OIL: Crude Rally Due to Fund Rebalancing: OPIS
Jan-02 15:53
OPIS oil analyst Tom Kloza says crude rally due to fund rebalancing.
- Kloza posted on X/Twitter: Today’s rally in crude “may have much to do with the rebalancing of huge commodity funds in coming days. Estimates are that about $1.5 billion in new long positions for Brent is forthcoming and more money looms for ULSD and gasoil as well.”
- Money managers increased net long crude positions to the highest since early August in the week to Dec. 24 but with a rise in WTI positions mostly offset by a drop in Brent positions.
- Brent MAR 25 up 2.3% at 76.36$/bbl
- WTI FEB 25 up 2.5% at 73.51$/bbl
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SOUTH KOREA: KRW Sees No Relief on Liquidity Pledge
Dec-03 15:52
USD/KRW spot and NDF outrights are off session highs, but remain under considerable pressure here, and are seeing very little relief from these government statement headlines and reassurances that "unlimited" liquidity is to be provided to markets if needed.
- The finance minister and BoK governor have been in late-night meetings, presumably formulating this statement, and while KRW isn't selling off further, there's very little sign of a material turnaround in prices.
- USD/KRW spot's intraday high at 1,444.65 intersects well with the mid'22 high, suggesting strong resistance at this level - a rally through here could accelerate today's price action.
US STOCKS: Extending Lows, Tech Stocks Underperforming
Dec-03 15:50
- Stocks continue to inch lower following earlier reversal after South Korea President Yoon Suk Yeol declared emergency martial law citing political opposition factors. Risk-off moves saw 10Y Treasury yield dip to 4.1646% from 4.2148% prior.
- Currently, the DJIA trades down 135.06 points (-0.3%) at 44647.9, S&P E-Minis down 13 points (-0.21%) at 6049 (after tapping new all-time high of 6068.50 yesterday), Nasdaq down 23.4 points (-0.1%) at 19380.97.
- While the Information Technology sector as a whole was far from underperforming, individual semiconductor shares led laggers in morning trade: Microchip Technology -3.97%, Intel -3.61%, Seagate -3.39%, ON Semiconductor -2.34%. On the flipside, Super Micro Computer garnered continued support (+6.12%) after gapping near 30% higher yesterday as a special committee found no evidence of accounting misconduct. Elsewhere, Palantir Technologies +5.30%, Micron +2.82%.
- Industrials and Consumer Staples sectors underperformed, transportation related shares weighing on the former with FedEx -3.07%, UPS -2.30%, Union Pacific -1.82%. Personal care makers weighed on Staples: Colgate Palmolive -2.19%, Kimberly-Clark -1.33%, Procter & Gamble -1.12%.
- On the flipside, Communication Services and Utility sectors outperformed in the first half: ATT +4.23%, Match Group +1.42%, PG&E +2.48% while CenterPoint Energy gained 1.97%.
GILT AUCTION RESULTS: GILT AUCTION PREVIEW: On offer next week
Dec-03 15:32
The DMO has announced it will be looking to sell GBP1.5bln of the 0.75% Nov-33 linker (ISIN: GB00BMF9LJ15) at its auction next Tuesday, December 10.
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