Category Archives: Weekly Outlook
Crude Surges Amid Lower-than-expected EIA Inventories
Written on March 24, 2022 at 7:28 am, by jonywang
On Wednesday evening March 23 (GMT+3), the US Energy Information Administration (EIA) reported a decrease of 2.508 million barrels in its crude oil inventories for the week of 18 March. This is in contrast to the forecasted increase of 0.114m barrels, and the previous increase of 4.345M. Meanwhile, a disruption in the Caspian Pipeline ConsortiumContinue Reading
China Sees Worst Covid-19 Outbreak Since Pandemic Start
Written on March 21, 2022 at 2:34 am, by jonywang
28 of China’s 31 provinces have recently seen an outbreak of the highly-infectious Omicron variant of the coronavirus. With over 15,000 infected, this is the largest outbreak China has seen since the initial wave of the virus. The recent outbreak has hit major cities including Shanghai and Shenzhen. Dongguan city, the fifth-largest contributor to China’sContinue Reading
Gold Steadies as Fed Increases Interest Rate By Expected 0.25%
Written on March 17, 2022 at 3:12 am, by jonywang
On Wednesday, 16 March, the US Federal Reserve made the long-awaited decision to raise interest rates to combat surging inflation. As per the market’s expectations, the Fed raised rates by 25 basis points. The 0.25% rate hike was voted on almost unanimously by policymakers, except St Louis Fed president James Bullard, who voted in favour ofContinue Reading
Oil Prices Cool as UAE Pledges to Open the Taps
Written on March 10, 2022 at 7:04 am, by jonywang
After a month of rallying in response to the Russia-Ukraine conflict, oil prices have finally cooled at the combined news of Ukraine withdrawing its NATO application; and the UAE saying that it will increase oil production while encouraging its allies in the Organization of the Petroleum Exporting Countries (OPEC) to do the same. The formerContinue Reading
Chinese tech companies bullish on the metaverse
Written on March 7, 2022 at 8:32 am, by jonywang
Despite the regulatory risks, Chinese tech companies are doubling down on their bets on the metaverse, ranking in the top among companies filing for NFT and metaverse-related trademarks and patents. In 2021 and 2020, Tencent filed a total of 4085 patents while Baidu filed 3094, taking second and third places respectively behind Samsung. In China,Continue Reading
Markets Build Risk Appetite as ADP Nonfarm Exceeds Expectations
Written on March 3, 2022 at 6:59 am, by jonywang
On Wednesday, 15:15 (GMT+2), data for the February US ADP Nonfarm Employment Change was released. At 475,000, the number beat out the market estimate of 378K, although it is still lower than the previous month’s 509,000. Broken down, February’s numbers indicate a significant employment drop of 96,000 in small businesses, although overall numbers are buoyedContinue Reading
Russia invades Ukraine
Written on February 28, 2022 at 4:30 pm, by jonywang
On Thursday, 24 February, Russian forces entered neighbouring Ukraine, sparking what some are calling the largest conflict in Europe since World War 2. Land, sea, and air forces have been sent into Ukrainian space, with the country’s foreign minister saying that the country’s capital, Kyiv, has been hit by Russian rocket strikes. While the USContinue Reading
Gold Surges as Geopolitical Tension in Eastern Europe Rises to New Heights
Written on February 24, 2022 at 6:57 am, by jonywang
Rising geopolitical tensions between Russia and the West, combined with the effects of booming worldwide inflation, has caused the price of gold to soar. The precious metal is trading at its highest prices in over a year as investors seek the safe-haven asset in response to Putin’s increasing belligerent stance against Ukraine; and the resultingContinue Reading
Russian Invasion of Ukraine Imminent
Written on February 21, 2022 at 6:36 am, by jonywang
Months of geopolitical tension between Russia and Ukraine have mounted to a pitch as governments around the world begin taking action. The US relocated its embassy in the Ukrainian capital of Kyiv to the western city of Lviv in response to the “dramatic acceleration” of buildup in Russian forces on Ukraine’s border. In addition, UKContinue Reading
Unexpected Fed Dovishness Causes USD Drop and Gold Rise
Written on February 17, 2022 at 6:53 am, by jonywang
On Wednesday evening (GMT+2), the US Federal Reserve released its meeting minutes, revealing its plans for interest rate hikes, as well as a “significant reduction” in asset holdings in response to spreading inflation. However, while its outward tone might seem hawkish, the details of the minutes lacked bite without any clear signals indicating more aggressiveContinue Reading
