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January 12th, Futures News: Economies.com analysts latest view: Brent crude oil futures prices fell during the session, with the market exhibiting volatile trading as it digests the clearly overbought condition on the Relative Strength Index (RSI), especially given the negative signals from related indicators. Currently, prices are accumulating bullish momentum, which may help prices rise again. Meanwhile, Brent crude oil futures remain under dynamic support, with prices trading above the 50-day EMA, further enhancing the likelihood of a price rebound in the near future.January 12th - According to sources, Federal Housing Finance Agency Director Jerry Pulte was a key figure behind the Trump administrations decision to subpoena the Federal Reserve. Some sources indicated that some of Trumps allies were concerned about the move, fearing that the legal action against Fed Chairman Jerome Powell would disrupt the bond market. They also worried that it would prevent Powell from leaving the Fed after his term expires in May. Powell could continue serving as a Fed governor until 2028, but he has not indicated whether he will leave as is customary. Some sources said that some of Trumps senior aides were only informed of the subpoena on Friday night when Powell received it.On January 12th, Google announced on the 11th that it will partner with major retailers such as Walmart to expand the shopping functionality of its Gemini AI model, upgrading the Gemini app from a "smart assistant" to a "virtual merchant" capable of directly completing transactions. The Gemini app will introduce an "instant checkout" feature, allowing consumers to purchase goods from select merchants within the chat interface, without needing to open any external interface. Walmarts incoming president and CEO, John Furner, stated that the shift from traditional web or app search to "agent-driven commerce" represents the next major evolution in the retail industry. Industry insiders believe that the application of AI in e-commerce and its impact on consumer behavior will be a key focus of the conference. Google stated that the shopping functionality of the Gemini AI model will initially be available only to US users, but will expand to international markets in the coming months.On January 12, Clover Biotech (02197.HK) announced that its Pre-F trimeric subunit recombinant protein respiratory combination vaccine candidates SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3), developed based on the companys self-developed Trimer-Tag vaccine R&D platform, have completed the first batch of subject enrollment in Australia and officially started Phase 2 clinical trials.On January 12th, Citigroup pointed out that Indonesias fiscal deficit this year may far exceed the statutory limit, as the government increases spending on the nationwide free meal program and reconstruction projects in flood-stricken provinces of Sumatra. In a report on Monday, Citigroup economist Helmi Arman revised his 2026 budget deficit as a percentage of GDP upward to 3.5% from the initial 2.7%. Citigroups base case assumption is that the government will amend the National Fiscal Law by the second half of this year to relax the long-standing 3% fiscal deficit cap. Arman stated that if the authorities choose to significantly cut spending to maintain fiscal discipline, they may avoid exceeding the limit. He predicts that by 2029, Indonesias debt-to-GDP ratio will rise from approximately 39% in 2025 to 42%.

Oil prices steady after precipitous declines due to weak U.S. demand

Haiden Holmes

Jul 22, 2022 11:27

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Oil prices stayed almost unchanged in early trading on Friday, after a loss of around 3 percent in the previous session due to deteriorating demand in the United States, the biggest oil consumer in the world, and a rise in output from Libya.


Brent oil prices rose 17 cents, or 0.2%, to $104.03 per barrel at 00:41 GMT, while U.S. West Texas Intermediate (WTI) crude futures were constant at $96.35 per barrel.


WTI has been hammered over the last two days as a result of the publication of data suggesting that U.S. gasoline consumption during the height of the summer driving season decreased by around 8% from the previous year due to record pump prices.


"At 8.52 million barrels per day, seasonal demand is at its lowest level since 2008," experts at ANZ Research said in a study.


The decrease in WTI has positioned the contract for a loss of 1.3% this week, its third consecutive weekly loss.


Brent was bolstered by signs of healthy demand in Asia, putting it on course for its first weekly gain in six weeks.


Despite increasing prices, gasoline and distillate fuel demand in India hit all-time highs in June, with refined product consumption 18 percent higher than a year earlier and Indian refineries operating at their busiest levels ever.


An analyst at RBC, Michael Tran, said in a note, "This signals much more than a solid return from COVID-affected years."


Brent's gains were limited this week by the return of production at important Libyan oil fields.


Meanwhile, the European Central Bank (ECB) raised rates more than expected on Thursday in an effort to curb inflation, with ECB President Christine Lagarde warning that inflation risks had increased due to the likelihood that the Ukraine conflict will continue for an extended period of time and that energy prices will remain elevated for an extended period of time.


"Is the horizon cloudy? Clearly it is, "Lagarde said.


She said that the baseline assumption of the central bank is that neither this year nor next would experience a recession.

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