Crude oil trading reminder: Strong U.S. jobs data eases recession fears


2022-08-08: [Chinese Article Link Connected Net — At the beginning of the Asian market on Monday (8 August), the oil exchange was dropped near $88.25 per barrel, and oil prices were blocked last Friday, despite a strong boost from US employment growth data at one time; demand was affected and rebounded by a new outbreak limited to the global Covid-19 epidemic; and the risk of a short drop in oil prices remains under guard of the epidemic. Litigation factors affecting oil prices Factors affecting oil price volatility At the beginning of the city on Monday (8 August), US$ 88.25/breath, oil prices were blocked from rebounding last Friday, despite a strong boost from US employment growth data; demand was affected and rebounded as a result of a new outbreak limited to the global Covid-19 epidemic; and the risk of falling short of oil prices remains under guard of the epidemic. A survey of businesses showed that the number of non-agricultural jobs increased by 528,000 in July, the largest increase since February, exceeding all economists' expectations. The June figures were updated, showing an increase of 398,000 jobs, up from 372,000 in the previous period, and the 19th consecutive month of employment in July saw an increase of 250,000 more jobs than economists expected. The labour market has now resumed all jobs lost during the Covid-19 epidemic, although the number of government jobs is still about 597,000 below the pre-epidemiological level. But the total number of jobs was 32,000 more than in February 2020. It took less than two and a half years to restore all lost jobs, and at least six years after the Great Recession 2007-2009. On Sunday, Ukraine stated that a new round of Russian shelling had damaged three radiation sensors at the Zaporo thermal nuclear power station and injured one worker, the second attack on the largest nuclear facility in Europe in a series of days. President Zelensky of Ukraine described the shelling on Saturday night as “nuclear terrorism in Russia” and the need for more international sanctions against Russia, this time against Russia's atomic energy industry. Kiev said that Russia hit a power line at the plant on Friday. Yet the Russian authorities who planted it in the region said that Ukraine had attacked the plant with multiple rockets, causing damage to the administrative building and to a nearby storage facility. The energy service company Baker Hughes reported in its high-profile report on Friday that, as of 5 August, the number of active United States drilling rigs had fallen by seven to 598, the first week since 10 weeks. According to external sources such as the British Guardian and the BBC, the crude oil storage tanks at an oil reserve base in Matanzas, Cuba, were hit by lightning on 5 August and another tank exploded on 6 August. The US share index fell last Friday and was dragged down by Tesla and other technology-related stocks, following a strong employment report that dispelled recent optimism that the Fed might relax its radical pace. The data show that employment in the United States in July grew far beyond expectations, with unemployment falling to a pre-epidemiological low of 3.5% for the nineteenth consecutive month. The report, along with other recent data, paints an optimistic picture of the world’s largest economies experiencing contraction in the first half of this year, dissipating investors’ expectations of a possible slowdown in the Fed’s rate hike. The Fed has recently undertaken a series of interest hikes to cool the economy.50 According to Adam Sarhan, Chief Executive Officer of Park Investments, “everything is about the Fed, and a very strong employment report like this has put pressure on the Fed to prolong its policy tightening, and the market fears that the Fed will again increase its interest significantly. If they tighten their policies too hard and for too long, it will lead to a hard landing and deep recession." Tesla fell by 6.6%, causing a major drag on the index and the NASDAQ index. Facebook’s parent company, Meta Platforms, fell by 2%, and Amazon by 1.2%, also causing a drag on the index. The rate of return on US national debt has risen, with the possibility of raising interest rates by 75 basis points in September. This boosted the bank unit, Morgan Chase, by 3%, and helped keep the index above the counter. The focus now turned to this week’s inflation data, with the annual increase in consumer prices in the United States expected to be 8.7% in July, after a 9.1% increase in June. Several policymakers this week expressed a position of radical tightening until they saw strong and persistent evidence that inflation was falling towards the Fed's 2 per cent target.


Note: This is a machine translated version of the Chinese news media article. A mature and nuanced reading is suggested.




