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On September 18th, UBS economists said in a report that they expect the Bank of England to maintain interest rates and may hold off on cutting rates in November. The economists noted that Bank of England policymakers may prefer to hold off on cutting rates until they have clarity on the UKs fiscal plans and inflation trajectory. For 2026, they still expect three 25 basis point rate cuts, bringing the rate to 3% by July 2026.Novo Nordisk (NVO.N): Semaglutide can reduce the risk of myocardial infarction and stroke by 25%, and is associated with a 25% reduction in the overall risk of major adverse cardiovascular events such as myocardial infarction, stroke, hospitalization for unstable angina or heart failure, and death.Julius Baer analyst Carsten Menke stated in a research note on September 18th that despite recent weakness in gold, its outlook remains positive. Menke noted that given widespread market expectations for a Federal Reserve rate cut, the recent decline in gold prices resembles a classic "buy on the rumour, sell on the profit" trend. He noted that this market reaction is essentially short-term profit-taking, adding that such profit-taking is healthy and should not be mistaken for a shift in the fundamental backdrop. Julius Baer maintains a bullish (constructive) view on gold.Hyundai Motor: The goal is to achieve an operating profit margin of 7-8% by 2027 and 8-9% by 2030.Hyundai Motor: Due to US tariffs, it lowered its 2025 operating profit margin target to 6-7% from the previously announced 7-8%.

Oil Gains 1% As Bulls Await China's Reopening

Skylar Williams

Jan 10, 2023 10:53

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After the worst week in a month to start the new year, crude prices rose just 1% on Monday as market bulls bet that China's reopening from tough COVID controls will stimulate oil consumption.


West Texas Intermediate, or WTI, crude finished up 86 cents, or 1.2%, at $74.63 a barrel on the New York Mercantile Exchange in the opening session of the second week of January.


Last week's drop in U.S. crude was the greatest since December 2. WTI had its worst first two trading days of any year since 1991.


Brent crude in London rose $1.08, or 1.4%, to $79.65 a barrel after touching $78.42. Brent, like WTI, fell more than 8% last week.


China reopened its borders to international trade on Monday, erasing the last signs of COVID restrictions that restricted most of its social programs for three years.


China's oil demand usually rises after the Lunar New Year, which is in January. Beijing's change from COVID-zero to "COVID-anything" makes oil demand prediction unachievable. Chinese industrial production fell for the seventh straight month in December as coronavirus incidence rose.


Officials forecast around 2 billion domestic travels during the Lunar New Year season, about double the amount from last year and 70% of 2019 levels.


In oil-specific news, China released a second batch of crude import licenses for 2023, raising the amount by 20% compared to last year.


"Oil's downward trend was nearing crucial support, therefore energy traders were eager to re-enter the oil market," said OANDA analyst Ed Moya. "Chinese hopes for COVID reopening could raise oil prices"

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