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The SC crude oil futures contract surged 4.00% intraday, currently trading at 731.70 yuan per barrel.At the opening of the morning session, most domestic futures contracts rose. Methanol rose nearly 4%, container shipping to Europe and SC crude oil rose over 3%, fuel oil and synthetic rubber rose over 2%, and coking coal, polyvinyl chloride (PVC), benzene, caustic soda, liquefied petroleum gas (LPG), and low-sulfur fuel oil (LU) rose nearly 2%. On the downside, palladium fell nearly 3%, Shanghai gold and soybean meal fell over 1%, and rapeseed meal fell nearly 1%.On September 9th, the Wuhan Municipal Peoples Government issued a "Notice on a Series of Measures to Promote the Deep Integration of Technological Innovation and Industrial Innovation." Regarding the promotion of the private equity investment industry, the city aims to have over 1,500 registered funds by 2028, with fund management scale growing by over 20% annually, reaching a total scale of 300 billion yuan. The notice encourages various industrial sectors to inject special funds into state-owned enterprises for fund investment through a "grant-to-investment" approach. The governments share of investment in venture capital funds can be increased to over 50%, and the duration can be extended to 15-20 years. Actively managed seed funds and angel funds will be granted 80% and 60% loss tolerance rates, respectively, and direct investments by seed funds and angel funds are allowed 100% loss.On September 9th, local time, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement claiming that in response to the US militarys aggressive actions and malicious harassment of Iranian oil tankers and ships, the IRGC Aerospace Force used ballistic missiles to strike the US destroyers USS Delbert D. Black (DDG-119) and USS John Paul Jones (DDG-53), both equipped with cruise missiles and the Aegis Combat System. The IRGC stated that the attack caused serious damage to the US warships. The IRGC reiterated its firm stance against the USs desperate actions and warned the enemy against any miscalculations.On September 9th, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement early this morning (September 9th) local time, stating that in retaliation for the US aggressive attack on Iranian oil tankers, the IRGC Aerospace Force launched a fierce missile strike against US military bases in Jordan. During this ballistic missile strike, maintenance and deployment hangars and fighter bunkers for US F-35, F-16, and F-15 fighter jets were hit, inflicting heavy damage on the enemy. The statement emphasized that the Iranian armed forces vigilance and decisive fighting against the enemy are driving the aggressors into despair until their acts of aggression are completely stopped.

Two Trades to Watch: DAX, GBP/USD

Jimmy Khan

May 07, 2022 10:43


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The DAX is falling as industrial output declines.


After a slaughter on Wall Street that saw the Nasdaq finsh 5% down, European equities have begun in the red, extending losses from the previous day.


Fears of inflation, stagflation, and recession are weighing on the market as we approach the weekend. The DAX is expected to shed 1.4 percent this week, marking the fifth consecutive week of losses.


In March, German industrial output decreased -3.9 percent on a month-over-month basis, down from 0.2 percent in February and considerably below the -1 percent drop forecast. The negative report comes on the heels of a sharp drop in German manufacturing orders in March. The data represents the economic effect of the Russian conflict on Germany and the Eurozone as a whole.


Germany does not have any additional statistics due today. Sentiment and the US NFP announcement will affect European indexes.