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Tag Archives: South Korea

No Turn Around Tuesday, as Equities Extend Losses and the Greenback Remains Firm

Overview:  Global equity benchmarks are headed for their third consecutive loss today as caution prevails at the start of Q3 after a strong first half.  Ten-year benchmark yields are edging higher after a soft start in Asia.  Italian bonds continue to outperform.  Greek bonds have been set back as the new government reiterated its commitment to ease fiscal commitments as if Tsipras did not try, and got a similar rebuff.  The dollar is firmer against the major currencies and most...

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The Asian PMI Picture of A Dollar Shortage

It’s actually one of the few areas that has been studied in mainstream Economics. The links between global financial upset and broader economic consequences are pretty well understood. Trade gets shut down, therefore economies which are highly dependent upon the exchange of goods experience the effects first. When you see these bellwethers under pressure, it’s a bad sign. The mysterious part is where these financial problems might come from. It’s one of the more uncomfortable aspects of the...

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The World may Look Different Come Monday

Overview:  Quarter-end positioning seems to dominate today's activity.  The outcome of bilateral talks at the G20 gathering partly reflects the influence of the US President who eschews multilateral efforts as a hindrance to its sovereignty.  Equities in Asia Pacific slipped today but held on to modest gains for the week.  The MSCI Asia Pacific Index rose every week this month for the first time since January 2018.  The Dow Jones Stoxx 600 is little changed and is off a little more than...

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US Penchant for Tariffs Keeps Investors on Edge

Overview:  The weekend failed to break the grip of investor worries that is driving stocks and yields lower.  The US Administration's penchant for tariffs is not simply aimed at China, where there is some sympathy, but the move against Mexico, dropping special privileges for India, and apparently, had considered tariffs on Australia.  At the same time, the threat of 25% tariff on auto imports.  Meanwhile, the recent data, including today's PMI readings, show a world economy struggling...

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Equities Waiver, the Dollar Does Not

Overview:  After closing at record highs on Tuesday, the S&P 500 slipped yesterday, and the Dow Jones Stoxx 600 snapped an eight-session advance.  Asia followed suit, with the Shanghai Composite posting its biggest loss (~2.4%) in over a month.  It is off about 4.6% this week, which if sustained tomorrow, would be the largest loss in six months.  European stocks are heavy today, led by information, materials, and consumer staples.  European bank earnings have been mixed, and shares...

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New US crude grade offers potential alternative to Iranian barrels

North Asian refiners are set to test a new US crude oil grade that some have touted could be a replacement for Iranian barrels, traders said. Samples of US West Texas Light crude or WTL, which has an API of between 45 and 55, were heard to have been sent out to North Asian refiners, they added. Depending on results, and global appetite, the US Gulf Coast will be exporting many more cargoes of WTL in the future. WTL is the name for production in the Permian basin that exceeds the API spec...

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In the LOOP: Third VLCC of the year departs Louisiana, bound for South Korea

Louisiana Offshore Oil Port continues to load on average one VLCC crude tanker per month for export and logged its third such export of the year late last week. The 2 million barrel-capacity VLCC Dilam loaded at LOOP and set sail for South Korea on Wednesday, according to cFlow, Platts trade flow software. Dilam marks the third VLCC export from LOOP so far this year. All of the LOOP-loaded tankers have been taken to South Korea. New Caesar departed LOOP on February 1 and was...

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The Real Reason Why Stop/Go Is Back To Stop Again

These things have typically started in global trade. This makes sense given what we are dealing with are intermittent problems in global money. Quite simply, you can’t trade if you can’t get any. Therefore, the more acute the dollar shortage the more disruptive to the global merchandise economy. The one exception to this pattern was the first. Euro$ #1 registered beginning by damaging broad demand within the developed world. This, too, was unsurprising since the first outbreak of it...

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In The LOOP: First loaded VLCC of the year sets sail for South Korea

What appears to be the first Very Large Crude Carrier of the year to load and depart from the Louisiana Offshore Oil Port is bound for Yeosu, South Korea, according to cFlow, Platts trade flow software. The 2 million barrel-capacity Amad set sail from LOOP on Sunday after arriving there on December 27. The vessels’ destination of Yeosu is home to the 785,000 b/d GS Caltex re finery, which runs mainly light and medium sour crudes. LOOP first started exporting crude on VLCCs in February...

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In the LOOP: Three VLCCs depart LOOP for India, South Korea

Three VLCCs departed the Louisiana Offshore Oil Port over the week ended December 8, with the crude cargoes on board bound for India and South Korea. LOOP did not release the names of the vessels that were loaded and it was unclear exactly which VLCCs departed the port for export. However, cFlow, Platts’ trade flow software, reported that three laden or partially laden VLCCs exited LOOP last week. The Khurais set sail from LOOP on December 5 and is bound for Kochi, India, according to...

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