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Germany’s Budget Committee has approved the 2026 budget, paving the way for parliamentary approval.On November 14th, Daiwa Research reported that Bilibilis (09626.HK) adjusted net profit for the third quarter was 22% higher than market expectations, while revenue was largely in line with market expectations. With the rising popularity of its new game "Escape from Dwarkov," the bank remains optimistic about its game development capabilities and long-term operating prospects, expecting more games to launch by the end of this year or early next year. As for the fourth quarter, the bank expects game revenue to decline by 15% year-on-year due to a high base; advertising revenue, however, is expected to maintain its growth momentum, rising by over 20% year-on-year. The bank lowered its 2026-27 earnings per share forecasts by 4% to reflect continued increases in AI investment and marketing expenses related to game publishing; it reiterated its "Buy" rating and raised its target price from HK$220 to HK$245.On November 14th, the wheat market saw mixed price movements, with stable trading. Grain traders showed moderate enthusiasm for selling, but some companies in certain regions reduced their supply as wheat prices continued to fall. Flour mills adjusted their operating rates, flexibly adjusting purchase prices based on their own inventory and order status. Feed companies primarily utilized their existing inventory, resulting in a slowdown in purchasing activity.Japans tertiary sector activity index rose 0.3% month-on-month in September, in line with expectations and down from -0.40% in the previous month.On November 14th, Daiwa Research reported that JD.com (09618.HK) delivered a pleasant surprise with its Q3 retail operating profit margin reaching 5.9%, while losses in new businesses were in line with the banks expectations. During the period, both quarterly active users and user frequency in new businesses increased by 40% year-on-year, with annual active users exceeding 700 million in October. Driven by order volume, the gross merchandise volume (GMV) of the food delivery business grew by double digits quarter-on-quarter, and losses also narrowed quarter-on-quarter due to improvements in the catering order structure and average order value; limited advertising revenue was also generated. The bank lowered its 2025-26 earnings per share forecasts for JD.com by 4% to 6% to reflect weaker-than-expected operating revenue from JD Logistics; the target price was lowered from HK$205 to HK$176, while reiterating a "buy" rating.

News Lifts Oil The EU May Cut Off Russian Oil Imports

Charlie Brooks

Apr 15, 2022 09:50

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In April, both contracts posted their first weekly gain. Prices have been the most volatile in recent weeks since June 2020.


According to the New York Times, the European Union is considering a phased-in embargo on Russian oil to provide Germany and other nations time to secure alternative supply.


A phased-in prohibition would compel European purchasers "to seek alternate sources, some of which are being provided in the short term via Strategic Petroleum Reserve releases, but in the future, more supplies from the ground would be necessary," Lipow Oil Associates' Andrew Lipow said in Houston.


The International Energy Agency warned on Wednesday that around 3 million barrels per day of Russian oil might be shut down starting in May as a result of sanctions or importers intentionally avoiding Russian supplies.


According to Reuters, major global trading houses aim to reduce their imports of crude and gasoline from Russia's state-controlled oil corporations in May.


Russia's Energy Ministry said that access to its data on oil and gas production and exports will be restricted.


Trade will remain "a little anxious" while the conflict between Russia and Ukraine raged on and nations considered banning Russian imports, Price Futures Group analyst Phil Flynn said.


"The key issue will be how many individuals want to be oil short heading into the long weekend."


Traders also changed their positions on Thursday, when May crude oil options in the United States expire.


According to industry analysts, US oil production predictions are being revised upward despite labor and supply chain restrictions, as higher prices stimulate additional drilling and well completion activities.


US oil rigs increased by two to 548 this week, the highest level since April 2020, according to energy services company Baker Hughes.


The US Energy Information Administration said on Wednesday that the United States' oil reserves increased by more than 9 million barrels last week, owing in part to strategic reserve releases. According to a Reuters survey, analysts expected just an 863,000-barrel gain.


On the demand side, Chinese refiners are set to reduce crude throughput by about 6% this month, a level last seen in the early days of the COVID-19 pandemic two years ago, industry sources and analysts said. The move is intended to relieve pressure on bulging fuel inventories following recent lockdowns.

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