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On February 27, Jurrien Timmer, head of global macro at Fidelity Investments, said that slightly more than half of the components of the S&P 500 index showed bullish signals. However, Timmer said, "It seems that everyone is waiting. You dont want to sell stocks in case the roller coaster arrives safely. But who else will buy after the strong inflow of funds since the US election?" "The S&P 500 weighted index is still below the high set on November 29, and only 53% of stocks are above the 50-day moving average. We are in a buy rumor, wait for news mode." Typically, stocks that move above the 50-day moving average are considered to be in an upward trend. The S&P 500 performed poorly in February as market enthusiasm for artificial intelligence and the election waned.On February 27, Citi said that the performance of Hong Kong Exchanges and Clearing Limited (00388.HK) last quarter was roughly in line with expectations, with a net profit of 3.8 billion yuan in the fourth quarter of 2024, a quarterly increase of 20% and a year-on-year increase of 46%, 2% higher than market expectations. The companys total revenue last quarter was 6.4 billion yuan, a quarterly increase of 19% and a year-on-year increase of 31%. Core revenue was 4.7 billion yuan, a quarterly increase of 26% and a year-on-year increase of 40%, which was basically in line with market expectations. The bank said that Hong Kong Exchanges and Clearing Limiteds investment income last quarter was 1.2 billion yuan, a quarterly decrease of 1% and a year-on-year increase of 12%, exceeding market expectations by 3%. Total operating expenses increased by 14% quarter-on-quarter and 5% year-on-year, in line with expectations. The EBITDA profit margin was 73.6%, an increase of 6.4% year-on-year. The second interim dividend per share was 4.9 yuan, and the annual dividend payout ratio reached 90%. The bank maintained a buy rating on Hong Kong Exchanges and Clearing Limited with a target price of HK$370.According to Interfax: Russia will extend its gasoline export license until the end of August.European Bank for Reconstruction and Development: Lowered its regional economic growth forecast to 3.2% from the previous 3.5%, and expects the average growth rate to be 3.4% in 2026.European Bank for Reconstruction and Development: Lowered its GDP forecast for Ukraine in 2025 from 4.7% to 3.5%, and lowered its forecast for Hungary from 3.3% to 2.0%.

WTI fluctuates around $80.00 following a V-shaped recovery as OPEC and allies intervene

Alina Haynes

Nov 22, 2022 14:53

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) have had a steep comeback to near the psychological resistance of $80.00 after reaching an 11-month low of $75.27. The black gold is hovering at the $80.00 threshold as Saudi Energy Minister Abdulaziz bin Salman Al-comments Saud's have sparked supply concerns.

 

The Saudi Energy Minister affirmed that the existing OPEC+ agreement will remain until the end of 2023, confirming rumors that OPEC+ will intervene in the oil market to maintain oil prices from their unbalanced fluctuations. Previously, oil exporting nations agreed to reduce daily oil output by two million barrels in order to increase oil prices. The action is expected to disrupt the current demand-supply mechanism; consequently, oil prices are becoming more efficient.

 

On the demand side, the escalation of Covid-19 infections in China has prompted concerns over the future oil consumption. The present trend of increasing Covid-19 cases could push the Chinese government to reinstate Covid-19 limitations, as they are the sole means of restricting the virus's spread. The investment banking firm Goldman Sachs has reduced its projection for Brent crude oil prices in the fourth quarter from US$110 per barrel to US$100 per barrel due to the rising infection rates in China.

 

In the meantime, the demand for US Durable Goods will also reveal the future oil consumption in the US economy. According to forecasts, US Durable Goods Orders will settle at 0.4%, the same as their previous publication. Additional growth in the market for durable goods would eventually indicate oil demand forecasts.

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