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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: ggersh who wrote (190039)	7/20/2022 11:51:58 AM
From: TobagoJack	2 Recommendations Recommended By ggersh Secret_Agent_Man Respond to of 218908

In the meantime, as Team Ukraine is helping other Teams to acquire more gold at cheaper pricing, Team China seems to be negating whatever Team USA is trying to do w/r to its solar industry employment by raising price of the solar poly silicon blocks, enhancing the Shanghai port shutdown, to make doubly sure no Xinjiang products are able to get to anywhere in the world unless wherever really and truly and sincerely want such, in line w/ what Team USA wants by Xinjiang sanctions I know I know, I know a very confusing situation whenever I see one. Nordstream I for Russian gas and China Xinjiang polysilicon factories all undergoing incidents and maintenance work. Am sure a coincidence, akin to sudden discovery of issues with imported Canada food, Australian wine, and Lithuanian everything. Team China supplies 80+% of global solar gear, including polysilicon wafers. Xinjiang based plants accounts for 45% of the 80+%. Team Biden removed tariffs on China solar gear to save American jobs, but Team Blinken sanctioned Xinjiang products. China simply doing what Blinken wants, namely no China products. Let’s see if any other Team(s) are daring enough to invest in polysilicon plants knowing full well that the pricing can and shall be dialed down once Shanghai port fully opens. Yeah, it is as if Shanghai is the only port China has. I feel bad for Team Germany. No gas, and no solar, but as a part of Nato, a two front sanctions war, all by coincidences. The Russia-Russia-Russia rouble-into-rubble war turned into an carbon energy war, and the China-China-China semiconductor war turning, coincidentally, into a solar energy war. Four producers of the ultra-conductive material in Xinjiang have halted output due to incidents or maintenance work bloomberg.com Solar Silicon Cost Rises for Eighth Week in Blow to Clean Energy Polysilicon prices are at the highest level since 2011, threatening to slow solar panel installations July 20, 2022, 2:49 PM GMT+8 Photographer: Theo Giacometti/BloombergPolysilicon prices extended gains into an eighth week because of factory outages, threatening to slow the pace of solar panel installations just as governments around the world boost clean energy targets. The average cost of the most expensive grade of polysilicon rose 0.9% to 297.6 yuan ($44.08) per kilogram on Wednesday, according to the China Silicon Industry Association. A separate index compiled by BloombergNEFshows prices are at the highest level since 2011. Solar Panel Material Prices Rise to 10-Year HighPolysilicon has increased amid strong demand and plant shutdowns Source: BloombergNEF Four producers of the ultra-conductive material in Xinjiang have halted output due to incidents or maintenance work, and imports from outside China have fallen due to shipping disruptions caused by overseas port strikes, the silicon association said in a statement. Polysilicon prices could stay at high levels until early 2023, Yishu Yan, an analyst at UBS Investment Research, said on a conference call Tuesday. High prices could hurt demand for solar panels, especially for large utility-scale solar projects that are the most cost-sensitive, she said. Still, installations in China could pick up speed again as soon as September and October, Yan said, as state-owned power companies face political pressure to meet year-end renewable targets. “If they don’t have the reported projects connected to the grid, they could face the possibility that the government won’t approve new projects for them next year,” Yan said. --Luz Ding contributed to this report Sent from my iPad

To: ggersh who wrote (190039)	7/20/2022 1:15:19 PM
From: TobagoJack	Read Replies (1) \| Respond to of 218908

