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On January 20th, Hong Kong stocks fluctuated, with the Hang Seng Index closing down 0.29% at 26487.51 points. The Hang Seng Tech Index closed down 1.16% at 5683.44 points. The total turnover of the Hang Seng Index market was HK$237.766 billion. On the sector front, department store stocks declined, AIGC (AI, Generic, and Consumer Electronics) stocks and Apple concept stocks fell, and pharmaceutical stocks were weak; gold stocks strengthened, new consumption concept stocks rebounded, and airline stocks continued their upward trend. In terms of individual stocks, Shanghai Auntie (02589.HK) rose 9.87%, Pop Mart (09992.HK) rose over 9%, GigaDevice (03986.HK) and Zijin Mining International (02259.HK) rose 5.5%, and China Southern Airlines (01055.HK), China Life Insurance (02628.HK), Mao Geping (01318.HK), and Nayuki (02150.HK) rose over 4%; New World Development (00017.HK) fell 10.6%, Zhipu (02513.HK) fell 7.4%, Country Garden (02007.HK) fell over 6%, WuXi AppTec (02359.HK) fell 4.1%, and BYD (01211.HK) fell 3.67%.On Tuesday, January 20, the Hang Seng Index closed down 76.39 points, or 0.29%, at 26,487.51; the Hang Seng Tech Index closed down 66.54 points, or 1.16%, at 5,683.44; the H-share Index closed down 39.69 points, or 0.43%, at 9,094.76; and the Red Chip Index closed up 46.21 points, or 1.12%, at 4,188.73.Hong Kong stocks closed down 0.29% and down 1.16%. New consumption concept stocks bucked the trend and rose, with Pop Mart (09992.HK) up 9%, Shanghai Auntie (02589.HK) up nearly 10%, and Mao Geping (01318.HK) and Nayuki (02150.HK) up more than 4%.Renault shares rose 1.5% after the release of auto sales data.The Norwegian Petroleum Authority reported that Norways preliminary oil production in December was 1.962 million barrels per day, and its preliminary natural gas production in December was 11.4 billion cubic meters.

WTI Price Analysis: Testing the $80 level versus the broad USD

Daniel Rogers

Apr 11, 2023 14:20

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On Monday, crude oil prices are lower as a risk-averse sentiment underpins the U.S. dollar. The price of the black gold is a few cents above its intraday low of $79.71 per barrel and is approaching the range's bottom.

 

Early in April, the Organization of the Oil Exporting Countries and Allies (OPEC+) astonished market participants by announcing a 1.16 million-barrel-per-day reduction in their oil output, which pushed West Texas Intermediate (WTI) approximately 5.5% higher on April 3 and left a $4 void. Since the announcement, WTI has been consolidating between $79 and $81.80, unable to find fresh directionality.

 

Higher energy prices have contributed to inflation's meteoric rise, and OPEC+'s decision came as a complete surprise, reigniting concerns not only about price pressure but also about economic growth.