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French President Macron: I just spoke with the Iranian president.On April 11, local time, Kursk Oblast Governor Khinstein stated that a Ukrainian drone attacked a gas station in Ligov, a city in the oblast, during the Orthodox Easter ceasefire, injuring three people, including a one-year-old infant. There has been no response from the Ukrainian side.The White House: The U.S. Vice President and other officials met face-to-face with the Iranian delegation in Islamabad.Officials in Russias Kursk region say a Ukrainian drone attack on a gas station in the region has injured three people.Domestic News: 1. The Inner Mongolia Free Trade Zone was officially launched today. 2. Guangzhou issued ten measures to support consumption through financial means. 3. The National Center for Disease Control and Prevention issued a notice to promote the prevention and control of key vector-borne infectious diseases. 4. Nearly 20,000 second-hand homes were sold in Beijing in March, a new high in nearly 15 months. 5. JD.com denied entering the ride-hailing market: it is testing a new project, which will be launched on April 13. 6. Su Bo, former vice minister of the Ministry of Industry and Information Technology: the market penetration rate of new energy vehicles is expected to exceed 70% by 2030. International News: 1. Amidi was elected as the new president of Iraq. 2. Trump: The United States will never accept price gouging in the fertilizer industry. 3. Russia claims that Ukraine violated the Easter ceasefire agreement by attacking the Kherson region. 4. The Bank of England plans to discuss the Mythos model of Anthropic with major banks. 5. India raised export tariffs on diesel and aviation fuel, while maintaining the gasoline export tariff at zero. 6. The Orthodox Easter ceasefire between Russia and Ukraine officially took effect and will last until 5:00 AM Beijing time on the 13th. 7. Strait of Hormuz—① Trump: The Strait of Hormuz is being "cleaned up," and all Iranian minelayers have sunk. ② A US destroyer turned back from the Strait of Hormuz after Iranian warnings; senior US officials said they received no threats. ③ US media reported that several US warships passed through the Strait of Hormuz, which Iran denied. 8. US-Iran Talks—① Iran, the US, and Pakistan held face-to-face talks in Islamabad. ② Iranian media reported that the Islamabad talks might be extended by one day. ③ Iran claimed that the US agreed to a ceasefire in Lebanon and to unfreeze Iranian assets. The White House denied agreeing to unfreeze Iranian assets. ④ Trump: If negotiations do not progress smoothly, the US is ready to "restart." ⑤ The US-Iran talks in Islamabad entered the expert consultation phase.

WTI rebounded from $73.00, but a decline appears probable as negative US PMI spark recession fears

Daniel Rogers

Jan 05, 2023 14:41

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have regained some ground in the Asian session after falling to near $73.00. Oil prices experienced a slaughter on Wednesday, which was precipitated by a consecutive dip in United States Manufacturing PMI data provided by the Institute of Supply Management (ISM) department.

 

The U.S. Manufacturing PMI dipped to 48.4 vs estimates of 48.5 and the previous publication of 49.0, marking the lowest figure since May 2000. The Federal Reserve's (Fed) aggressive policy tightening actions to combat persistent inflation have reduced the volume of manufacturing operations. To avoid increasing interest costs, companies are avoiding debt-raising negotiations, which has resulted in unaltered production capacities and diminished investment options.

 

In the meantime, the robust U.S. job market gives the Federal Reserve (Fed) a compelling justification to maintain higher interest rates for an extended period. The Unemployment Rate is extremely steady at lower levels, and pay growth is robust, which continues to keep inflationary pressures in check.

 

The American Petroleum Institute (API) stated that oil inventories grew by 3,298 million barrels for the week ending December 30. As people were preoccupied with New Year's celebrations, the majority of operational activity ceased. The official US oil inventory figures will provide fresh impetus moving forward.

 

In the Asian region, increased Covid infections in China are indicative of a delayed economic recovery. Analysts at Rabobank believe that China is still attempting to deal with the increase in Covid infections following the easing of restrictions. "The current increase of Covid infections is stressing the Chinese health care system in more ways than one. Bloomberg adds that this may also impede Beijing's aspirations to launch a homegrown semiconductor industry to compete with US-controlled supply chains.

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