German retail sales, French consumer inflation on the agenda today

Major currencies are observing light changes to start the day with the dollar keeping on firmer footing going into month-end trading. I’d reserve judgment for any notable trending moves until after today but then with it being a Friday tomorrow, there might be little appetite to go chasing anything substantial with the weekend just around the corner. Mind you, it is also a long weekend in the US with the 4th of July holiday coming up.

Stocks saw more of a push and pull again in Wall Street before closing little changed, with only the Dow slightly higher. US futures are pointing lower on the day and that is making for more of a cautious mood for the time being.

May total global production at 8 Japanese automakers declined y/y for a 3rd straight month

Slumping vehicle production played a large role in the stunning collapse in Japanese industrial output in May:

  • Total worldwide production at eight Japanese automakers declined on the year for a third straight month in May as lockdowns in Chinese cities continued to hold up shipments of key parts.
  • Output fell … more than 30% from May 2019
  • supply chains look unlikely to return to normal for some time to come.
  • Six of the eight companies logged declines for May. Only Nissan Motor and Suzuki Motor reported growth, reflecting particularly weak showings in 2021. Daihatsu Motor, Mazda Motor and Honda Motor all suffered double-digit drops.

Link for more on this.

Saudi Arabia may raise August crude prices to Asia to near record levels

Info via Reuters report.

Saudi Arabia may raise prices of light crude grades to Asia for the second straight month in August on the back of record distillate margins and strong spot premiums for Middle Eastern oil this month.

  • The official selling price (OSP) for Saudi’s flagship Arab Light crude could rise by about $2.4 a barrel from the previous month, according to nine refining sources surveyed by Reuters on June 28-29.

WTI price update following its drop on Wednesday, US time. 15 min candles:

oil asia 30 June 2022
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