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The United Business Group of Thailand maintains its GDP growth forecast for Thailand in 2026 at between 1.2% and 1.6%.On May 19th, Naomi Fink, Chief Global Strategist at Amova Asset Management, stated in a report that Japans stronger-than-expected first-quarter GDP data reflects an improvement in the breadth and quality of economic growth, particularly a rebound in domestic demand. She noted that the broad-based growth in domestic demand indicates that inflation is spreading. Fink stated that Japans export growth remained strong in the first quarter, supported by a global technology spending boom, although it may face pressure in the coming quarters as the effects of the Middle East energy shock spread to the global economy and worsen terms of trade. She suggested that the market will focus on whether government investment is focused on long-term capacity building rather than crowding out private investment, and will examine the credibility of public spending plans in differentiating between public and private investment priorities.On May 19th, Tencent WorkBuddy officially launched its One-Person Company Incentive Program, offering 30 million WorkBuddy Credits (built-in model usage credits, worth millions of yuan) to global entrepreneurs, OPCs, and other deep WorkBuddy users. Users receiving this incentive can directly use their AI credits within WorkBuddy to help improve efficiency and innovation in their own businesses.On May 19th, it was reported that Ronshine China (03301.HK)s domestic debt restructuring plan has still not been launched as scheduled. Recently, Ronshine (Fujian) Investment Group Co., Ltd., the main domestic bond issuer of Ronshine China, issued an announcement stating that a bondholder meeting for eight bonds, including "H20 Ronshine 1," is scheduled for May 20th to review proposals regarding exemption from notification deadlines, extending grace periods, and early cash repayment arrangements. Recently, Ronshine again informed investors that this extension of the grace period is to allow more time for the formulation of the restructuring plan, which is expected to be launched in June this year. The restructuring plan offers investors options including cash, long-term bonds, and asset trust units, with the trust assets having third-party valuation reports.Samsung Electronics shares narrowed their losses to 1.3%, after falling as much as 4.3% earlier.

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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