Blogs

US stocks have the strongest month in 46 years

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Observe that the DJIA index decreased by 0.4% on October 31, 2022, however, the gain of the stock index in October increased by 14%, Vietnam due diligence investigation service.

This was the strongest gain for US stocks since the beginning of 1976.

The S&P 500 and Nasdaq Composite Index are up 8% and 4%, respectively, in October 2022.

The S&P 500 Index fell 0.8% on October 31 and, since the beginning of 2022, is down nearly 20%. The Nasdaq Composite’s declines are 1% and 30%.

Looking at the US stock market, Hershey’s shares are up nearly 25% this year.

Due diligence in Vietnam – Oil stocks Chevron, Merck and Amgen rose to the top of the DJIA.

Chevron and ExxonMobil are trading around their historic highs.

Shares of pharmaceutical company Eli Lilly and insurance company Cigna also hit a record high.

Shares of McDonald’s, Pepsi, General Mills and Post have recently peaked. Similarly, shares of Lockheed Martin, insurance company Metlife, auto parts retailer Autozone,…

Stocks that are down more than 25% this year include: Intel, Nike, Salesforce, Microsoft, 3M, Boeing, Verizon,…

Meta, PayPal, chipmaker Nvidia and Netflix have also lost more than half their stock value this year.

The market this year is under great pressure due to inflation and the rate of interest rate raising by the US Federal Reserve (Fed).

The Fed will hold a policy meeting and is expected to continue raising interest rates this week.

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Russian banks are short of gold bullion

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Because people’s demand for gold bars increased sharply, so the volume of gold bars was not enough to meet the buying demand.

This information was said by experts on October 25, 2022.

Andrey Vasiliev, who works at Uralsib bank, told the press that the gold supply is disrupted due to the limited production capacity of gold refiners and the sudden increase in people’s demand.

Small gold bars are currently in great demand, while gold refiners focus on orders, buying large bars in large quantities.

Producing small gold bars is also more expensive than 12kg gold bars.

Russia waives 20% VAT on individual gold purchases.

In June, Russia also eliminated a 13% tax, with profits from the sale of gold bullion.

The Central Bank of Russia in March, had to announce to stop buying gold from banks, to meet the gold demand of households.

Sanctions have frozen Russia’s more than $300 billion in gold and foreign currency reserves.

Gold refineries are adapting their infrastructure to serve the needs of individual customers in Russia.

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Russia’s crude oil revenues plummeted

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Company due diligence services in Vietnam – Low oil prices and falling oil exports caused Russia’s oil revenue in September to drop by $3.2 billion to $15.3 billion.

The sales were Russia’s lowest month of crude oil earnings in 2022.

Russia’s total exports of crude oil and oil products fell by 230,000 bpd to 7.5 million bpd in September, the IEA report said.

This is 560,000 bpd lower than it was before Russia started the war.

In September, Russian oil exports to Europe fell by 390,000 bpd compared to August 2022.

EU countries do not seem to have found an alternative supply for more than half of their oil imports from Russia.

Russia, will suffer even more when the EU embargo on Russian crude oil imports and a ban on maritime services take effect in early December.

Russia’s oil revenues are still well above the 2021 monthly average of $14.9 billion.

Since the start of the Ukraine war until September, the EU has imported more than $97 billion in fossil fuels from Russia.

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World crude oil price rises to 5-week high

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Crude oil price information in the world – After OPEC + announced to cut oil production. Brent oil price spiked, up to nearly $100 a barrel.

This morning, the price of Brent oil rose to $98.75 a barrel, the highest price since August 30, 2022. Along with that, the price of US crude oil WTI also increased to 93.48 USD.

The prices of these two oils both increased, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to reduce production by 2 million barrels a day from November.

This decision was made on the eve of the European Union’s (EU) ban on Russian oil imports that came into effect in early December 2022.

OPEC + is expected to tighten oil supply even more, last week, Brent and WTI recorded the strongest weekly price increases since March.

This afternoon, the price of these two oils fell slightly, because investors sold to take profit. Brent is now down 0.9% to $97.04 a barrel. WTI fell 0.84% ​​to $91.86.

Oil prices are forecast to continue to rise in the next few months, possibly above $100 a barrel.

China’s easing of the anti-epidemic blockade is also the reason that can pull up oil demand.

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US will sell 10 million barrels of oil next month

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New information from the United States of America, the US President announced next month will sell more oil in the reserve to prevent gasoline prices from rising again.

OPEC+ announced to reduce production by an additional 2 million barrels per day, starting from November 2022.

US President Joe Biden said November will sell 10 million barrels of oil in the Strategic Petroleum Reserve.

OPEC+ production cuts will restore market share to top oil producing countries like Saudi Arabia or Russia.

Vietnam due diligence services – Reduced production could also cause gasoline prices to rise again globally.

Yesterday, the White House expressed dissatisfaction with the decision of OPEC +.

Jake Sullivan and Brian Deese wrote: “The President is disappointed by the short-sighted vision of OPEC+.”

Low- and middle-income countries around the globe will be hardest hit by the drop in oil supplies.

The US president also went on to call on US energy companies to lower gasoline prices by closing “the record gap between current wholesale and retail gasoline prices”.

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OPEC+ cuts 2 million barrels of oil per day

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According to the latest information from OPEC +, from November 2022, OPEC + agreed to apply the largest reduction in oil production in more than 2 years.

