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    Home > Chemicals Industry > Petrochemical News > The dollar index plummeted! OPEC's November crude oil production hit the biggest drop in nearly two years, and Russia's seaborne oil prices were limited.

    The dollar index plummeted! OPEC's November crude oil production hit the biggest drop in nearly two years, and Russia's seaborne oil prices were limited.

    • Last Update: 2023-01-01
    • Source: Internet
    • Author: User
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    The dollar weakens! The Dow fell 0.
    56%, and popular Chinese concept stocks pulled back collectively

    The three major indexes of U.
    S.
    stocks recovered late in trading and closed mixed, with the NASDAQ up 0.
    13%, the S&P 500 down 0.
    09%, and the Dow down 0.
    56%.

    On the news, Barr, the Fed's vice chairman in charge of financial regulation, said that a 50 basis point rate hike at the next meeting is reasonable, believing that slowing the pace of rate hikes means changing the 2% inflation target is a misreading, and the Fed's policy rate will remain high for a long time
    .

    Fed Williams said that inflation is the primary problem faced, and inflation is still at a high level; It will take several years to reach the inflation target; Inflation expectations remain anchored at 2%.

    Large U.
    S.
    tech stocks were mixed, with Netflix up 3.
    74%, Facebook up 1.
    98%, Apple up 0.
    19%, Amazon down 1.
    08%, and Microsoft down 0.
    18%.

    U.
    S.
    bank stocks were lower across the board, with Bank of America falling, Wells Fargo down more than 2%, JPMorgan Chase and Citi down more than 1%, Goldman Sachs down 0.
    6%, and Morgan Stanley down 0.
    03%.

    The overall correction of popular Chinese concept stocks was Tuniu down more than 10%, Four Seasons Education fell more than 9%, Good Future fell more than 8%, Lufax Holdings fell more than 7%, Zai Lab Pharma and Douyu fell more than 6%, Autohome and MINISO fell more than 5%.
    Weibo and BOSS Zhiping fell by more than 4%, while Netease, China Eastern Airlines, JD.
    com, Bilibili, and Alibaba all fell to varying degrees
    .
    China's new energy vehicle stocks weakened collectively, with NIO down 5.
    36%, Xpeng Motors down 7.
    82%, and Li Auto down 3.
    18%.

    The offshore yuan was relatively flat against the dollar, now at 7.
    0396, up slightly by 0.
    1%.

    The chief economist of CITIC Securities clearly analyzed that the current stage high of the US dollar index may have passed, and its passive depreciation pressure on the RMB exchange rate has weakened
    .

    On the dollar front, the dollar index fell sharply on Dec.
    1, falling 1.
    15% to 104.
    7300
    by the end of trading in New York.
    Wang Qing, chief macro analyst of Oriental Jincheng, believes that under the general trend of the Federal Reserve slowing down the pace of interest rate hikes, this round of the upward process of the US dollar index has basically peaked
    .

    Macron's visit to the United States criticizes the United States: the "inflation reduction law" "harms Europe and the United States"

    French President Emmanuel Macron, who is visiting the United States, bluntly said in a meeting with US congressmen on November 30 that the measures related to the new Inflation Reduction Act introduced by the United States are "extremely aggressive" for European companies and are solving the problems of the United States in a way that harms European interests
    .

    Macron arrived in Washington, the capital of the United States, on November 29 and, after a series of visits and meetings, is scheduled for formal talks
    with US President Joseph Biden on December 1.

    According to Agence France-Presse, Macron was invited to meet with Democratic and Republican lawmakers and business leaders in the US Congress on the 30th and had lunch, during which he bluntly said that the result of the US implementation of the "Inflation Reduction Act" would be "harmful to others and self-interest"
    .

    Speaking at the French Embassy in the United States later that day, Macron once again mentioned the issue of "discriminatory subsidies" in the United States, warning that it may become the "crux" of US-European relations, which in turn will lead to the "division of the Western world"
    .

    Biden signed the Inflation Reduction Act passed by Congress in August this year, completing the legislative process
    .
    Under the law, the U.
    S.
    government will provide high subsidies for green industries that are completed in the United States, including the production of
    electric vehicles and related components and technologies such as batteries.
    The United States claims that the law aims to ease inflation and reduce the deficit, but analysts point out that the United States intends to encourage domestic and overseas companies to transfer their production bases to the United States, which is essentially to damage European industry and strive for competitive advantages
    for American companies.

    It is understood that the subsidy measures of the United States have a particularly significant impact on large automobile manufacturing countries such as France and Germany
    .
    Many EU governments have previously expressed their dissatisfaction with the Inflation Reduction Act and threatened to fight back against the US initiative
    by subsidizing their own companies.

    The European Union capped the price of Russian seaborne oil at $60 per barrel

    On December 1, local time, according to Reuters, citing an EU diplomat, the EU agreed to limit the price of Russian seaborne oil to $60 per barrel
    .

    According to the Wall Street Journal on December 1, the price limit is an attempt by the West to squeeze Kremlin oil revenues while keeping global supply stable and avoiding rising prices
    .
    The measure is aimed at giving Russian oil access to global markets, but Moscow has not been able to fully benefit
    from it.

    Yudayeva, the first deputy governor of the Bank of Russia, said on December 1 that Western countries are discussing a ceiling on the price of Russian oil, and although there is no consensus in the West on this issue, Russia is ready for any development
    .

    News of layoffs came from the two financial giants

    According to Reuters local time on December 1, Morgan Stanley CEO James Gorman said that Wall Street is facing pressure to slow down trading due to monetary tightening, and the company is laying off employees moderately around the world
    .

    According to public information, Morgan Stanley is an international financial services company founded in New York, USA, providing a variety of financial services including securities, asset management, corporate mergers and restructuring and credit cards, and currently has representative offices
    in more than 600 cities in 27 countries around the world.

    It is worth noting that another financial giant also reported layoffs on the same day
    .

    Reuters reported on December 1 that two sources said HSBC Holdings will cut 15% of its 2,000 senior operations managers worldwide to streamline its management team and reduce costs
    .
    The layoffs will involve multiple business units and geographies and result in the loss of at least 200 jobs, most of them chief operating officer (COO) positions
    .

    According to public information, HSBC Holdings Limited is headquartered in London, HSBC Group is one of the world's largest banking and financial services institutions, with about 8,000 offices
    in 87 countries and regions including Europe, Asia Pacific, the Americas, the Middle East and Africa.

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