• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 7, CICC reported its first coverage of Bruco (00325.HK), with an "outperform" rating and a target price of HK$105. The bank said it is optimistic about the growth potential of assembled role-playing toys in the global market, as well as the groups advantages in products, intellectual property operations and distribution channels. It is estimated that the companys adjusted earnings per share from 2024 to 2026 will be 2.2 yuan, 4.1 yuan and 5.4 yuan respectively, which means a compound annual growth rate of 57%.On March 7, Wang Yi said that the maritime friction between the Philippines and China is a shadow play. ​​​On March 7, Goldman Sachs published a research report stating that JD Health (06618.HK)s revenue growth in the second half of last year was in line with expectations, but the adjusted operating profit was lower than forecast. Net profit has also improved due to rising interest or other income. The report mentioned that JD Health managements profit guidance for 2025 is quite conservative, with sales expected to grow by double digits year-on-year and operating profit to remain flat year-on-year, as the company will focus on investing more in offline on-demand delivery and artificial intelligence initiatives in first-tier cities. Operating profit may decline year-on-year due to reduced interest income. In the long run, management is confident in further expanding its share and competitiveness in the online or offline pharmacy market.On March 7, Wang Yi said that we welcome all sectors of the two countries to strengthen exchanges, deepen mutually beneficial cooperation, and improve national sentiments, which are in line with the long-term interests of both sides. Regarding some specific concerns of the Japanese side, China will uphold a responsible attitude and properly handle them in accordance with laws and regulations.SpaceX will conduct a thorough investigation into the explosion and disintegration of the Starships second-stage spacecraft and cooperate with the Federal Aviation Administration (FAA).

WTI prices fall to eight-month lows, falling below $80 per barrel

Alina Haynes

Sep 26, 2022 11:27

截屏2022-09-22 下午4.35.20_1024x576.png 

 

The benchmark for US crude oil, generally known as WTI, falls below $80.00 per barrel on Friday due to a strengthening US Dollar, with the US Dollar Index surging to levels not seen since May 2002, a headwind for commodities priced in US dollars. After reaching a day high of $83.90, WTI is currently trading at $78.80, over 6% less than its opening price.

 

WTI is already down 8% this week, extending its drop to a fourth straight week. Wednesday's decision by the US Federal Reserve to raise interest rates and underline the need for additional hikes is dragging on the price of black gold. This, coupled with a flurry of other central banks raising rates, heightened global recession concerns. Consequently, oil demand would decline.

 

According to sources cited by Reuters, "The crude market is under intense selling pressure as the U.S. dollar maintains a solid upward trajectory and risk appetite decreases."

 

In the interim, mood deteriorated, which strengthened the dollar. US stocks are down between 2.13 percent and 3.44 percent, extending their weekly losses. In contrast, the US Dollar Index, a measure of the dollar's value relative to a basket of peers, is increasing 1.39 percent to 112.808, marking a return to 20-year highs.

 

A slew of S&P Global PMIs that were released during the day added to recessionary fears. The PMIs for the United Kingdom and the euro area were below expectations and poised to enter a recession, with the majority of indices residing in contractionary zone. In contrast, the US PMIs were mixed, but all three components increased, maintaining optimism that the US economy will avoid a recession.

 

Moreover, according to a US official, the Iran nuclear deal has stalled due to Tehran's insistence on the conclusion of UN nuclear watchdog investigations.

 

On the daily WTI chart, the oil price has fallen below the bottom trendline of a falling wedge, which is typically a bullish sign. Consequently, US crude oil may be set for a retest of the January 1 and YTD low of $65.94. Although the Relative Strength Index (RSI) is in negative area at 33.25, it is not in oversold territory. A decline below $75.00 might therefore pave the road to $70 per barrel and $65.94.