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March 4, Nigel Green, CEO of financial services consulting firm deVere Group, said that investors are struggling to cope with uncertainty amid concerns about inflation and economic growth caused by tariffs, and advised them to act quickly rather than stand still. "As inflationary pressures are likely to increase, global portfolios must adapt to changes." He said that industries that may benefit in the new environment include commodities, energy and industry. He said: "Companies that can pass on costs without eroding demand will perform better than competitors who struggle to maintain profit margins." He also recommended "hard assets, inflation hedging investments, and emerging market opportunities related to changing trade flows."On March 4, Canadian politicians advocated for severe retaliatory tariffs on American goods entering the country. The Angus Reid Institute, Canadas most prominent independent polling organization, said that in the past month, voters who support retaliatory measures against US tariffs have increased. Two-thirds of Canadians support a 25% tariff on all US imports, up from 60% in January, and nearly two-thirds (65%) support Canadas ban on key exports to the United States, namely commodities such as oil and minerals. Polls show that only 24% of Canadians have a favorable impression of the United States, down from 58% about two years ago. US President Trumps aggressive trade strategy against Canada has changed the political landscape in Canada and provided a lifeline to the ruling Liberal Party, which just a few months ago seemed to be defeated in this years election.On March 4, Apple announced that starting today, customers can pre-order iPad Air and Magic Keyboard equipped with the powerful M3 chip, which will be available from March 12. The iPad Air equipped with M3 is nearly 2 times faster than the iPad Air equipped with M1, and 3.5 times faster than the iPad Air equipped with A14 Bionic chip. The Wi-Fi model of the 11-inch iPad Air starts at $599, and the Wi-Fi + cellular model starts at $749. The Wi-Fi model of the 13-inch iPad Air starts at $799 (US dollars), and the Wi-Fi + cellular model starts at $949 (US dollars).The German central banks planned structural deficit could reach 1.4% of GDP.Market news: Apple (AAPL.O) launched a new iPad Air equipped with a powerful M3 chip and new Magic accessories.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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