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The China Earthquake Networks Center officially measured a 3.6-magnitude earthquake at 14:04 on July 7 in Haixi Prefecture, Qinghai Province (37.80 degrees north latitude, 95.36 degrees east longitude), with a focal depth of 10 kilometers.Zhipu (02513.HK) saw its share price rise to 10%, after the company stated that media reports claiming it had withdrawn its A-share IPO filing were untrue.On July 7th, Daiwa Securities released a research report stating that the latest channel inspections show that the retail sales value (RSV) of the sporting goods industry slowed quarter-on-quarter in the second quarter of this year, and the monthly volatility of RSV increased, further reducing the short-term predictability of Xtep (01368.HK). Meanwhile, the transformation of Xteps core brand will disrupt its wholesale business and require upfront investment, potentially diluting Xteps short-term revenue and profit margins. Although the Saucony brand can continue to maintain high growth, the core Xtep brand may face challenges from slower growth and increased competition. The bank lowered its earnings per share forecast for Xtep this year by approximately 12%, and reduced its target price from HK$5.2 to HK$3.9, downgrading its rating from "Outperform" to "Hold".On July 7th, Samsung Electronics announced preliminary results that exceeded expectations, yet its stock price fell, once again confirming the markets tendency for "positive earnings to become a selling signal"—investors often take profits when earnings are realized, as the market has already priced in the milestone news. Data shows that since the beginning of 2019, Samsung (prior to todays announcement) had exceeded operating profit expectations for 16 quarters, but its stock price fell after the announcement in 10 of those instances. This pattern repeated itself on Tuesday—after disclosing a 19-fold increase in quarterly profit, Samsungs stock price plummeted by nearly 10%. This phenomenon reflects a typical market psychology: strong earnings are seen as an opportunity to reduce holdings rather than a reason to increase them. AI optimism has already been priced in, and better-than-expected data is unlikely to drive the stock price higher; instead, it triggers immediate profit-taking as market focus shifts to peak profit margins and the sustainability of technology spending. Gary Tan, portfolio manager at Allspring Global Investments, said: "In a strong memory uptrend, when headline data exceeds expectations, most of the positive impact is already priced into positions and expectations. Better-than-expected earnings may simply confirm existing investor expectations, triggering profit-taking rather than further gains."Indian government officials said India will supply Indonesia with BrahMos cruise missile systems and Astra air-to-air missiles.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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