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May 9th - According to the latest data released by Cui Dongshu, Secretary-General of the China Passenger Car Association, my countrys automobile exports reached 3.28 million units from January to April this year, a year-on-year increase of 52%, setting a new record in recent years. The total export value reached US$56.9 billion, a year-on-year increase of 54%, also a new record in recent years.On May 9th, Bank of Americas latest forecast indicates that the Federal Reserve will postpone interest rate cuts until the second half of 2027, primarily due to high inflation and strong job growth. Bank of Americas global research division had previously predicted two rate cuts this year, one in September and one in October, a view partly based on the expectation that Trumps nomination of Kevin Warsh to succeed Jerome Powell as Fed chairman would guide policymakers towards looser monetary policy. However, this view has changed with evolving economic conditions. Bank of America economists recently stated, "We no longer expect the Fed to cut rates this year." They also pointed out that multiple shocks impacting the economy, including the Iran war, tariffs, and the rise of artificial intelligence, have made predicting interest rate changes more difficult.Israel Defense Forces: The targets included weapons storage facilities, launchers, and buildings used by Hezbollah to advance terrorist activities against Israeli civilians and IDF soldiers.On May 9th, GAC Aion issued a statement on social media, stating that recently, some internet users have been publishing and spreading information claiming that three automakers are under investigation and eight automakers have been summoned for talks due to OTA (Over-The-Air) "battery locking" issues, and fabricating a list of companies that GAC Aion is among those summoned or investigated. After verification, GAC Aion has never been summoned by relevant authorities for the matters mentioned in the false information, nor is it included in any list of companies under investigation. The spread of such false information on online platforms has seriously damaged GAC Aions corporate image and brand reputation. Currently, GAC Aion has immediately begun evidence preservation and account tracing, and will pursue legal action against those spreading rumors to protect its legitimate rights and interests. We urge relevant internet users and platforms to immediately delete all content that spreads rumors and defames GAC Aion. At the same time, we urge all netizens not to easily believe or spread unverified information, to rationally distinguish the source of information, to resolutely resist online rumors, and to jointly protect a clean online environment.U.S. Geological Survey: A 5.3-magnitude earthquake struck the Lat Islands in the Aleutian Islands of Alaska.

WTI bulls enter at critical support and eye the Federal Reserve

Daniel Rogers

Sep 20, 2022 14:31

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West Texas Intermediate is currently up 0.11 percent on the day and has traded between $82.11 and $86.21 bbls. The black gold was reversing early offers that led to the lows even as US dollar bulls came in as markets awaited the Federal Reserve and a multitude of other central banks this week.

 

Fed funds futures have priced in a 79% chance of a 75-basis-point rate hike this week and a 21% chance of a 100-basis-point boost at the conclusion of the two-day Fed policy meeting. Nonetheless, some analysts predict that the central bank could move to increase interest rates by a full percentage point after August inflation exceeded expectations. The DXY index indicates that the demand for safe haven assets, such as the U.S. dollar, is close to its 20-year high. As a result, the demand for oil may decrease, and the dollar's demand as a safe haven asset nears a 20-year high.

 

Nonetheless, China eased a two-week lockdown on the 21 million residents of Chengdu, restoring normal activity to the capital of Sichuan, which may have contributed to the increase in oil prices at the beginning of the week. The Department of Energy said on Monday that the United States will sell 10 million barrels of oil from its strategic reserve for delivery in November.

 

"The markets are increasingly pessimistic about the likelihood of a rapid resolution to the Iran issue, which has resulted in a revival in energy supply risks despite the continuous decline in prices. As markets reprice supply risk premiums, the lack of liquidity might amplify crude's upward volatility, according to TD Securities analysts.


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