Coincidences galore, almost to the point of election ‘interference’, but not quite, as simply coincidences, per trade wars are easy to win zerohedge.com China Spent 72% More On Russian Oil In June As Moscow Remains Top Chinese Supplier; Saudi Volumes Tumble Remember when sanctions on Russia were meant to cripple the country's economy and destroy the ruble, and then all the deep state plans imploded spectacularly as the Russian current account surplus soared to a record, and the ruble hit decade highs? Well, thank China for all that (which the Biden regime will never stand up against as Beijing possesses all that compromising Hunter/Joe information). According to the latest Chinese customs data, Russia held the top spot as China's biggest oil supplier for a second month in June as Chinese buyers (alongside India) cashed in on Moscow's deeply discounted supplies, slashing more costly shipments from Saudi Arabia, which instead target the energy hyperinflation-ravaged wasteland that is Europe. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean (ESPO) pipeline and seaborne shipments from Russia's European and Far Eastern ports, totaled 7.29 million tonnes, up nearly 10% from a year ago, according to data from the Chinese General Administration of Customs. Despite the pervasive discounts slapped on Russian oil, this translated into much higher dollar terms too: China spent 72% more on Russian energy purchases in June from a year earlier, according to Bloomberg. Chinese buyers spent a combined $6.4 billion, up from $3.7 billion in the same month the previous year, according to customs data released today. It brings China’s total outlay on Russian energy from March to June to $25.3 billion, nearly double the $13.5 billion spent in the same four months of 2021! Still, as Reuters calculates, Russian supplies in June, equivalent to about 1.77 million barrels per day (bpd), were below May's record of close to 2 million bpd, a level analysts had expected to be maintained, likely as a result of continued covid zero shutdowns across China which limited demand. Russia's gain is Saudi Arabia's loss: China imported 5.06 million tonnes from Saudi Arabia, or 1.23 million bpd, down from 1.84 million bpd in May and 30% below the level in June last year. On a year-to-date basis, Chinese imports from Russia totaled 41.3 million tonnes (1.67 million bpd), up 4% on the year but still trailing behind Saudi Arabia, which supplied 43.3 million tonnes (1.75 million bpd), a volume 1% below year-ago level. China's total crude oil imports sank in June to near a four-year low as rigid lockdowns to contain the spread of coronavirus reduced fuel demand. The rise in imports from Russia also displaced supplies from Angola and Brazil. Notably, the Customs data showed China imported 260,000 tonnes of Iranian crude oil last month, its fourth official shipment of Iran oil since last December. Despite U.S. sanctions on Iran, China has kept taking Iranian oil, usually passed off as supplies from other countries. These supplies, roughly 7% of China's total crude oil imports, are facing competition from the growing Russian flows On the other hand, customs reported zero imports from Venezuela. State oil firms have shunned purchases since late 2019 for fear of falling foul of secondary U.S. sanctions, although that doesn't explain their eagerness to indicate Iranian imports. And indeed, hinting that there's more than meets the eye, imports from Malaysia, often used as a transfer point in the past two years for oil originating from Iran and Venezuela, soared 126% year-on-year to 2.65 million tonnes. Separately, data also showed China's imports of Russian liquefied natural gas (LNG) totalled 520,530 tonnes, the second highest monthly volume since at least the start of 2021. Russian LNG imports for the first half of 2022 - mostly from the Sakhalin-2 project in the Far East and Yamal LNG in Russian Arctic - were up almost 30% on the year to 2.36 million tonnes, the data showed. This is against a 21% year-on-year fall in the nation's total LNG imports during the same period. Sent from my iPad

To: ggersh who wrote (190039)	7/20/2022 1:21:58 PM
From: TobagoJack	1 Recommendation Recommended By Secret_Agent_Man Respond to of 218908

