Weekly news summary for September 23 to September 29
Friday, Sept. 23: US Oil Hits Eight-Month Low on Recession Concerns
Oil prices fell sharply on Friday as the US dollar reached its strongest level in over two decades and as concerns about further interest rate hikes will lead to a global recession weighed on the oil market.
The US West Texas Intermediate crude oil futures traded below $80 for the first time since January, declining 5.7% to an eight-month low of $78.73 per barrel, while Brent crude oil futures slipped 4.8% to $86.11 per barrel.
Monday, Sept. 26: Pound Hits Record Low After Massive Tax Cut Plans
The British pound on Monday was down to an all-time low against the US dollar, while UK gilt yield surged to a 14-year high, as the market frenzy continued after Finance Minister Kwasi Kwarteng unveiled a set of tax cuts that the country has not seen since 1972.
Responding to Kwarteng’s ‘mini-budget’ announcement, the pound lost as much as 5% against the greenback to a record low of $1.03, while the UK 10-year gilt yield climbed 4.5%, its highest since level since 2008.
Tuesday, Sept. 27: European Natural Gas Gains After Nord Stream Leaks
European natural gas prices rose further on Tuesday as news of leakage on Nord Stream 1 (NS1) and Nord Stream 2 (NS2) pipeline, which carry natural gas from Russia to Europe through the Baltic Sea, weakened the prospect of continued normal Russian imports over the coming winter.
Dutch TTF gas futures gained 8% to €208.44 per megawatt-hour, having posted a two-month low of €168.50 per megawatt-hour on Monday, after Sweden’s Maritime Authority and Denmark’s maritime safety authority detected two leaks on the first line and one leak on the second line, respectively.
Wednesday, Sept. 28: Christie’s Launches NFT Auction House on Ethereum
Christie’s on Wednesday introduced its non-fungible token (NFT) auction platform, Christie’s 3.0, on Ethereum, allowing the British auction giant to perform fully on-chain NFT sales and ensuring that all transactions are automated and on-chain.
The launch came after the Ethereum Merge and was done to show the official expansion of the regulated market for digital assets, which recognizes NFTs as an art form and offers excellent benefits for digital artists.
Thursday, Sept. 29: Onewo Debuts with Near 8% Loss in Hong Kong
Shares of Onewo Inc., China Vanke Co. Ltd.’s property management arm, plummeted at its Hong Kong debut as uncertainty in the property market continued to keep investors from taking a more risky approach.
The property services provider’s stock on Thursday started the session 7.6% lower to trade at HK$45.45 per share, after setting a price of $49.35 per share, while Vanke’s Hong Kong-listed shares were down 4.1% to HK$13.86.