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On March 11, China Resources Beverages (02460.HK) announced that, based on a preliminary assessment of the Group’s unaudited consolidated management accounts and other available information for the year ended December 31, 2025, the profit attributable to owners of the Company for the year ended December 31, 2025, is expected to decrease by approximately 40% compared to the same period in 2024 (2024: RMB 1,636,694 thousand).Q Technology (01478.HK): Sales volume of mobile phone camera modules increased by 40.2% year-on-year in February, and sales volume of camera modules increased by 40.3% year-on-year in February.The yield on German two-year government bonds rose 7 basis points to 2.342% as money market bets increased on a rate hike by the European Central Bank; the probability of a rate hike in July is 80%, and a rate hike in September is fully priced in.Two sources say the International Energy Agency (IEA) will recommend using its strategic petroleum reserves, given the potential disruption to oil supplies due to the situation in Iran. The initial release from the IEAs strategic petroleum reserves will exceed 100 million barrels in the first month.On March 11, Barclays Bank predicted that if oil prices remain around $100 per barrel and economic growth remains stagnant, the earnings per share (EPS) growth rate for European companies is likely to fall to a low single digit, and the Stoxx Europe 600 index will drop to around 550 points. Historically, during periods of stagflation, the energy, utilities, and healthcare sectors have outperformed, while the financial, telecommunications, and consumer sectors have tended to lag. In a report, the bank stated that although the energy intensity of the economy has decreased over time, economic growth still faces risks because Europes dependence on Middle Eastern energy supplies is as high as 30%.

Oil prices fall as gloomy industrial data stokes fears of a recession

Skylar Williams

Aug 02, 2022 10:31


Oil prices fell on Tuesday, extending losses from the previous session, as investors fretted about global oil demand in the aftermath of dismal industrial data from a number of countries.


Brent crude prices decreased 29 cents to $99.74 per barrel at 0002 GMT, while WTI crude futures down 22 cents to $93.67 per barrel.


On Monday, Brent futures reached a session low of $99.09 a barrel, their lowest level since July 15. The benchmark price for U.S. crude plummeted to $92.42 a barrel, its lowest level since July 14.


As investors weigh a limited global supply against the risk of a global recession, prices have fluctuated.


U.S., European, and Asian surveys released on Monday suggested that manufacturers struggled for momentum in July, stoking worries of a recession. The combination of diminishing global demand and China's strict COVID-19 restrictions hampered production.


Investors are also awaiting the outcome of a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, notably Russia, to set September output.


A Fox Business journalist said that Saudi Arabia will press OPEC+ to increase oil production at the forthcoming conference.


According to two of eight OPEC+ sources questioned by Reuters, a modest increase for September would be discussed at the August 3 meeting. The remaining respondents anticipate that output will stay constant.


In an effort to boost pressure on Tehran to cease its nuclear program, the United States imposed sanctions on Chinese and other firms on Monday, alleging that they helped in the sale of Iranian oil and petrochemicals worth tens of millions of dollars to East Asia.

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