forces such as wage increases and demand expansion," he added, noting that these forces are currently insufficient to justify a rate hike. However, Asada stated that future decisions will depend on the economic conditions at that time. Although oil prices are falling and consumer inflation is slowing, the effects of previous oil price increases are being transmitted "relatively quickly" and could lead to a general rise in prices across various commodities.Futures News, July 8th - According to foreign media reports, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Wednesday morning, following gains in external markets. International crude oil futures surged 3% on Tuesday due to the attack on ships near the Strait of Hormuz, and high temperatures and dry weather in the US Midwest, threatening soybean crop growth, boosted Chicago soybean and soybean oil futures, which should help Malaysian crude palm oil futures in early trading. Brent crude oil futures climbed further during Wednesdays electronic trading session. However, the strengthening of the Malaysian ringgit against the US dollar and market speculation that Malaysian palm oil inventories may increase at the end of June will limit the upward momentum in the palm oil market. The Malaysian Palm Oil Board (MPOB) will release monthly data on July 10th. A survey shows that palm oil inventories will reach 2.5 million tons at the end of June, an increase of approximately 3% month-on-month.

European Open: Reality Check for Risk as China Data Misses

Cory Russell

May 17, 2022 10:43

Indices from Asia:

The ASX 200 index in Australia increased by 18.3 points (0.26 percent) to 7,093.40.


The Nikkei 225 index in Japan has gained 167.78 points (0.63 percent) and now trades at 26,595.43.


The Hang Seng index in Hong Kong has dropped 73.65 points (0.37%) and is now trading at 19,825.12.


China's A50 Index is presently trading at 13,144.84, down -151.19 points (-1.14 percent).


UK and Europe: FTSE 100 futures in the UK are now down -25 points (-0.34%), with the cash market expected to open at 7,393.15 points.


Futures on the Euro STOXX 50 are now down -13 points (-0.35%), with the cash market expected to open at 3,690.42.


The DAX futures in Germany are now down -40 points (-0.29%), with the cash market expected to open at 13,987.93.


Futures in the United States are now down -128 points (-0.4 percent )


Futures on the S&P 500 are now down 69 points (-0.56 percent )


Futures for the Nasdaq 100 are now down -21 points (-0.52 percent )


Form of data To say the least, China today was unimpressive. Because of the lockdowns, we knew it wouldn't be wonderful, yet retail sales, industrial production, output, and investment all fell in lockstep, while the unemployment rate climbed. This dampened mood in the area, with copper reversing early gains and Chinese shares, as well as the AUD/JPY and US futures, trading down.


The fact that there is a light at the end of the tunnel for lockdowns has helped to lessen the pain. Shanghai declared over the weekend that restaurants, stores, and shopping centers will be allowed to return today, and then disclosed that the goal date for reopening is June 1st.


Commodity currencies were once again lower, continuing a trend that began last week. The yen stepped up to the safe-haven plate and even outperformed the US dollar, with USD/JPY shattering a major hourly trendline.


While prices hit resistance around the 100-hour eMA, a bearish divergence emerged on the stochastic oscillator, and the trendline break revealed a rising wedge pattern is in action, targeting the lows at 127.50. For the time being, we'd like to fade into weakness below the 129.50 resistance zone, with the 128.30 support zone serving as a stop-loss.


On Friday, the FTSE 100 had its best day in two months as risk assets rallied ahead of the weekend. It started at the day's low and finished slightly below its 20-day eMA, just off the high.


Despite the day's gloomy end, the stochastic oscillator issued a buy signal on Wednesday. However, a false breach of 7200 on that day signified a swing low ahead of Friday's rebound, which saw it close above the 200-day eMA as well.


We'd like to look for dips inside Friday's range from here, particularly if prices can stay above the 7340–7350 support zone. If that's the case, 7500 is a good intermediate goal before 7600, while a break (or hourly close) below the 200-day eMA at 7269 invalidates our bullish stance.

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