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US officials say Hamass disarmament plan will be launched in the coming weeks.Microsoft (MSFT.O) shares closed up 15.5% on Thursday, marking the companys fourth-largest single-day gain and the largest single-day market capitalization increase in U.S. stock history. Investors welcomed its strong earnings report, breaking the recent generally sluggish market sentiment towards artificial intelligence-related companies. The stocks year-to-date decline narrowed to 5.8% from approximately 19.3% at Wednesdays close. Data analysis shows that this surge added $450 billion to Microsofts market capitalization, surpassing Nvidias $440 billion single-day gain on April 9, 2025, becoming the largest market capitalization increase in U.S. stock history.US President Trump: The Peace Committee has reached a historic agreement to completely disarm Hamas and all other armed groups in Gaza.Conflict Situation: 1. Russian Ministry of Defense: Russia launched a large-scale attack on Ukraine from the evening of the 29th to the early morning of the 30th. 2. Ukrainian officials: Russian missile and drone attacks killed at least eight people overnight. 3. Sources say the Russian Riyazan oil refinery ceased operations on Wednesday due to a drone attack. 4. Ukrainian military: The commander of the Ukrainian drone force stated that Ukrainian troops hit four Russian oil tankers in the Black Sea and the Sea of Azov. 5. Market news: Sources say Ukraine launched a drone attack on Russias Lukoil Perm oil refinery on Wednesday, causing a fire. 6. Market news: Agricultural market sources say a Ukrainian drone attacked a grain export terminal at the Russian port of Taman, causing significant damage. 7. According to CGTN: Local power plant officials stated that a drone belonging to the Ukrainian armed forces attempted to attack critical infrastructure at the Zaporizhia nuclear power plant. 8. Russian Ministry of Defense: Russia seized Chernyshevka in the Donetsk region, Malaslobidka and Mokhlitsia in the Sumy region, and Yurchenkov in the Kharkiv region. 9. Ukrainian President Zelensky: Kyiv and several other locations were attacked overnight. Russia used over 70 missiles and more than 280 attack drones in the attack. Over 260 drones were intercepted. Other developments: 1. Russia extends fuel export ban for 6 months. 2. Polish Prime Minister Tusk: Poland may consider providing Patriot missile interceptors to Ukraine. 3. Central Bank of Ukraine: Russian attacks on Ukrainian port infrastructure will result in a $2.5 billion loss of foreign exchange earnings. 4. EU: Has allocated €3.47 billion to Ukraine; the latest funds will be used for drones, missiles, air defense systems, and fighter jets. 5. Ukrainian President Zelensky: Signed a decree appointing Oleksiy Sobolev as Deputy Chief of Staff of the Presidential Office. 6. Latvian Ministry of Defense: Representatives of Ukraine and Latvia signed a memorandum of understanding in Riga on cooperation in the development, production, and testing of unmanned systems. 7. Market news: Sources say Russian oil exports through western ports in July are expected to decline by about 4% compared to June, as the Ukrainian attacks reduced shipments to the Black Sea.Vale (VALE.N) expects its nickel production to be between 185,000 and 200,000 tons in 2026, up from its previous forecast of 175,000 to 200,000 tons.

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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