Archives of “March 18, 2019” day

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Saudi oil minister says that not under pressure from US to increase supply

  
Analysis, Crude

Comments by Saudi oil minister, Khalid Al-Falih

  • Oil market is oversupplied
  • Saudi Arabia is guided by oil inventory
  • As long as the level of inventory is rising, we still stay the course
  • OPEC won’t change course until we see the impact of sanctions
In case you missed out, OPEC is currently facing tough challenges as the US looks to approve the NOPEC legislation. That will be something that could harm OPEC members’ global oil market share and possibly force a reconsideration of production cuts in the longer-term.

Nikkei 225 closes higher by 0.62% at 21,584.50

  
Analysis, Global Indices

Tokyo’s main index climbs as tech stocks rise following Wall St rally

Nikkei 18-03

Chip-related stocks were the ones leading the charge for the Nikkei, fueled by gains seen in Wall Street last Friday. However, the slightly weaker Japanese trade balance report earlier is helping to temper gains seen on the day.

That said, risk sentiment remains positive as we’re seeing Chinese stocks post solid gains as well. The Shanghai Composite is up by 1.6% on the day currently. It’ll be a big week for equities which will be dominated by central bank proceedings with the Fed set to meet on Wednesday.
The FOMC meeting will be a key focus for equities/risk in the coming sessions so just be wary of that. In the mean time, the more optimistic tones to start the week is still helping the aussie and kiwi keep up with gains as we gear towards European trading.

Japan trade balance data for February: Y 339.0bn (vs. expected Y 305.1bn)

  
Analysis, Economy

Japan trade balance data for February

Trade balance Y 339.0bn for a big beat … but both exports and imports have missed.
  • expected Y 305.1bn, prior was Y -1415.6bn
Trade balance (adjusted) Y 116.1bn
  • expected Y 80.6bn, prior was Y -370bn
Exports -1.2% y/y for a miss but not as poor a performance as January
  • expected -0.6%, prior was -8.4%
Imports -6.7% y/y
  • expected -6.4%, prior was -0.8%
More:
Exports to the US +2% y/y
  • to China +5.5% y/y
  • to Asia -1.8% y/y
  • to the EU +2.5% y/y
more to come

China, US said to delay Trump-Xi meeting to … now its June!

  
Analysis, Economy

Last week thw word was the summit between US President Donald Trump and Chinese President Xi Jinping was to be pushed into April.

Now its looking like it’ll be June instead, South China Morning Post reporting citing unnamed sources.
(SCMP article from the weekend).
Likely indicative of continued wrangling over the trade deal. 90 Days wasn’t long enough? Who’da thunk it?
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