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July 3 - According to the latest statistics from the European Automobile Manufacturers Association (EAMA), Chinese passenger car manufacturers surpassed Japanese manufacturers in market share in Europe for the first time in May. Data shows that in May, five Chinese automakers sold 138,400 vehicles in 31 European countries, a year-on-year increase of 65%; while six Japanese automakers sold 130,400 vehicles in the same 31 countries, a year-on-year decrease of 3%.On July 3, Faraday Future (FFIE.O) announced that it plans to hold an online extraordinary general meeting of shareholders at 0:00 Beijing time on August 13 to seek approval of proposals aimed at supporting the global deployment and long-term growth of the companys EAI robots. Among the proposals, the Board of Directors is calling on all shareholders to approve the amendment to the companys Third Amendment and Restation of Incorporation Certificate, changing the company name from Faraday Future Intelligent Electric Inc. to Faraday Future Physical AI Ecosystem Inc.On July 3, Russian Deputy Prime Minister Novak instructed relevant departments and enterprises to develop specific measures to stabilize fuel supplies in the regions most severely affected by the situation. TASS reported on July 2 that Novak stated Russia has sufficient fuel reserves to meet domestic market demand, but panic buying has led to a 20% to 30% increase in demand. Shortages at some gas stations are due to adjustments in the logistics of refineries distribution to specific oil depots and gas stations, and readjusting the logistics system will take time. He also indicated that Russia may implement a short-term diesel export ban to ensure domestic supply.The China Earthquake Networks Center officially reported that a 6.2-magnitude earthquake occurred at 10:31 a.m. on July 3 in the sea area near Halmahera Island, Indonesia (1.85 degrees north latitude, 127.40 degrees east longitude), with a focal depth of 120 kilometers.July 3rd - On Friday, the dollar was on track for its biggest weekly drop in nearly three months after a weak June jobs report delayed market expectations of a Federal Reserve rate hike, giving the weak yen some breathing room. The sharp slowdown in U.S. job growth in June prompted traders to lower their expectations for a near-term Fed rate hike, with the market now pricing in a 52% chance of a rate hike at the September meeting, down from 64% the previous trading day. U.S. Treasury yields also retreated from earlier highs, with the two-year Treasury yield ending a three-day winning streak. "Marginally, this data is dovish, helping to ease concerns about an overheated labor market and the need for more aggressive policy tightening," said Sim Moh Siong, FX strategist at OCBC Bank. However, he added that as long as expectations of Fed tightening remain unchanged, the overall outlook for the dollar remains constructive, especially against lower-yielding currencies.

Oil prices rise as Russia faces sanctions

Haiden Holmes

Oct 24, 2022 14:11

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On Monday's early Asian trading session, oil prices surged due to expectations of tighter global supplies ahead of European Union sanctions on Russian oil.


Brent crude prices increased 54 cents, or 0.6%, to $94.04 per barrel by 01:25 GMT, while U.S. West Texas Intermediate crude futures increased 51 cents, or 0.6%, to $85.56 per barrel.


Brent increased by 2% last week as a result of a weaker dollar and expectations that China's COVID-19 restrictions may be lifted, allowing for a revival in demand from the world's second-largest consumer.


On December 5, when the EU ban on Russian imports goes into effect, disruptions in the world oil supply are anticipated. The coalition intends to halt imports of Russian oil products in February.


Even as it prepares to raise rates in early November, there is a growing feeling within the Federal Reserve to either slow down or lower the pace of future rate increases.


A delay in Fed rate hikes could diminish the U.S. dollar's strength, which has been a drag on commodities prices. A declining dollar reduces the price of dollar-denominated commodities, such as oil, for holders of foreign money.


On Sunday, China's Xi Jinping won a historic third term as president, confirming his status as the nation's most powerful leader since Mao Zedong.


Analysts do not anticipate a significant movement in policy direction, particularly Xi's goal of zero COVID.


Brent climbed last week despite the fact that the U.S. President Joe Biden announced the sale of the last 15 million barrels of oil from the U.S. Strategic Petroleum Reserves. The sale is part of an unprecedented 180 million-barrel release that began in May. Biden stated he will restore supply when the price of U.S. crude approaches $70 per barrel.


ANZ analysts wrote in a note that the recommendations for replenishing the reserve were of greater interest to the market.


The statement by Vice President Biden that the United States will not purchase crude oil until the price hits USD$70 per barrel provides a significant support level.


Baker Hughes Co., a provider of energy services, stated on Friday that U.S. energy companies added oil and natural gas rigs for the second consecutive week, as relatively high oil prices encourage companies to drill more.

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