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On August 25th, Nongfu Spring (09633.HK) announced on the Hong Kong Stock Exchange that its revenue for the first half of the year was RMB 29.72 billion, a year-on-year increase of 16%; net profit for the first half of the year was RMB 8.89 billion, a year-on-year increase of 16.6%. Basic earnings per share were RMB 0.790, a year-on-year increase of 16.7%.US President Trump: Iran has not paid salaries to a large number of its military personnel.US President Trump: The humanitarian crisis in Iran must stop immediately.On August 25th, BOSS Zhipin (02076.HK) released its Q2 2026 financial report. During the reporting period, the companys revenue reached RMB 2.399 billion, a year-on-year increase of 14.1%, a significant acceleration compared to the previous quarter; of which, recruitment revenue from corporate clients was RMB 2.384 billion, a year-on-year increase of 14.7%, accounting for 99.4% of total revenue. In Q2, the company achieved an operating profit of RMB 863 million and an adjusted operating profit of RMB 1.05 billion. The company announced a dividend plan of US$230 million, with all dividend funds derived from the companys cash surplus.On August 25th, Anwar Gargash, advisor to the UAE president, stated that Irans attacks on Gulf states have weakened its own position and suggested that Tehran should cooperate with its neighbors to end the conflict. Gargash stated, "As the US-Iran confrontation enters a new phase characterized by escalating economic pressure, the end of attempts to control the Strait of Hormuz, and the conclusion of the memorandum of understanding phase, we reiterate that Irans aggression against the Arab Gulf states has not achieved its intended objectives; it has only deepened Tehrans predicament and proven to be a seriously misguided strategic choice, exacerbating Irans isolation and weakening its own position." "The way to end this war is not through attacking the Arab Gulf states, but through cooperation with them to pave the way for de-escalation and a political solution to the conflict."

WTI struggles to prolong its two-day uptrend below $78, as negative sentiment undermines expectations for China-led oil demand

Daniel Rogers

Mar 02, 2023 15:46

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Following a two-day uptrend that reached the greatest levels in a fortnight, the price of WTI crude oil fluctuates between $77.80 and $90 early Thursday.

 

The recent struggles of the black gold may be related to the contradictory signals encircling China and the Oil equities. However, negative sentiment and the resurgence of the US Dollar appear to be the quote's greatest obstacles to the upside.

 

In addition, higher-than-anticipated US inventories weigh on the energy benchmark. The weekly data from the US Energy Information Administration (EIA) indicates a 1.165M increase in Oil inventories, compared to the expected 0.45M increase and the previous level of 7.648M.

 

The willingness of US President Joseph Biden to continue pumping the markets with the Strategic Petroleum Reserve (SPR) and the absence of offers for Russian Oil also exert downward pressure on the price of WTI crude oil.

 

The latest New York Times (NYT) headlines suggest a potential rift between the United States and China at the important event. According to the news, "China is urging the start of peace talks, and some Group of 20 nations may support that notion when they meet in India, but U.S. officials contend Russia would not negotiate in good faith."

 

It should be noted, however, that the recent uptick in China activity data and optimistic remarks from the dragon nation's policymakers keep black gold purchasers optimistic. China's Minister of Human Resources recently stated, "China's employment will continue to increase this year and remains stable overall." On Wednesday, China's Finance Minister Liu He expressed a willingness to increase the country's fiscal expenditure while noting that the foundation of China's economic recovery remains fragile.

 

However, hawkish remarks from policymakers of the US Federal Reserve (Fed), the Bank of England (BoE), and the European Central Bank (ECB) highlighted the need for additional rate hikes to combat inflation issues, which exerted downward pressure on the price of oil.

 

In response to these events, 10-year US Treasury bond yields surpassed 4% for the first time since early November 2022, while 2-year yields ascended to their highest levels since June 2007 by flashing 4.91%. The increase in US Treasury bond yields reflects the market's concerns, which in turn have impacted on bulls on Wall Street, S&P 500 Futures, and WTI bulls recently. Consequently, S&P 500 Futures were down 0.5 percent as of press time despite the varied closing of Wall Street benchmarks.

 

Moving on, G20 updates could be combined with comments from central bankers and secondary US data to amuse Oil traders.


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