Coincidence again, or galore again? As if the boyz are playing so well together, a mutually reinforcing game, to help Team USA to take apart Team Germany / EU Global East vs West, and South vs North, autocratic vs democratic, but for the role that Team India is playing that messes up the narrative zerohedge.com Saudi Arabia Reveals Upper Limits Of Oil Production Nears As World Structurally Short Saudi Arabia, the world's largest crude oil exporter, doesn't have enough production capacity to boost oil production in a world still hungry for fossil fuels, implying that President Biden's recent trip to the Kingdom was a waste of time. Crown Prince Mohammed bin Salman (MbS) told the leaders of the US, the Gulf Cooperation Council (GCC) states, Jordan, Egypt, and Iraq at a meeting this weekend that additional capacity to increase production to 13 million barrels per day (bpd) by 2027 will be challenging. WSJ's energy correspondent Summer Said the Kingdom's production stands around 10.5 million bpd and has a production capacity ceiling of 12 million bpd. That means the potential output increase is only 1.5 million bpd. And another million bpd in five years. Summer spoke with people familiar with Saudi oil flows and said the Kingdom would struggle to produce another half million bpd at 11 million bpd. And it would be tough even to get production at 12 million bpd. They gave a handful of reasons why bringing on spare capacity would be a troubling task, such as maintenance requirements, declining production at some oil-producing fields, and technical issues involving pressure levels. It was also noted that when state oil company Aramco reduced drilling during the early days of the virus pandemic because of plunging global demand, boosting output rapidly by injecting wells with fluids to increase production could cause longer-term damage. The revelation that the Kingdom nears the long-term upper limit should not come as a surprise to many, as French President Emmanuel Macron stated at the recent G7 meeting that spare production capacity was very limited for the Saudis and UAE. Bloomberg's energy reporter Javier Blas opined this in a Bloomberg Opinion piece: Saudi Arabia, the holder of the world's largest oil reserves, is telling the world that in the not-so-distant future it "will not have any additional capacity to increase production."Let that sink in. Blas pointed out the output contain could be the lack of investment to boost output, or what's worse: "If money isn't the constraint, then it must be geology." For years, Saudi Arabia has brought new oil fields online to offset the natural decline of its aging reservoirs and allowed Ghawar, the world's biggest oil field, to run at lower rates. As it seeks to boost production capacity and not just offset natural declines, Aramco is increasingly turning to more expensive offshore reservoirs. Perhaps Riyadh is less confident in its ability to add new oilfields. Ghawar itself is pumping far less than the market assumed. For years, the conventional wisdom was that the field was able to produce about 5 million barrels, but in 2019 Aramco disclosed that Ghawar's maximum capacity was 3.8 million. If the obstacle to boosting production is geology, rather than pessimism about future oil demand, the world faces a rocky period if consumption turns to be stronger than currently expected. For now, Saudi peak production is a relatively distant matter, at least five years away. More urgent is whether Riyadh would be able to sustain its current output of 11 million — something it has achieved only twice in its history, and then only briefly — let alone increase it further. But that ceiling will matter towards the end of the decade, and perhaps even earlier. The conservation among energy analysts is all about spare capacity at the moment. The 12 million bpd would be reached in 30 days and maintained to up to a year. But does Saudi Arabia see a NEED to max out capacity to 12? no they don't. — Amena Bakr (@Amena__Bakr) July 20, 2022 What comes next is an OPEC+ meeting scheduled for Aug. 3. The group has called for incremental, monthly increases in output. However, some members have expressed that they cannot meet their share of production. The world is structurally short production capacity at a time demand growth remains robust. Also, Russian energy supplies are declining due to the impact of the Ukraine invasion. JPM's commodities team recently warned crude Brent prices could rocket higher if Russian production is slashed, with forecasts as high as $380 in a worst-case scenario. Brent prices remain over $105 on Wednesday morning as the market has no clear sight of where additional supply will come from to balance demand -- maybe only a recession/depression is needed to crush consumer demand. To sum up, Biden should've stayed home last weekend and enjoyed riding his bike and eating ice cream in Rehoboth Beach than trying to optically please Americans that he's solving the energy crisis that appears to be a multi-year crisis. Sent from my iPad

To: ggersh who wrote (190039)	7/20/2022 1:26:37 PM
From: TobagoJack	Read Replies (1) \| Respond to of 218908

Galore ? zerohedge.com What The Reopening Of Nord Stream 1 Means For Europe Over the last 24 hours it has become, Deutsche Bank's Jim Reid writes, clearer that Russia will recommence gas flows when the Nord Stream pipeline reopens tomorrow. Indeed, Putin’s comments last night and again this morning, suggest we should have initial flows at the pre-maintenance volumes of 40% capacity. To be sure, in light of "Doomsday" expectations as recently as one week ago, it is safe to say this is notably better and quicker than the worst case assumed by economists and pundits over the last couple of weeks. However, as Reid notes, there are near-term hurdles: even with the return of the turbine under maintenance in Canada that is expected back next week, Putin has warned that another turbine will require works around July 26th and, if the turbine that was in Canada does not return, then capacity may drop to 20%. There are also doubts that Putin’s claims should be taken at face value, with German officials saying earlier this week that the turbine being returned from Canada was not due to be used until September, although with Putin calling all the shots, it's not like Germany can do anything about this. Incidentally, overnight Goldman energy analyst Samantha Dart looked at the question of what changes with the return of the NS1 turbine from Canada. Her response? "Not much." She adds that "despite the recent focus around the timing of the repaired turbine’s return to Russia, now expected around Jul 24th, after NS1 maintenance is scheduled to end, we don’t believe this will be the sole driver of NS1 flows. In addition to the opaqueness behind the scale of the volume curtailments via NS1 last month, the absence of any Gazprom-driven re-routing of the reduced flows via an alternative pipeline to mitigate the impact to supply suggest Russia’s gas exports are as much a political/economic decision as a technical one." They sure are, but in any case, according to Deutsche Bank if we do manage constant 40% flows, the bank believes that Germany can just about get through the winter with a mild demand curtailment and quite high gas imports from other countries (including indirect LNG imports). In summary, Reid warns to "expect the uncertainty to continue for many months and potential gas flows be linked to various geopolitical themes such as a cease-fire with Ukraine, Russian oil caps etc." Furthermore, it’s unlikely that even if supply does hit 40% that you will have any certainty that it will remain there. As such, Europe will be planning for reduced energy consumption this winter which will hit growth and push the continent into recession. Uncertainty will remain for the next few quarters but the news flow has been more positive for Europe over the last 24 hours. For more on this topic Deutsche Bank has published a lengthy note " Thoughts ahead of scheduled NS1 re-opening" available to pro subscribers. Sent from my iPad

