Chinese people staying home, but not because of lockdowns
In China’s cities, streets are quiet. But, unlike during the past three years, it...
In China’s cities, streets are quiet. But, unlike during the past three years, it isn’t because of lockdowns—it’s because Covid is surging after authorities ended strict restrictions, and people are staying home. There is little reliable data on the size of the outbreak but signs point to a severe wave: Shanghai and other cities moved classes online starting today, long lines have formed outside Covid clinics, and Beijing funeral homes can’t keep up with demand.
The energy sector is off to a higher start, supported by strength in the...
The energy sector is off to a higher start, supported by strength in the crude complex. The major equity futures meanwhile were flat as investors struggle to shake off recession fears after the central bank upped its forecast for future hikes last week above previous expectations.
WTI and Brent crude oil futuresare trading higher this morning, as optimism for a recovery in the Chinese economy outweigh concerns over a global recession. Investors are closely eyeing China’s next move after the country said it would make its fiscal policy more efficient, maintain the necessary intensity for spending, keep monetary policy precise and keep liquidity reasonably ample. However, COVID infections are rising after the nation eased its restrictions which could hurt China’s plans for growth. Citi Research lowered its oil price forecasts for 2023, seeing risks skewed to the downside as weak demand and ample supply from Russia and OPEC+ would keep prices lower.
Natural gas futures dropped this morning tracking losses in European gas prices and on forecasts for milder weather than previously expected.
US refiners are performing better than before the pandemic
US refining profit margins for diesel, gasoline and other products surged this year as economic activity...
US refining profit margins for diesel, gasoline and other products surged this year as economic activity bounced back from early pandemic lows, pushing refiners' quarterly profits and market valuations to record or near-record levels. However, planned global capacity additions, rising stockpiles and slowing economic growth will likely cause margins to decline by 30% to 50% next year, eroding profitability, Fitch Ratings predicts.
⚽️Argentina beats France on penalty kicks in wild World Cup final
LUSAIL, Qatar — Lionel Messi’s once-in-a-generation career is complete. The Argentina...
LUSAIL, Qatar — Lionel Messi’s once-in-a-generation career is complete. The Argentina superstar is finally a World Cup champion.
Messi scored two goals and then another in a shootout as Argentina beat France 4-2 on penalties after a 3-3 draw Sunday to claim a third World Cup title despite Kylian Mbappé scoring the first hat trick in a final in 56 years.
