COMMODITIES: Oil Falls on IEA Outlook; Gold Softens
Sep-11 22:49
- Oil took a dive overnight on the back of the International Energy Agency's outlook for supply.
- The IEA tried to temper expected further supply increases with suggestions there could be a modest uptick in demand.
- The current IEA projections are for world oil output to exceed demand in 2026 by over 3 million barrels per day, slamming oil overnight.
- WTI finished the US trading day down -2.04%, opening the Asia trading day at US$62.27 bbl.
- The early part of the week had seen three days of decent gains, resulting in WTI approaching the 20-day EMA of $63.49. Last night's sell off has seen it push back below all major moving averages.
- The Financial Times reports that the US is to urge the G-7 countries to tariff China and India over Russian oil, with the G-& ministers set to discuss the proposal via video link Friday. A US spokesman was quoted as saying, "Earlier this week, we made it clear to our EU allies that if they are serious about ending the war in their own backyard, they need to join us and impose meaningful tariffs that will be rescinded the day the war ends,”
- Gold softened overnight also in what has been a mixed week of performance for the precious metal as it bounces off new all time highs.
Having closed at a new high of US$3,640.75 on Wednesday, the fall of -0.18% overnight appears to be driven by profit taking as the 14-day Relative Strength Index points to it looking over-bought market.
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JGB TECHS: (U5) CPI Spells Vol
Aug-12 22:45
- RES 3: 147.74 - High Jan 15 and bull trigger (cont)
- RES 2: 146.53 - High Aug 6
- RES 1: 141.48/142.95 - High May 2 / High Apr 7
- PRICE: 138.39 @ 15:53 BST Aug 12
- SUP 1: 137.32 - Low Jul 25
- SUP 2: 136.57 - 1.382 proj of the Jan 28 - Feb 20 - Feb 26 bear leg
- SUP 3: 134.89 - 2.000 proj of the Jan 28 - Feb 20 - Feb 26 bear leg
JGBs rallied sharply alongside global bond markets on the back of the July CPI print, but have since settled lower. The first important resistance to watch remains 141.48, the May 2 high. A break of this level would be viewed as an early bullish signal. A return lower would signal scope for an extension towards 136.57, a Fibonacci projection.
ASIA: Government Bond Issuance Today
Aug-12 22:40
- Bank of Korea to Sell KRW700bn 1-Year Bonds
- Hong Kong to Sell HK$1.0 Billion 5-year Bonds On Aug. 13
- Hong Kong to Sell HK$1.5 Billion 1-year Bonds On Aug. 13
- Vietnam To Sell VND 0.5Tln 2055 Bonds; (TD2555052)
- Vietnam To Sell VND 7.0Tln 2035 Bonds; (TD2535028)
- Vietnam To Sell VND 3.0Tln 2040 Bonds; (TD2540037)
- Vietnam To Sell VND 0.5Tln 2032 Bonds; (TD2532017)
- Vietnam To Sell VND 0.5Tln 2045 Bonds; (TD2545046)
- Vietnam To Sell VND 0.5Tln 2030 Bonds; (TD2530010)
- Hong Kong to Sell HK$1.25 Billion 2.7% 2030 Bonds
- Bank Indonesia to Sell 273D SUVBI Bills
- Bank Indonesia to Sell 31D SUVBI Bills
- Bank Indonesia to Sell 94D SUVBI Bills
- Bank Indonesia to Sell 187D SUVBI Bills
- Bank Indonesia to Sell 368D SUVBI Bills
- China to Sell CNY20bn 63-Day Bills
- India to Sell INR60bn 182-Day Bills on Aug. 13
- India to Sell INR100bn 91-Day Bills on Aug. 13
- India to Sell INR50bn 364-Day Bills on Aug. 13
- South Korea to Sell KRW2tn 28-Day Financial Bills
ASIA: Coming Up in Asia Today
Aug-12 22:40
| South Korea Unemployment rate SA | 0:00 | 7:00 | 9:00 |
| South Korea Bank Lending To Household Total | 4:00 | 11:00 | 13:00 |
| South Korea Money Supply L SA MoM | 4:00 | 9:00 | 13:00 |
| South Korea Money Supply M2 SA MoM | 4:00 | 11:00 | 13:00 |
| BoT Benchmark Interest Rate | 8:00 | 15:00 | 17:00 |
source: Bloomberg Finance LP / MNI