To: ggersh who wrote (190039)	7/20/2022 1:30:38 PM
From: TobagoJack	Read Replies (1) \| Respond to of 218908

Team China maintaining neutrality in the energy war, buying from Saudi Arabia and Iran, and from Russia and USA bloomberg.com Cheniere Mulls Bigger Boost to Texas LNG Exports With China Deal Buyers in Asia and Europe vie for US natural gas amid global shortages Sergio Chapa July 20, 2022, 10:24 PM GMT+8 Cheniere Energy Inc., the largest US exporter of liquefied natural gas, signed a deal with PetroChina Co. that lays that the groundwork for another expansion of Cheniere’s Texas export terminal as global demand for the fuel surges. PetroChina has agreed to buy 1.8 million tons a year of the power-plant fuel from Cheniere’s marketing arm from 2026 through 2050, according to a statement. Half of that amount depends on Cheniere deciding to move ahead with a new build-out of its Corpus Christi terminal beyond the expansion it greenlit last month. Deliveries under the PetroChina agreement will be indexed to Henry Hub, the benchmark for US gas prices, plus a fixed fee. The deal is the first Cheniere contract that crosses over into the second half of this century, CEO Jack Fusco said in the statement. Cheniere’s deal with PetroChina, which represents nearly two dozen cargoes per year, comes as Russia strangles gas supplies to Europe amid the war in Ukraine. Global shortages of the fuel ahead of the winter have sent LNG prices soaring as buyers in Europe and Asia vie for cargoes. Sent from my iPad

To: ggersh who wrote (190039)	7/20/2022 1:35:20 PM
From: TobagoJack	Read Replies (1) \| Respond to of 218908

Team Germany must consider the company it keeps that is aiming to lead to a wrecking of its economy, and all by coincidences bloomberg.com China Slams Czechs Over Taiwan Visit as Ties Continue to Unravel Taiwanese legislative speaker is visiting Czech Republic Embassy calls Czechs to stop sending false signals to Taiwan Lenka Ponikelska July 20, 2022, 11:22 PM GMT+8 You Si-kun speaks in Prague, on July 18.Photographer: Milan Kammermayer/AFP/Getty Images China slammed the Czech Republic for hosting a Taiwanese legislative delegation, deepening the rapid erosion of ties between Beijing and one of its formerly staunchest European Union allies. Taiwanese Speaker You Si-kun’s three-day visit to Prague follows a string of spats between China and the Czechs, who have hosted official delegations from Taiwan and Tibet in what the Chinese government condemns as a violation of its policy that does not recognize them as sovereign countries. While the visit itself brought no major shift in ties, the Chinese Embassy in Prague said the visit “strongly undermines the political basis of the Czech and Chinese relationship and significantly breaches basic norms of international relations,” according to a statement on Facebook. China appealed to the Czechs to stop “sending the wrong signals to Taiwanese forces whose mission is Taiwan’s independence.” Read More: China Slams Czech Diplomat’s Meeting With Exiled Tibetan The Czech Republic, an ex-communist EU member, once hoped to become a gateway for Chinese investment to Europe. But spats over Chinese territorial claims, Huawei Technologies Co. and espionage have combined with strains over ties with Taiwan to push diplomatic relations to breaking point. You’s visit was a reciprocation of one made by a 90-member delegation made by Czech Senate President Milos Vystrcil to Taiwan in 2020. Vystrcil, a Czech top constitutional representative was then called “an enemy of 1.4 billion Chinese people” by the Chinese. Vystrcil said that inviting Taiwanese representatives that were democratically elected is “exactly what a free, sovereign, democratic country should do” and is not a violation of international law. Sent from my iPad

