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July 30th - US semiconductor stocks extended their gains, with the Philadelphia Semiconductor Index rising 9% and the Nasdaq Composite Index currently up 2.6%. Micron Technology (MU.O) surged over 16%, AMD (AMD.O) rose over 15%, and Intel (INTC.O) climbed over 14%.U.S. EIA natural gas inventories for the week ending July 24 were 28 billion cubic feet, compared to an expected 35 billion cubic feet and a previous reading of 32 billion cubic feet.World Trade Organization: Brazil has filed a dispute settlement lawsuit over US tariffs.On July 30, the Thailand Futures Exchange issued an announcement stating that due to a 2.50% drop in the USD/JPY futures trading price compared to the most recent settlement price, and in accordance with the guidelines for suspending trading of derivatives due to triggering daily price fluctuation limits, the Thailand Futures Exchange decided to temporarily suspend futures trading of this currency pair from 21:04:41 local time, and resume formal trading at 21:06:41.On July 30th, after the Bank of England kept interest rates unchanged and stated that domestic inflationary pressures were easing, UK short-term government bonds saw their biggest single-day gain in over a month. The yield on the most sensitive monetary policy gilt fell 11 basis points to 4.34%, the largest single-day drop since June 12th. Bank of England Governor Bailey stated at a press conference that he did not want people to "leave the meeting with the impression that the committee is gradually moving towards raising interest rates," after which UK government bonds further extended their gains. Influenced by the Bank of Englands dovish stance, the money market expects the Bank of England to raise interest rates by a cumulative total of about 32 basis points by the end of this year, lower than the 38 basis points before the decision was announced. The markets probability of a rate hike at the September meeting has also fallen from nearly 60% to less than 40%. James Lynch, portfolio manager at Aberdeen Asset Management, said, "The threshold for a Bank of England rate hike is very high." He expects the Bank of England to keep interest rates unchanged for the remainder of the year. He stated that Bailey was "more definitive than I expected."

Oil Prices Increase In Anticipation of A China Demand Recovery

Haiden Holmes

May 18, 2022 10:18

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In early Asian trading on Wednesday, oil prices increased by more than $1 per barrel on optimism of a demand revival in China as the country gradually eases some of its harsh COVID-19 containment restrictions.


Brent crude futures rose $1.15, or 1%, to $113.08 a barrel at 00:42 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.62, or 1.4%, to $114.02 a barrel, erasing some of the previous session's losses after oil prices plummeted by almost 2%.


On Tuesday, Shanghai reached the long-awaited benchmark of three consecutive days with no new COVID-19 cases outside of quarantine zones. On Monday, the city announced its plans to break a lockdown that has lasted for more than six weeks.


Stephen Innes, managing director of SPI Asset Management, stated in a client note: "Beyond the immediate term, less terrible news on China gives a nip in the tail in the shape of considerably greater oil demand and prices, which is positive for producers but negative for consumer sentiment."


U.S. crude and gasoline inventories decreased last week, market sources reported on Tuesday, citing American Petroleum Institute data. Wednesday is the anticipated release date for data from the U.S. government.


Russia's production decreased by about 9 percent in April, and the country, which is a member of the OPEC+ group of oil-producing nations, produced oil significantly below the levels required by an agreement to alleviate historic output restrictions established during the coronavirus pandemic's deadliest phase in 2020.


ANZ Research analysts said in a client note on Wednesday that there is ongoing pressure on prices following news that the United States is permitting Chevron Corp (NYSE:CVX) to negotiate oil licenses with Venezuela's national producer, temporarily eliminating a U.S. ban on such negotiations.


The planned adjustments may eventually result in more crude oil entering the market.


Monday's failure by the European Union to convince Hungary to rescind its veto of a proposed Russian oil embargo weighed on the market. However, some diplomats now point to a conference on May 30-31 as the time for an agreement on a phased prohibition.


Jerome Powell, chairman of the Federal Reserve in the United States, said on Tuesday that the central bank will raise interest rates as high as necessary to combat a surge in inflation, which he warned threatened the foundation of the economy.

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