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On September 2, CMB International published a research report stating that Jitu Express (01519.HK)s adjusted net profit in the first half of the year increased by 66% year-on-year, mainly driven by reduced expenses and financial expenses, while gross profit remained stable. The companys goal is to increase the annual parcel volume by 56% and 38% in Southeast Asia and new markets respectively, with EBIT of US$0.07 and US$0.09 per parcel respectively. The bank slightly adjusted Jitu Expresss earnings forecast for 2025-27 from a 1% decrease to a 2% increase, and raised the target price from HK$10 to HK$13.4, maintaining a "buy" rating. The bank continues to be optimistic about the company, believing that it has competitive advantages and market share growth potential in Southeast Asia, and also has huge potential in new markets such as Brazil and the Middle East.The chairman of Japans Suntory Holdings has resigned following an investigation into suspected violations of cannabis control laws.Japans 10-year bond sales demand ratio hit a new high since October 2023.Futures data from September 2nd revealed that as of September 1st, the mainstream benzene market in East China closed at 5,840-5,880 yuan/ton, down 200-240 yuan/ton from early August. Expected arrivals at major ports in East China in September are expected to increase compared to August, and with downstream businesses currently facing losses and insufficient terminal orders, price transmission is facing significant resistance. The weakening US dollar and the Ukrainian attack on energy infrastructure in a European country have led to a rise in Brent crude oil futures after some fluctuations, boosting market confidence. Benzene prices in East China are expected to stabilize.Futures News, September 2nd: Yesterday, the crude oil market closed early for a holiday, resulting in light trading. However, prices continued to fluctuate upwards. This was primarily due to the continued weakening of the US dollar and the turbulent situation in Europe, particularly the attack on a refinery in a European country, which further complicated the prospects for Russia-Ukraine peace talks. Zhuochuang Information predicts that, judging from the current market situation, positive factors continue to dominate, and oil prices will continue to strengthen despite geopolitical fluctuations. However, concerns about Saudi Arabias production increase over the weekend will limit the rise in prices.

XRP Bulls Look for a Path to $0.40 on Pending SEC v Ripple Rulings

Cory Russell

Jan 12, 2023 15:24

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Wednesday saw an increase in XRP of 6.33%. Tuesday saw a rise of 0.46% for XRP, who closed the day at $0.37291. Significantly, XRP extended the winning run to four sessions by finishing the day at $0.37 for the first time since December 15.


XRP saw a negative start to the day, dropping to an early low of $0.34800. The price of XRP increased to a late high of $0.37834, avoiding the First Major Support Level (S1) at $0.3443. The Major Resistance Levels were broken by XRP before a short decline through R3 ($0.3718) to below $0.37. But after a strong session, XRP crossed back above R3 and finished the day at $0.37291.

The SEC v. Ripple Case: Investor Attitude Delivers $0.37

Investors were left to consider the most recent court filings since there were no updates from the ongoing SEC v. Ripple lawsuit to affect them.


The parties submitted their objections to the omnibus motions to seal on Monday. Notably, the Defendants kept concentrating on the records pertaining to the William Hinman speech, putting the possibility of a settlement on the table.


The SEC is steadfast in its effort to keep the substance of the records linked to the William Hinman speech out of the public eye, and these materials remain crucial to the case.


Investors are eagerly awaiting the outcome of the Summary Judgment Reply papers and the document redactions relating to the William Hinman address. There are still two court dates, but the rulings might be made at any moment.


Daubert Motions must be filed by the parties on January 13 and opposition to non-party motions to seal must be filed by both parties and non-parties on January 18, which was the original deadline.


While there will be interest in the files, the decisions on the redactions relating to the Hinman speech and the Summary Judgment Reply brief might be crucial. A settlement can result from a decision that the SEC cannot safeguard the information included in the records relating to the Hinman speech.


Investors should keep an eye on the SEC v. Ripple case developments today, as they might significantly influence the result, even though the overall crypto market will offer direction. However, XRP would be in the hands of the larger crypto market if there were no SEC v. Ripple news.


Initial unemployment claims and the US CPI Report will be of importance later today. A hotter-than-expected CPI Report and a decline in initial applications for unemployment benefits to below 200k would put the buyer's appetite to the test.

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