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UBS: Raises gold price target from $3,000/oz to $3,200/oz amid rising risks.On March 17, Indian Prime Minister Narendra Modi said that US President Trump is "better prepared" for his second term and has provided a clear roadmap. In a few weeks, Washington plans to impose reciprocal tariffs. India will be one of the trading partners facing tariffs starting in April, which may cause difficulties for Indian exporters in industries ranging from automobiles to agriculture. After Modi and Trump met last month, the two countries agreed to resolve the tariff dispute by the fall of 2025. "This time, he seems to be more prepared than before," Modi said. "He has a clear roadmap in his mind with clear steps, each designed to lead him to his goals." Modi also praised Trumps "kindness and humility", emphasizing the close ties between the leaders of the two countries. "His (Trumps) expression reflects his America First spirit, just as I believe in country first. I represent India first, and thats why we are so well connected," Modi said.Japans 40-year government bond yield rose to 3%, the highest level since it was issued in 2007.Japans 30-year government bond yield rose to 2.63%, the highest level since April 2006.On March 17, Morgan Stanley published a report, indicating that according to the full-year performance of 2024, the earnings forecast of Haifeng International (01308.HK) was adjusted, and the earnings per share forecast for 2025 was raised by 2%, the earnings per share forecast for 2026 was raised by 6%, and the earnings per share forecast for 2027 was introduced to 19 US cents. The bank believes that further earnings revisions in the downward cycle of container shipping from 2025 to 2026 will put pressure on Haifeng Internationals valuation. Therefore, the bull market-benchmark-bear market target price-earnings ratios were adjusted from 14 times, 11 times and 7 times to 12 times, 9.5 times and 6.0 times, respectively. The baseline scenario valuation multiples are basically in line with the historical average since 2011, taking into account the potential special dividends from 2025 to 2026, while the bull market scenario valuation falls within a standard deviation range. Based on this, the bank lowered the weighted target price of Haifeng International from the previous HK$21.3 to HK$18.8, and the rating was "in line with the market".

Oil Prices Rise As U.S. Gasoline Supplies Decline; Economic Concerns Loom

Haiden Holmes

Jan 06, 2023 11:40

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Oil prices increased over 1% on Thursday following the greatest two-day decline for the first two trading days of the year in three decades, with U.S. data indicating lower fuel inventories providing support and economic concerns limiting gains.


Concerns of a global recession precipitated huge declines over the previous two trading days, especially in the aftermath of negative short-term economic data in the world's two largest oil consumers, the United States and China.


According to data issued by the U.S. Energy Information Administration on Thursday, distillate inventories declined more than anticipated when a winter storm struck the United States at the end of December.


Last week, the Energy Information Administration reported a fall in gasoline stocks of 346,000 barrels, whereas a Reuters survey had projected a decrease of 486,000 barrels.


According to EIA data, distillate stockpiles, which comprise diesel and heating oil, declined by 1,4 million barrels during the previous week, contrary to the predicted decrease of 396,000 barrels.


John Kilduff, a New York-based partner of Again Capital LLC, stated, "The consequences of the hurricane during that time period are clear here."


Futures for Brent crude closed at $78.69 a barrel, up 85 cents, or 1.1%. The price per barrel of West Texas Intermediate crude oil in the United States climbed by 83 cents, or 1.2%, to $73.67.


According to data from Refinitiv Eikon, Tuesday and Wednesday's cumulative losses of more than 9 percent were the greatest two-day losses at the start of the year since 1991.


The largest U.S. pipeline operator, Colonial Pipeline, published a statement earlier in the session suggesting that its Line 3 had been shut down for unscheduled maintenance, with a resume date of January 7 predicted for the products line.


Tamas Varga, an oil dealer at PVM, linked the early-session price surge to the pipeline interruption and remarked, "The market is unquestionably in a bear market."


The contracts for the two proximate benchmarks traded at a discount to the following month, a phenomenon known as contango.


On Wednesday, statistics indicating a steeper decrease in U.S. manufacturing in December weighed on prices, along with fears of economic disruption as COVID-19 makes its way through China, where travel and activity restrictions have been substantially lifted.