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Crude oil trading reminder: Strong U.S. jobs data eases recession fears


2022-08-08: [Article Link Connected Net — At the beginning of the Asian market on Monday (8 August), the oil exchange was dropped near $88.25 per barrel, and oil prices were blocked last Friday, despite a strong boost from US employment growth data at one time; demand was affected and rebounded by a new outbreak limited to the global Covid-19 epidemic; and the risk of a short drop in oil prices remains under guard of the epidemic. Litigation factors affecting oil prices Factors affecting oil price volatility At the beginning of the city on Monday (8 August), US$ 88.25/breath, oil prices were blocked from rebounding last Friday, despite a strong boost from US employment growth data; demand was affected and rebounded as a result of a new outbreak limited to the global Covid-19 epidemic; and the risk of falling short of oil prices remains under guard of the epidemic. A survey of businesses showed that the number of non-agricultural jobs increased by 528,000 in July, the largest increase since February, exceeding all economists' expectations. The June figures were updated, showing an increase of 398,000 jobs, up from 372,000 in the previous period, and the 19th consecutive month of employment in July saw an increase of 250,000 more jobs than economists expected. The labour market has now resumed all jobs lost during the Covid-19 epidemic, although the number of government jobs is still about 597,000 below the pre-epidemiological level. But the total number of jobs was 32,000 more than in February 2020. It took less than two and a half years to restore all lost jobs, and at least six years after the Great Recession 2007-2009. On Sunday, Ukraine stated that a new round of Russian shelling had damaged three radiation sensors at the Zaporo thermal nuclear power station and injured one worker, the second attack on the largest nuclear facility in Europe in a series of days. President Zelensky of Ukraine described the shelling on Saturday night as “nuclear terrorism in Russia” and the need for more international sanctions against Russia, this time against Russia's atomic energy industry. Kiev said that Russia hit a power line at the plant on Friday. Yet the Russian authorities who planted it in the region said that Ukraine had attacked the plant with multiple rockets, causing damage to the administrative building and to a nearby storage facility. The energy service company Baker Hughes reported in its high-profile report on Friday that, as of 5 August, the number of active United States drilling rigs had fallen by seven to 598, the first week since 10 weeks. According to external sources such as the British Guardian and the BBC, the crude oil storage tanks at an oil reserve base in Matanzas, Cuba, were hit by lightning on 5 August and another tank exploded on 6 August. The US share index fell last Friday and was dragged down by Tesla and other technology-related stocks, following a strong employment report that dispelled recent optimism that the Fed might relax its radical pace. The data show that employment in the United States in July grew far beyond expectations, with unemployment falling to a pre-epidemiological low of 3.5% for the nineteenth consecutive month. The report, along with other recent data, paints an optimistic picture of the world’s largest economies experiencing contraction in the first half of this year, dissipating investors’ expectations of a possible slowdown in the Fed’s rate hike. The Fed has recently undertaken a series of interest hikes to cool the economy.50 According to Adam Sarhan, Chief Executive Officer of Park Investments, “everything is about the Fed, and a very strong employment report like this has put pressure on the Fed to prolong its policy tightening, and the market fears that the Fed will again increase its interest significantly. If they tighten their policies too hard and for too long, it will lead to a hard landing and deep recession." Tesla fell by 6.6%, causing a major drag on the index and the NASDAQ index. Facebook’s parent company, Meta Platforms, fell by 2%, and Amazon by 1.2%, also causing a drag on the index. The rate of return on US national debt has risen, with the possibility of raising interest rates by 75 basis points in September. This boosted the bank unit, Morgan Chase, by 3%, and helped keep the index above the counter. The focus now turned to this week’s inflation data, with the annual increase in consumer prices in the United States expected to be 8.7% in July, after a 9.1% increase in June. Several policymakers this week expressed a position of radical tightening until they saw strong and persistent evidence that inflation was falling towards the Fed's 2 per cent target.

Note: This is a translated version of the Chinese news media article. A mature and nuanced reading is suggested.

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