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Japanese Finance Minister Satsuki Katayama: We will review budget requests and control debt issuance at a level that can gain market confidence.On September 17th, it was reported that on September 16th, Fujian and Ningxia conducted their first cross-provincial collaborative computing and power management operation. On the same day, some computing power tasks from pilot server racks in Fuzhou and Xiamen were transferred across provinces to the Zhongwei Data Center in Ningxia through unified scheduling. The power departments of both regions simultaneously utilized a new power load management system to coordinate and dynamically monitor the computing load.On September 17th, Katherine Brooks, Head of Institutional Research, stated on Wednesday that the latest CPI data supports the Bank of Englands "hawkish pause." However, the real inflation shock may occur in September. Brooks noted that there are currently no signs that inflation is spreading to the broader economy. However, the inflation report showed that raw material costs rose 6.1% year-on-year, and producer prices rose 3.7%. These costs will either ultimately be passed on to already burdened consumers or squeeze corporate profit margins, both of which are detrimental to the UK economy. Brooks pointed out that stable core inflation is a positive sign, but the Bank of England has stated that energy prices now have a greater impact on inflation expectations than core inflation. Furthermore, persistently high energy price ceilings also pose an upside risk to future inflation. Brooks believes that although the market has lowered its expectations for near-term interest rate hikes by the Bank of England, future rate hikes cannot be ruled out; the market is currently pricing in approximately four rate hikes by the end of next year. Unless the war with Iran ends and supply constraints in the Middle East ease, the UK economy will continue to face long-term pressure for interest rate hikes.Japanese Chief Cabinet Secretary Minoru Kihara: We will continue to monitor the impact of the (interest rate hike) on the US economy and markets.Japanese Chief Cabinet Secretary Minoru Kihara: Japans stance on exchange rates has remained unchanged since the joint intervention by the United States and Japan.

Oil prices decrease as recessionary worries weigh on demand projections

Skylar Williams

Aug 16, 2022 10:50

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Oil prices fell on Tuesday, extending losses from the previous session, as economic data from China, the world's largest oil importer, fueled fresh concerns about an impending global recession that might affect energy consumption.


Brent crude futures declined 90 cents, or 1%, to $94.20 a barrel at 00:03 GMT. Futures for WTI crude fell 81 cents, or 0.9%, to $88.60 a barrel.


In the previous trading session, oil futures dropped by roughly 3 percent.


As a result of China's dismal economic data, prices dropped. Beijing's zero-COVID policy and the property crisis strangled factory and retail activity in July, pushing the central bank to reduce lending rates to stimulate demand.


After Beijing awarded more quotas in June and July, researchers and traders predict that China's exports of fuel products will approach their highest level of the year in August. In 2022, however, expanded limitations are anticipated to limit shipments to seven-year lows.


According to a report released by the U.S. Energy Information Administration (EIA) on Monday, total output from the major U.S. shale oil basins in September will approach 9,049 million barrels per day, the highest level since March 2020.


Market participants awaited the release of industry data on U.S. crude stocks on Tuesday afternoon. According to a preliminary Reuters poll issued on Monday, oil and gasoline stockpiles likely fell last week, but distillate levels increased. [EIA/S]


Additionally, investors observed efforts to revive the 2015 Iran nuclear agreement. According to analysts, if Iran and the United States accept the European Union's offer to eliminate limitations on Iranian oil exports, the oil supply might expand.


According to an EU official, Iran responded on Monday to the EU's "final" draft language to salvage the 2015 nuclear deal. The official did not comment on Iran's response. The Iranian foreign minister encouraged the United States to be flexible in order to overcome three unresolved issues.

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