To: ggersh who wrote (190039)	7/20/2022 1:38:58 PM
From: TobagoJack	1 Recommendation Recommended By Secret_Agent_Man Respond to of 218908

More energy stuff bloomberg.com Russia’s Nuclear Giant Starts Building of Egypt’s First Reactors North African nation retains links to Moscow despite war Ties have strengthened since El-Sisi took power in 2014 Mirette Magdy July 20, 2022, 10:26 PM GMT+8 Sign up for our Middle East newsletter and follow us @middleeastfor news on the region. Russia’s state-controlled Rosatom began construction of Egypt’s first nuclear power plant as the North African nation balances its ties with the Kremlin and western allies who have sanctioned Moscow over its war in Ukraine. Work has started on the first of four 1,200-megawatt power units that will be built at El Dabaa, 300 kilometers (186 miles) northwest of Cairo, according to a statement from Rosatom. The company is the world’s biggest supplier of nuclear fuel and reactors, and hasn’t been sanctioned by the US or Europe. Russia has a history of pursuing large-scale energy projects in Egypt, often as part of a broader effort to challenge US political, military and economic influence. The Soviet Union helped build the Aswan High Dam in the 1960s. Russian President Vladimir Putin and his Egyptian counterpart Abdel-Fattah El-Sisi were present as the countries signed a deal for the reactors back in 2017, when the cost was put at an estimated $30 billion, much of which was due to be financed with a loan from Moscow. Five years later, the Russian economy is laboring under broad sanctions, propped up by vast income from oil and gas sales. Egypt has developed stronger economic ties with Russia since El-Sisi became president in 2014, while retaining historic links to partners in the West. This year, it has participated in the St. Petersburg International Economic Forum and bought substantial amounts of wheat from Russia, while signing a deal with Israel to boost gas sales to the European Union as the bloc seeks to lower its reliance on energy imports from Moscow. The Rosatom project was delayed after the 2015 bombing of a Russian airliner over Egypt killed 224 holidaymakers. Flights between the two countries only resumed last year, providing a boon for Egypt’s tourist industry which had previously attracted large numbers of Russian visitors. Rosatom will supply nuclear fuel to each of the four reactors throughout the plant’s operational life, according to an earlier announcement. Russia’s invasion of Ukraine and the subsequent US and European sanctions have done little to discourage international interest in the company’s technology. In addition to Egypt, the Kremlin-controlled company has advanced projects in Hungary and Myanmar since the conflict began. In 2020, Rosatom said it had picked three Egyptian companies to help in the construction of the plant located on the Mediterranean coast. — With assistance by Jonathan Tirone Sent from my iPad

To: ggersh who wrote (190039)	7/20/2022 1:49:00 PM
From: TobagoJack	Read Replies (1) \| Respond to of 218908

