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August 27th - Sources revealed that the Hong Kong IPO price for fast fashion platform Shein (00625.HK) may be set at approximately HK$48.56 per share, slightly higher than the median of the offering price range of HK$47.6 to HK$49.5. Based on the offering price of approximately HK$48.56 per share, Shein will raise HK$13.6 billion. It is understood that the offering price is still under discussion and may be subject to change.On August 27th, Bank of Japan Deputy Governor Ryozo Himino stated on Thursday that timely interest rate hikes would help prevent a sharp rise in inflation, thus preventing a forced, sudden rate increase in the future. Speaking to business leaders, Himino said, "If core inflation deviates from and exceeds our 2% target, it will have an adverse impact on the economy. Compared to the past, we should pay more attention to the upside risks to prices." He added, "Every monetary policy meeting should be conducted in depth from these perspectives."On August 27th, the State Administration for Market Regulation announced that Chinas Enterprise Credit Index for July was 158.87, showing a temporary pullback from previous highs, but the resilience of enterprise credit remains evident. The overall credit foundation of enterprises nationwide remains solid. In July, the China Enterprise Credit Index decreased by 2.35 points compared to June, influenced by factors such as the increase in the number of newly added enterprises to the list of enterprises with abnormal operations, resulting in a significant decline in regulatory sub-indicators. Simultaneously, the credit repair process accelerated, with a corresponding increase in the number of enterprises removed from the list of enterprises with abnormal operations, continued improvement in regulatory activity, a decrease in the number of enterprise deregistrations compared to the previous month, and a stronger willingness of business entities to continue operating. The fundamental trend of improving enterprise credit remains unchanged. Industry-specific enterprise credit levels declined compared to the previous month. In July, the top five industries in terms of credit index ranking were finance, electricity, heat, gas and water production and supply, residential services, repair and other services, water conservancy, environment and public facilities management, and manufacturing. Industry credit indices generally stabilized this month. Amidst index fluctuations, the mining industry index rose against the trend, while the credit index rankings for agriculture, forestry, animal husbandry and fishery reached new highs this year.Qantas executives said outbound demand from Australia to the United States is strong, while inbound demand is also performing well, and the market is recovering.August 27th - According to US media reports on the 26th, US diesel inventories have fallen to their lowest level for this time of year in history. With increased demand for agricultural fuel and winter heating, diesel prices, already nearing record highs, may rise further. Data released by the US Energy Information Administration on the same day showed that as of the week ending August 21st, US distillate fuel oil inventories (whose main component is diesel) stood at 103.4 million barrels, a decrease of 2.2 million barrels from the previous week, and about 14% lower than the average for the same period over the past five years. Bloomberg, analyzing data dating back to the early 1980s, said that current inventories are at their lowest level for this time of year in history. Data released by the American Automobile Association showed that on August 26th, the average retail price of diesel across the US was $5.62 per gallon, higher than $3.70 a year ago, and approaching the record high of $5.82 per gallon set in June 2022.

WTI prices fall to eight-month lows, falling below $80 per barrel

Alina Haynes

Sep 26, 2022 11:27

截屏2022-09-22 下午4.35.20_1024x576.png 

 

The benchmark for US crude oil, generally known as WTI, falls below $80.00 per barrel on Friday due to a strengthening US Dollar, with the US Dollar Index surging to levels not seen since May 2002, a headwind for commodities priced in US dollars. After reaching a day high of $83.90, WTI is currently trading at $78.80, over 6% less than its opening price.

 

WTI is already down 8% this week, extending its drop to a fourth straight week. Wednesday's decision by the US Federal Reserve to raise interest rates and underline the need for additional hikes is dragging on the price of black gold. This, coupled with a flurry of other central banks raising rates, heightened global recession concerns. Consequently, oil demand would decline.

 

According to sources cited by Reuters, "The crude market is under intense selling pressure as the U.S. dollar maintains a solid upward trajectory and risk appetite decreases."

 

In the interim, mood deteriorated, which strengthened the dollar. US stocks are down between 2.13 percent and 3.44 percent, extending their weekly losses. In contrast, the US Dollar Index, a measure of the dollar's value relative to a basket of peers, is increasing 1.39 percent to 112.808, marking a return to 20-year highs.

 

A slew of S&P Global PMIs that were released during the day added to recessionary fears. The PMIs for the United Kingdom and the euro area were below expectations and poised to enter a recession, with the majority of indices residing in contractionary zone. In contrast, the US PMIs were mixed, but all three components increased, maintaining optimism that the US economy will avoid a recession.

 

Moreover, according to a US official, the Iran nuclear deal has stalled due to Tehran's insistence on the conclusion of UN nuclear watchdog investigations.

 

On the daily WTI chart, the oil price has fallen below the bottom trendline of a falling wedge, which is typically a bullish sign. Consequently, US crude oil may be set for a retest of the January 1 and YTD low of $65.94. Although the Relative Strength Index (RSI) is in negative area at 33.25, it is not in oversold territory. A decline below $75.00 might therefore pave the road to $70 per barrel and $65.94.


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