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The UKs October public sector net borrowing and seasonally adjusted retail sales figures will be released in ten minutes.1. WTI crude oil futures trading volume was 797,449 lots, a decrease of 74,716 lots from the previous trading day. Open interest was 1,851,196 lots, an increase of 505 lots from the previous trading day. 2. Brent crude oil futures trading volume was 169,628 lots, an increase of 2,365 lots from the previous trading day. Open interest was 238,065 lots, an increase of 3,119 lots from the previous trading day. 3. Natural gas futures trading volume was 516,728 lots, a decrease of 57,116 lots from the previous trading day. Open interest was 1,496,571 lots, a decrease of 9,397 lots from the previous trading day.HSBC raised its target price for Walmart (WMT.N) from $121 to $122.On November 21st, MarketPulse analyst Christian Norman stated that the better-than-expected US non-farm payroll data for September reinforced the Federal Reserves tendency to postpone interest rate cuts. However, a core question now exists in the market: how can the Fed guarantee making the right decisions in the absence of data? Therefore, although a high-interest-rate environment should be bearish for gold, there are signs that the market is beginning to view gold as a hedge against "policy mistakes." If the Fed decides to hold rates steady in December, but subsequent data proves that not cutting rates was a mistake, it could very well shake market confidence in the dollar. In contrast, gold has become a more reliable "safe haven." While this is currently only a secondary logic, it could indeed provide some support for gold prices, as it reflects a decline in market confidence in the Feds ability to accurately control the economy (in the absence of complete information).On November 21, Intel CEO Chen Liwu denied rumors that newly hired executive Luo Weiren had stolen confidential information from TSMC. Luo, 75, retired from TSMC in July after leading the companys research and development. "This is pure rumor and speculation, completely unfounded. We respect intellectual property rights," Chen told Bloomberg in an interview on Thursday during a semiconductor industry association event in San Jose. The event presented TSMC Chairman and President Wei Zhejia and former Chairman Liu Deyin with the industrys highest honor, the Robert Noyce Award. TSMC has not commented on the matter, and Luo has not responded.

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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