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July 23 – A Reuters survey shows that investors have significantly reduced their bearish bets on the South Korean won as South Korea attempts to expand its foreign exchange market, trade performance is strong, and sentiment towards the won has improved. A two-week survey of 10 respondents showed that short positions in the won fell to their lowest level in five months, while bearish bets on the Thai baht and New Taiwan dollar rose to multi-month highs. A combination of factors has boosted market participants confidence in the won: the launch of 24-hour onshore USD/KRW spot trading, strong AI chip exports driving economic recovery, and tighter monetary policy. “Confidence in the won has increased as South Korean authorities have opened up the foreign exchange market. South Korea’s strong trade performance is also likely to drive capital inflows,” said Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corporation.UAE Foreign Trade Minister: The UAE will soon import high-end AI chips from the United States.On July 23, Chow Tai Fook (01929.HK) released its unaudited key operating data for the three months ended June 30, 2026, showing a 15.1% year-on-year increase in retail sales. Same-store average selling price for gold jewelry remained strong during the quarter. The average selling price in mainland China continued to rise to HK$10,600 (Q1 Fiscal Year 2026: HK$8,400), while the average selling price in Hong Kong and Macau rose to HK$17,100 (Q1 Fiscal Year 2026: HK$15,600).On July 23, a press conference was held in Shanghai. Huang Binbing, Deputy Director of the Publicity Department of the Shanghai Municipal Committee and Deputy Director of the Shanghai State-owned Assets Supervision and Administration Commission, stated that Shanghai will focus on building a service platform for the overseas expansion of games, continue to support the development of the online literature platform "Qidian International," and promote the establishment of micro-drama overseas expansion bases in relevant districts. The city will also continue to compile country-specific "Guides for Chinese Games Going Global," and, relying on universities and industry associations, provide copyright protection and financial services in the game industry. Furthermore, a one-stop service center for micro-dramas will be established, integrating overseas expansion services such as government consultation, marketing promotion, copyright protection, and financial support.Taiwans M2 money supply annual rate was 8.13% in June, compared with 7.83% in the previous month.

Oil Recoveries Fail Due to Oversupply Concerns

Haiden Holmes

Aug 18, 2022 11:21

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Oil prices fell on Thursday, interrupting a recent uptrend, as traders grew concerned that a revived Iran Nuclear Deal and an increase in Russian supplies would swamp the market with petroleum.


As of 20:07 EDT, West Texas Intermediate futures, the benchmark for U.S. crude, fell 0.7% to $87.5 a barrel (00:07 GMT). In early Asian trading, Brent oil futures traded in London rose 0.2% to $93.10 per barrel.


The majority of losses were caused by expectations that an agreement between Iran and Western countries would be achieved soon. The revised nuclear agreement will result in the elimination of some sanctions on Iran and the release of more than one million barrels of oil per day onto the market.


In addition, Reuters predicted that Russia would likely have an export surplus of oil this year. This, along with hints of a probable output increase by Saudi Aramco (TADAWUL:2222), the world's largest oil producer, would likely weigh on crude prices for the remainder of the year.


In addition to the United Kingdom's raised inflation rate and the eurozone's poor second-quarter GDP output, elevated inflation statistics in the United Kingdom and the eurozone's dismal second-quarter GDP output have sparked fears of an economic recession.


Earlier in the year, crude oil prices had approached record highs as a result of supply disruptions caused by the Russia-Ukraine conflict. Since then, however, they have solidified all of these advantages despite the fact that inflation and interest rates have impeded economic growth.


On Wednesday, oil prices rose from six-month lows thanks to a spate of encouraging U.S. news indicating that demand for petroleum was showing signs of revival.


The Energy Information Administration said that U.S. oil inventories decreased by 7 million barrels in the week ending August 12, which was much greater than the predicted decrease of 275,000 barrels.


This was the outcome of record-breaking exports of 5 million barrels of oil per day from the United States. Last week, U.S. oil production dipped from 12.2 million barrels per day to 12.1 million barrels per day, a slight decline.


After record-high gas prices earlier in the year dramatically curtailed demand, a larger-than-anticipated decrease in gasoline inventories indicated that U.S. consumers were returning to the pumps.


On Thursday, U.S. gasoline futures rose 0.7% to $2.9417, but remained far below 2022 highs.

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