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High Oil Pressure

Oil supply is stretched around the world. Squeezes at any juncture are ballooning prices. What is driving these jittery markets? Tight supply lines Libyan oil ports are experiencing blockades from the Eastern political factions, threatening the supply of 1 million barrels of oil per day to the global markets. In already stretched trading, the removal…

Market exchange rates in China — June 30

BEIJING,– The following are the central parity rates of the Chinese currency renminbi, or the yuan, against 24 major currencies announced on Thursday by the China Foreign Exchange Trade System: Currency Unit Central parity rate in yuan U.S. dollar 100 671.14 Euro 100 700.84 Japanese yen 100 4.9136 Hong Kong dollar 100 85.519 British pound…

OIl down ahead of OPEC+ meeting & Sintra fallout hammers the Euro + the Parity Party

MARKETS  Window dressing, quarter- and month-end rebalancing, and the June 30 redemption deadline are all factors in play over the next few days. Hence folks are trying to get books in line ahead of Friday with a thought here that pension fund rebalancing should support the broader tape. Accordingly, you will hear a lot of…

China’s foreign trade sees positive changes in Q2: trade council

BEIJING, — China’s foreign trade saw positive changes in the second quarter as the government’s pro-growth policies gradually pay off, according to a survey conducted by the China Council for the Promotion of International Trade (CCPIT). In the second quarter, firms in the foreign trade sector reported improvements in new orders and operation costs, CCPIT…

Audi builds new e-car plant in China

BERLIN,– German carmaker Audi’s China joint venture has laid the cornerstone of a new electric car vehicle plant in Changchun, capital of northeast China’s Jilin Province. Construction is scheduled to be completed by the end of 2024. The new plant will be the first in China to exclusively produce fully electric models by Audi. The…

CommSec Morning Report Thursday June 30, 2022

Latest news At a European Central Bank forum, US Federal Reserve Chair Jerome Powell said the central bank will not let the economy slip into a “higher inflation regime”: “our job is to literally prevent that from happening and we will prevent that from happening.” In US data, the economy, as measured by GDP, contracted…

Evening report Wednesday

The Aussie market snapped a four-day winning streak, with the ASX 200 sliding by 63.4 pts or 0.94 per cent to 6700.2, after US markets posted their largest daily losses in a week. Declines were led by the real estate sector, which faced pressure after a number of real estate trusts traded ex-distribution. A 2.0…

Installed capacity of renewable energy exceeds 1 bln kilowatts

BEIJING — China’s installed capacity of renewable energy had reached 1.1 billion kilowatts by the end of May, up 15.1 percent year on year, data from the National Energy Administration showed. From January to May, China’s newly installed capacity of renewable energy was 43.49 million kilowatts, accounting for 82.1 percent of the total newly installed…

Lithium stock continues to charge ahead

Lithium is riding the electric vehicle boom. Australia supplies over 40% of the global lithium exports. Three Australian lithium stocks to consider for your portfolio. Lithium has captured a lot of headlines in recent times, and a precipitous fall in the cost of solar cell production has left utilities clambering for energy storage solutions as…

All Roads Lead To Recession

MARKETS All roads lead to recession.  Despite encouraging headlines around China loosening its covid policies, US stocks faded aggressively from earlier strength after harrowing consumer confidence data poured ice water on the month-end relief rally. For context, that is in the region it was printing in the 2015/16 downturn. It is a tough market to…