27 September 2024: 16:30 BST
The Chinese financial bazooka arrested the crude oil slide into the nether 60s or lower, at least for the time being. The Chinese came out in force, fired their money showering guns several times to prime a recovery in their dented economy. So far it has worked. Stocks went crazy, going up nearly 15% in a week, Xi Jinping you are a generous man – please give us some money too! He gave money to his neighbours, with stocks in South Korea, Japan and as far afield as Singapore going up. The power of money! (even if it is funny printed stuff) In the real economy, the authorities lowered the investments thresholds to ensure citizens bought more houses. Iron ore went up as short hedge funds said, ‘oops, we made a mistake!’ They covered their shorts in a hurry. Some strange but explainable behaviour was also seen in Dubai, which soared above Brent. Hey, China is buying so buy anything going to Asia.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
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