The drop of 2 million barrels per day is believed to be the biggest drop since April 2020.

OPEC+ intends to keep prices high after seven years of low prices, analysts said.

Crude oil prices spiked above $100 a barrel in the first six months of the year due to Russia’s military campaign in Ukraine.

Prices then fell as much as 32% over the past 4 months due to concerns about the global economy. Brent crude at one point fell below $83 a barrel for the first time since January 2022.

This is the second consecutive month that OPEC+ has reduced oil production. Last month, down 100,000 barrels a day in October.

Today’s decision has cast a shadow on the G7 countries’ plan to impose a ceiling on the price of Russian oil.

The decision was made less than three months after the US President’s visit to Saudi Arabia.

OPEC+ members said their decision was a response to the global economic situation, especially China.

This decision by OPEC+ will affect many parties around the world.

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Crude oil prices rise as OPEC cuts production

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World crude oil price market information – Brent and WTI prices per barrel increased by 3% in the morning of October 3, 2022, after news that OPEC+ considered reducing production by up to 1 million barrels per day.

Brent crude rose more than $2.50 a barrel to $87.65.

US crude WTI also rose to $81.88.

Last week’s session, both these oils fell in price.

Crude oil prices rose today OPEC + considers reducing production by more than 1 million barrels a day. OPEC+ will have a policy meeting on October 5.

Last month, OPEC+ agreed to cut 100,000 barrels a day in October.

Oil prices have fallen for the fourth consecutive month, rising interest rates and a stronger dollar have put more pressure on financial markets around the world.

The source said OPEC+ produced nearly 3 million barrels a day less than its target in July.

The reason is that some members are subject to sanctions, while other countries have less investment to increase output.

Brent oil prices may move higher in the short term, gains may remain capped as investors fear a global recession.

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WB forecasts Vietnam’s economic growth to 7.2%

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The World Bank has just raised its forecast for Vietnam’s economic growth in 2022 to 7.2%. In April, the World Bank only forecast Vietnam’s growth to about 5.3%.

Vietnam is the fastest growing country in Asia this year and 2023, Vietnam due diligence service.

For 2023, the organization kept its forecast for Vietnam’s economic growth at 6.7%.

The World Bank also raised its growth forecasts for the Philippines and Malaysia to 6.5% and 6.4% respectively in 2022.

For Indonesia, Southeast Asia’s largest economy, the World Bank kept its growth forecast unchanged at 5.1% this year and 2023.

The World Bank downgraded its forecast for Laos’ economic growth from 3.8% to 2.5%.

Meanwhile, Cambodia is forecast to increase slightly compared to the previous forecast, from 4.5% to 4.8%.

With a positive forecast from the World Bank, Vietnam is considered a bright spot of the regional economy as well as the world.

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US stocks fell for the third day in a row

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Business due diligence service – The US stock market fell for the third consecutive session on August 30, 2022.

The rising employment data raised concerns that the Fed will have more reason to maintain the path of interest rate hikes to cool down inflation.

The Dow Jones Industrial Average fell 308.12 points, or 0.96%, to 31,790.87.

The S&P 500 also lost 44.45 points, or 1.1%, to 3,986.16.

Meanwhile, the Nasdaq Composite also dropped 134.53 points, or 1.12%, to 11,883.14 points.

The S&P 500 Index has fallen more than 5% since the Chairman of the US Federal Reserve (Fed), reaffirmed the US central bank’s determination to raise interest rates.

U.S. job vacancies rose to 11,239 in July. Last month’s figure was also revised higher.

A separate report on consumer confidence showed that US consumer confidence rebounded strongly in August after three consecutive months of decline.

Mr. John Williams said, to combat high inflation, the US central bank could raise interest rates to around 3.5%.

Atlanta Fed President Raphael Bostic thinks the Fed could cut by 0.75%, if the latest data shows inflation is slowing.

Thomas Barkin, president of the Fed in Richmond, said that the Fed’s commitment to bring inflation back to the 2 percent target is unlikely to lead to a recession.

74.5% of Wall Street traders are expecting the Fed to raise rates by 0.75% at its September meeting.

The stock market continued to decline, the energy industry dropped by 3.36% because oil prices fell by more than 5% in the past time.

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Saudi Arabia invests big money in US stocks

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Information from Saudi Arabia’s national investment fund, this fund has invested about $ 7.5 billion in stocks in the US such as Amazon or Microsoft.

PIF – Saudi Arabia’s investment fund has bought shares in 17 companies in the US, including: Amazon, Microsoft, Alphabet, BlackRock…

According to published information, each investment is worth 400-500 million USD.

The total value of PIF’s US portfolio decreased by 3 billion USD in the second quarter, the amount of investment was about 40.8 billion USD.

The reason is that the remaining stocks in the portfolio dropped in price.

Accordingly, the S&P 500 index fell 20% in the first half of this year due to inflation and recession concerns. The index is still down 9% year-to-date.

Crown Prince Mohammed bin Salman is using the huge revenue from oil sales to accelerate the economic reform strategy he proposed in 2016.

State-owned oil company Saudi Aramco also reported second-quarter profits nearly doubled, to about $50 billion.

Saudi Arabia’s GDP grew 11.8% in the second quarter thanks to higher oil prices.

Over the past two years, PIF’s US stock portfolio has lost 38% of its value, WhaleWisdom estimates.

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