More more energy stuff, galore galore Question: given EU is in energy crisis, and having trouble sourcing inexpensive carbon and solar energies, thus must baby its wind turbine manufacturing, that which requires … drum roll … rare earth, am wondering how Team Biden proposes to up Team USA wind energy whilst sanctioning Xinjiang China and China China China bloomberg.com Biden Set to Announce Wind Turbine Plan for Oil-Rich Gulf of Mexico President set to outline steps toward wind lease sales in Gulf Moves come as Congress stymies legislative action on climate Jennifer A Dlouhy July 20, 2022, 10:14 PM GMT+8 Photographer: Eric Thayer/BloombergPresident Joe Biden is set to announce plans to encourage offshore wind development in the Gulf of Mexico and in Atlantic waters near the Southeast US, part of a bid to prove he’s confronting the climate crisis despite a congressional logjam on the issue. The moves are part of the measures set to be unveiled Wednesday as the White House tries to reinvigorate its environmental agenda after Senator Joe Manchin last week withdrew his support for climate change and tax legislation. Bloomberg green Biden will discuss the steps during a speech at the site of a shuttered coal plant in Massachusetts that’s now primed to serve as a manufacturing hub for undersea power cables needed to bring offshore wind power to shore. The policy announcements were described by people familiar with the plans who asked not to be named because details aren’t public. The president will announce the next steps toward the formation of offshore wind energy areas in the Gulf of Mexico, with the Interior Department identifying potential territory to host wind turbines in the basin that has for decades been a prime source of US oil and gas. Biden has laid out a goal of deploying 30 gigawatts of offshore wind power by 2030, with auctions of territory near California expected later this year, and, ultimately, lease sales on almost every US coast. The president also will direct Interior Secretary Deb Haaland to advance wind development in waters off the Southeast U.S., including Florida, Georgia and the Carolinas. Former President Donald Trump had withdrawn those areas from offshore energy leasing -- effectively ruling out new oil and wind projects in the region -- after an outcry from coastal residents concerned about potential drilling off their shores. For now, Biden is stopping short of issuing an order that would attempt to reverse that Trump leasing moratorium, two of the people said. There are legal questions about a president’s ability to reverse a leasing withdrawal, but the House last week passed a measure that would restore the federal government’s power to sell offshore wind leases in the region. White House National Climate Advisor Gina McCarthy told CNN on Wednesday the president’s announcements are helping “to actually move forward with offshore wind that -- in this country -- is booming.” Biden is “going to make it clear that just because Congress couldn’t get it done, he is going to move forward with every power available to him to make the change and the shift to clean energy,” she said. McCarthy said Biden would roll out a series of climate actions over the coming weeks. — With assistance by Josh Wingrove Sent from my iPad

To: ggersh who wrote (190039)	7/20/2022 1:52:33 PM
From: TobagoJack	Read Replies (1) \| Respond to of 218908

A coincidence, or a coincidence galore too far Trade wars are easy to win, according to the Trump, and he might be correct offshorewind.biz China Dominates Offshore Wind Rankings in 2021 – BNEF Business & Finance March 24, 2022, by Adnan Durakovic 16.8 gigawatts (GW) of new commissioned offshore wind capacity was added globally in 2021, a 161 per cent increase compared with 2020, fueled largely by increased activities offshore China, according to a new report by research company BloombergNEF (BNEF). The scheduled end to China’s offshore wind feed-in tariff saw developers install 14.2 GW of offshore wind turbines, a 251 per cent increase year-on-year, according to the 2021 Global Wind Turbine Market Shares report. China’s wind turbine manufacturers Shanghai Electric, Mingyang, Goldwind, and CSSC Haizhuang capitalized on this growth to take the top four spots in BNEF’s offshore wind ranking. Siemens Gamesa, which had been top of the rankings since 2017, slipped down to sixth place, just behind Vestas. ”China dominated the offshore wind market as the industry yet again showed what it can do when subsidies are on the line,” said Oliver Metcalfe, head of wind research at BloombergNEF. Other markets are expected to fill the expected gap in 2022 as the offshore installations drop off in China, Metcalfe added. These include the UK which will add more than 3 GW of offshore wind capacity for the first time in a year, and Taiwan, where activity is expected to pick up. ”Policy continues to play a major role in driving the global wind market, as developers chase feed-in tariffs where they’re still on offer,” said Isabelle Edwards, senior analyst at BloombergNEF and lead author of the report. ”We saw an onshore wind boom in China and the U.S. in 2020, while last year the focus shifted to China’s offshore market and Vietnam.” Record Year for Wind Industry, Vestas Takes Top Spot Overall, 2021 was a record year for the wind industry with 99.2 GW of new capacity brought online and edging past the 98.5 GW commissioned the previous year, according to BNEF. Vestas regained its spot at the top of the ranking, adding 15.2 GW worldwide. This is a 3.2 GW lead on its nearest competitor, Goldwind, which was in second place with 12 GW. Siemens Gamesa took the third spot in the ranking. General Electric, the previous year’s leading turbine maker, fell to fifth place as installations dropped 22 per cent in its home market the US, BNEF said. Sent from my iPad

To: ggersh who wrote (190039)	7/20/2022 2:06:45 PM
From: TobagoJack	Read Replies (2) \| Respond to of 218908

