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The UKs three-month ILO unemployment rate for March, the number of unemployment benefit claims for April, and the unemployment rate will be released in ten minutes.Market sources say Samsung Electronics and the union will resume negotiations this afternoon, with two issues still at odds.On May 19th, Nikko Securities economist Yoshimasa Maruyama stated that considering the recent momentum in the Japanese stock market and the potential trend shift driven by a stable, long-term government, the Nikkei index could reach around 65,000 points by the end of the year. Maruyama predicts the index could reach approximately 73,000 points by the end of 2027 and around 80,000 points by the end of 2028. However, he pointed out, "If the conflict in the Middle East escalates, and it doesnt just lead to rising oil prices, but evolves into a serious supply constraint problem, the expected trend of asset prices, including stocks, could be revised downwards."On May 19th, futures market news reported that recent rainy weather in producing areas has limited corn shipments for most traders, leading to a temporary tightening of effective supply. Some companies have slightly raised prices to encourage purchases. While some traders in producing areas still have sales needs after the weather improves, downstream companies are focusing on the new wheat harvest and awaiting relevant policy grain auctions, resulting in weak enthusiasm for corn purchases. However, the trading sector is supported by costs and has limited acceptance of low prices; therefore, mainstream market prices are expected to remain stable in the near term.According to data from Zhuochuang Information, as of the close of trading on May 18th, the wholesale-retail price difference for gasoline and diesel from major domestic suppliers was 3376 and 2401 yuan/ton, respectively, while the difference between wholesale and retail prices for gasoline and diesel from Shandong local refineries was 3513 and 2608 yuan/ton, respectively. Since the Middle East conflict, the domestic wholesale-retail price difference for gasoline and diesel narrowed to around 300 yuan/ton. Subsequently, due to the increase in retail price limits, but a decline in wholesale market prices, the wholesale-retail price difference range widened. In the short term, international oil prices are expected to remain strong, and there is still an expectation of an increase in the retail price limit for refined oil products in this round. However, the momentum for wholesale prices to follow suit is limited, and the wholesale-retail price difference is expected to remain at a high level.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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