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On May 25, the Taiwan Affairs Office of the State Council announced that it will hold a regular press conference at 10:00 a.m. on May 27, 2026, in the press conference hall of the Taiwan Affairs Office, where the spokesperson will answer questions from reporters on recent cross-strait hot issues.U.S. 10-year Treasury futures rose 12 basis points, and 30-year Treasury futures rose 17 basis points.1. According to Ukrainian media citing an Air Force spokesperson, Russia launched a Hazel missile at the Kyiv region of Ukraine. 2. The Russian Ministry of Defense stated that in response to Ukrainian attacks on Russian civilian infrastructure, the Russian military used multiple types of missiles, including Hazel, Iskander, Kinzhal, and Zircon, as well as attack drones, to strike Ukrainian military targets, excluding civilian infrastructure. 3. The Ukrainian Air Force stated that Russia used 600 drones and 90 missiles to attack Ukraine. 4. Ukrainian President Zelenskyy stated that the recent Russian attacks have injured at least 83 people, with others killed. 5. Leaders of several European countries condemned Russias use of the Hazel missile against Ukraine. 6. The Security Service of Ukraine (SBU) stated that its Alpha Special Operations Center attacked a fuel pumping station in Vladimir Oblast, Russia. 7. A Russian diplomat stated that recommendations have been drafted regarding the 27-point plan proposed by the US for resolving the Ukrainian crisis and are ready to be submitted. 8. EU High Representative for Foreign Affairs and Security Policy Karas: Next week, EU foreign ministers will discuss how to increase international pressure on Russia.The Shenzhou-23 astronaut crew successfully entered the "Tiangong" space station, marking the eighth "space reunion" of Chinese astronauts.On May 25th, Japanese financial regulators are urging domestic listed companies to allocate more of their cash reserves to long-term business investments, rather than rewarding shareholders through share buybacks and increased dividends. Tatsufumi Shibat, a senior official at the Financial Services Agency, stated in an interview that, in addition to cash, executives should consider using cross-shareholdings and real estate assets to promote growth. He pointed out that regardless of where Japanese companies are on their growth curve, they tend to prioritize shareholder returns. "I dont think investors would make that demand of companies in a rapid growth phase," he said in the interview. Shifting the vast wealth held by businesses and households to fund future expansion is one of the core pillars of Prime Minister Sanae Takaichis efforts to revitalize the Japanese economy. She has long criticized the cash reserves on corporate balance sheets.

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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