Re <<gold>> Finally, for this deep night … reuters.com Japan, China cut holdings of U.S. Treasuries to multi-year lows -data Gertrude Chavez-DreyfussJuly 19, 20225:32 AM GMT+8 NEW YORK, July 18 (Reuters) - Japan and China pared back holdings of U.S. Treasuries in May to multi-year lows, data from the U.S. Treasury department showed on Monday. Japan's holdings fell to $1.212 trillion, the lowest since January 2020, when the country's stash of Treasuries was $1.211 trillion. In April, Japan's holdings were at $1.218 trillion. China's hoard of U.S. government debt dropped as well to $980.8 billion in May, still the lowest since May 2010 when its holdings were at $843.7 billion, data showed. In April, China had $1.003 trillion in Treasuries. The world's second largest economy has reduced holdings Treasuries for six straight months. Although China and Japan sold Treasuries in May, U.S. Treasury yields slid. The benchmark 10-year Treasury yield started the month of May at 2.996% , down about 15 basis points to 2.844% by the end of the month. Overall, foreign holdings of Treasuries slid to $7.421 trillion in May, the lowest since May 2021, from $7.455 trillion in April. "It's another month of selling by foreign investors. But it seems like the selling is starting to slow because in May, the move higher in interest rates faded a little bit," said Gennadiy Goldberg, senior rates strategist at TD Securities in New York. "Japan and China were selling which is real a continuation of recent trends. We got another month of selling from Japan, but if you look at the pace, there was certainly a deceleration. Nothing like we saw in March at the end of Japan's fiscal year." On a transaction basis, U.S. Treasuries saw net foreign inflows of $99.84 billion in May, the largest since March 2021, from outflows of $1.153 billion in April. The Federal Reserve raised benchmark interest rates by 50 basis points in May and in June lifted rates by a hefty 75 basis points to curb stubbornly strong inflation. Investors have priced in another 75 basis point rate hike at the Fed meeting later this month. In other asset classes, foreigners sold U.S. equities in May for a fifth straight month amounting to $9.15 billion, from outflows of $7.04 billion in April. The S&P 500 (.SPX) has been down nearly 20% since the beginning of the year. U.S. corporate bonds posted inflows in May of $4.46 billion, compared with inflows of $22.5 billion the previous month. Foreigners were net buyers of U.S. corporate bonds for five straight months. The data also showed U.S. residents once again reduced their holdings of long-term foreign securities, with net sales of $22.8 billion in May from sales of $36.7 billion in April. Sent from my iPad

To: ggersh who wrote (190039)	7/20/2022 8:48:39 PM
From: TobagoJack	Read Replies (1) \| Respond to of 218908

Oops ... Japan scored another monthly trade deficit(!!) bloomberg.com Japan Logs Trade Deficit for 11th Month on Energy, Weak Yen Yoshiaki Nohara 21 July 2022, 08:11 GMT+8 Japan reported a trade deficit for a 11th consecutive month in June as higher energy prices and a weaker yen continued to inflate the nation’s import bill. The trade deficit narrowed to 1.38 trillion yen ($10 billion) from 2.39 trillion yen, the finance ministry reported Thursday. Imports rose 46.1% from a year ago, with crude oil, coal and liquid natural gas leading the increase as oil and gas prices continued to surge from year-ago levels. Economists had forecast a 46.3% gain. Exports increased 19.4%, compared with a 17% forecast by analysts, as shipments of mineral fuel, steel and semiconductor parts jumped from the previous year. The value of shipments gained 4% from May. Japan, which relies on energy and food from overseas, has seen its import costs soar due to the war in Ukraine and supply disruptions including those tied to China’s virus lockdowns. As commodity prices remain high and the yen stays weak, trade deficits are likely here to stay. Exports may also suffer from a global economic slowdown as major economies try to cool rampant inflation and demand by raising interest rates. Central banks across the globe have been speeding up their rate hike path, with more and more surprising with jumbo increases. What Bloomberg Economics Says... “Looking ahead, we expect the trade deficit to narrow slightly in July. The import bill is likely to increase at a slower pace due to softer commodity prices. Meanwhile, Shanghai’s reopening from lockdowns should support exports.” --The Asia economists team To read the full report, click here Later on Thursday, the Bank of Japan is expected to maintain its monetary easing policy framework, highlighting its outlier status among global peers. The BOJ’s dovish stance has helped the yen fall to its 24-year low versus the dollar, making imports more expensive. For the trade data, the average exchange rate was 130.35 yen to the dollar, 19% weaker than a year ago. (Updates with more details from the report)