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On March 13th, betting on clean energy stocks seemed foolish after Trumps return to the White House last year. But for Helen Jewell, Chief Investment Officer for International Fundamental Equities at BlackRock, the clean energy rally is poised to continue, as the US-led Middle East wars provide a stark reminder of the worlds deep dependence on the regions oil and gas. She said the strikes against Iran "highlight the strategic importance of energy independence, grid resilience, and secure domestic power generation. Given the need for rapid, secure incremental growth in national grids, clean energy stocks are poised to continue their upward trend." Jewell stated, "We are very clear that for AI to succeed, you need such a massive amount of energy that the story is no longer about replacing traditional energy, but about coexisting with traditional energy." A year has passed: as of Wednesdays close, the S&P Global Clean Energy Transition Index surged 61%, far exceeding the S&P 500s 23% gain. It also outperformed the "Big Seven" stocks 39% gain and nearly doubled the gains of oil stocks—despite oil prices rising above $100 due to the Iran war.Two sources said that the Chevron-led Tengri oil field in Kazakhstan has not stopped crude oil production following the recent accident.March 13 - Ship tracking data shows that approximately 30 oil tankers carrying Russian crude oil and fuel in Asian waters are now eligible for trade following the U.S.s issuance of temporary purchase waivers for goods already en route. Data shows these vessels are carrying at least 19 million barrels of Russian crude oil and 310,000 tons of refined petroleum products. The refined products mainly consist of naphtha used in plastics production and some diesel fuel; prices for these products have surged since Irans de facto blockade of the Strait of Hormuz. Tracking data shows these vessels are currently in a "standby" status – meaning they have no definite destination or are en route to Singapore and Malaysia, areas where tankers typically remain awaiting cargo deals. Kpler senior crude oil analyst Muyu Xu stated that the U.S. decision is "buying time for countries and refiners to cope with supply shocks from the Middle East." She noted, "Countries will buy any resources they can find – energy security is a top priority for all countries."Japanese Ministry of Industry and Trade officials have requested that refineries draw on Japans oil reserves and release them to the market starting next week to meet domestic demand.The Israeli military claims it has attacked the Zalariyah Bridge over the Litani River in Lebanon.

The USD/CHF exchange rate surges above 1.0060 as the risk-off sentiment regains dominance

Alina Haynes

Oct 20, 2022 15:21

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The USD/CHF pair reversed its minor decline from 1.0063 at the start of the Asian session and resumed its climb. Prior to the risk-on profile losing momentum, the asset exhibited a juggernaut rally to approximately 1.0063.

 

After two consecutive days of gains, a slight dip in the S&P 500 diminished investors' appetite for risk and drove demand for safe-haven assets. The US dollar index (DXY) oscillates slightly below the immediate barrier of 113.00 and appears on the verge of breaking through. In addition, 10-year US Treasury rates have reached a 14-year high of 4.14 percent as bets on a greater rate hike by the Federal Reserve have increased (Fed).

 

Regarding the Swiss franc, investors anticipate the release of the Trade Balance data. It is projected that the economic statistics will climb to 3,558M from 3,425M in the previous report.

 

The road map presented by James Bullard, president of the St. Louis Fed Bank, suggests that the central bank would maintain its hawkish stance for an extended length of time. Fed policymakers expect the central bank to raise interest rates by an additional 75 basis points (bps) when it meets on November 1 and 2, with a second 50 or 75 bps increase likely in December. Before relying on statistics, he highlighted that the Fed must first identify the proper rate level.

 

Despite some signs of slowing in certain areas, the Fed's Beige Book reported that price rises remained elevated. Therefore, price pressures remain a cause of concern. While the price of fuel and transportation has reduced, the cost of inputs for businesses has climbed. Labor demand is low due to firms' unwillingness to raise payrolls in expectation of an economic recession.

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