Asia saw a sharp decline on Thursday 6 December, at 7.30am Italian time, with the Nikkei down 1.76%, Hong Kong down 1% while the Shanghai was close to par. Markets are awaiting the new Chinese data and the losses recorded by the energy sector on Wall Street in the previous session.
US WTI rebounds 0.4% to $69.7 a barrel, the yen resumes its rise after a year of weakness, the Japanese currency rises 0.65% to 146.35, while 10-year T-bond gains are halted for now (yield at 4.169%). . Wall Street futures are trading weaker.
China reported stronger-than-expected export growth on Thursday, ending six straight months of contraction, but imports unexpectedly contracted, indicating continued weak demand in the region’s largest economy.
Wall Street’s Standard & Poor’s 500 index posted its first three-session losing streak since October on Wednesday, as lower oil and commodity prices dragged energy stocks lower.
China, exports increase, imports unexpectedly decrease
the exports The Chinese unexpectedly increased by 0.5% On an annual basis through November 2023, beating market expectations for a 1.1% decline and ending the previous six months of declines thanks to signs of a recovery in foreign demand. in the meantime, Imports decreased by 0.6%, exceeding expectations for growth of 3.3%. After a 3.0% increase in October as domestic demand remains fragile.
Purchases of oil (-9.18%), steel products (-18.67%), edible oil (-18.88%), rubber (-7.18%), and meat (-16.42%) decreased. On the contrary, imports of refined products (34.19%), natural gas (6.1%), copper (1.98%), copper ores and concentrates (1.29%), coal (34.66%), and iron ore (3.94%) increased. . And soybeans. (7.76%).
Imports contracted from Japan (-0.3%), from South Korea (-2.3%), from United States (-15.1%) Among the countries of the ASEAN region (-6.4%); They also expanded from Taiwan (5.8%), European Union (1.6%) and Australia (8.6%). In the period from January to November, imports decreased by 6.0% Compared to the same period in 2022.
Oil down
Oil fell to its lowest levels since June as market trading (with many short positions opened) and lower trading volumes exacerbated the recent downturn caused by concerns about oversupply. US benchmark West Texas Intermediate crude fell 4.1% below $70 per barrel on WednesdayWhile Brent fell by 3.8%, falling below $75. In the last 5 days, the price of West Texas Intermediate crude oil was down 7.7%, 20% Almost in the last 3 months.
A US government report indicating a decline in US crude oil inventories failed to halt the decline in prices. In addition, traders appear skeptical of Energy Information Administration data that showed a decline in US crude exports last week due to the so-called adjustment factor (Modifying factor) – along the lines of the margin of error – was, as American newspapers wrote, “the largest movement ever recorded.”
Meanwhile, Russian President Russian President Vladimir Putin He met the Saudi Crown Prince Mohammed bin Salman On a rare trip abroad to the energy-rich Gulf region. The Bloomberg Commodity Index also fell to its lowest levels since August 2021.
The US labor market is declining
Signs of a slowdown in the US labor market continue to accumulate, confirming the hypothesis of an accommodative stance on the part of the Federal Reserve. ADP data on US non-farm payrolls on Wednesday indicated as much Companies contracting to hire in Novemberwith producers reducing their workforce to The lowest level since the beginning of 2022. The October reading was also revised downward, and the main US jobs report will be released on Friday. (All rights reserved)
Posting time: 12/07/2023 07:18
Last updated: 12/07/2023 07:57
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