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Futures News, May 11th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 199,456 tons, an increase of 478 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 5,360 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 58,530 tons, unchanged compared to the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 24,200 tons, down 1,800 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 21,790 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 19,050 tons, down 8,520 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.May 11 - Gold futures fell 1% as oil prices rose amid lack of progress in US-Iran peace talks, fueling concerns about a prolonged disruption and escalating inflation. Soojin Kim, an analyst at MUFG Financial Group, stated, "The market increasingly expects interest rates to rise to address inflation risks associated with high energy prices, which is unfavorable for gold." Meanwhile, "strong US labor market data continues to support market expectations that the Federal Reserve will maintain high interest rates for an extended period."On May 11, local time, Iranian media PressTV reported on social media that within 24 hours, a second US Air Force F-35A Lightning II fighter jet issued an emergency code 7700 while flying over the Gulf of Oman and then diverted to the Zafra Air Base in the United Arab Emirates for an emergency landing. According to Iranian sources on May 10, a US Air Force F-35 fighter jet sent the 7700 emergency code while flying over the Gulf of Oman. This code indicates that the aircraft is in an emergency and urgently needs to land. Subsequently, the aircraft changed course towards the UAE and lowered its altitude.Jefferies: Raises its price target for Intel (INTC.O) to $120 from $80.STMicroelectronics shares rose 2.8% in Europe, leading the gains in the CAC 40 and SBF 120 indices.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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