The pound fell to a record low against the dollar following the announcement of the biggest tax cut in 50 years. At the opening of the FTSE this Monday 26/09/2022, United Kingdom time, the pound sterling was quoted at 1.07 dollar worse, at the opening of the markets in Asia, it was trading at 1.03 dollar, which is a low historical value. The decline follows the announcement of further tax cuts in addition to a £45 billion package announced on Friday as borrowing is expected to increase. If the pound remains at this low level against the dollar, imports of commodities denominated in dollars, including oil and gas, will be more expensive and inflation is likely to persist or even intensify.

Tech stocks just had their worst two-week stretch since the start of the pandemic. For the third quarter, the tech index goes into the red. The Nasdaq Composite has fallen more than 5% in recent weeks. Tech stocks rallied early in the quarter, but lingering inflation and cautious comments from the Federal Reserve dampened that enthusiasm. Tech companies that had seen more than a decade of steady growth are now reporting cutbacks. After losing 5.5% the week of 09/15/2022, the Nasdaq Composite fell 5.1% this week. This marks the worst two-week period for the tech index since its fall in March 2020. "Investors have been dumping tech stocks since late 2021, betting that rising inflation and rising interest rates would have an outsized impact on the companies that rebounded the most during boom times. The Nasdaq is now just above its two-year low set in June". For the 3rd time in a row, the FED raised these rates by 0.75, thus bringing the value back to 3 - 3.25, one of the highest values ​​since 2008. This increase further strengthened the Dollar against the Euro and other currencies . The Dollar being more expensive, the products of American tech companies become more expensive for export and sell less well, their stock market value has therefore fallen and, since the FED rates are not likely to fall in the coming days, we must expect a further drop in tech stocks from the Stock Exchange, Nasdaq, etc... Overall, tech stocks are all down (except Apple), and the trend is not going to reverse in the next few days, at least as long as FED interest rates are high: This week of 20/09/2022. - Amazon - 8% - Google parent Alphabet - 4% - Facebook Parent Meta - 4% - Sharing economy companies. Airbnb, Uber, Lyft and DoorDash all suffered declines of between 12% and 14%. the most important decreases: GitLab -16%, Bill.com -15%, Asana -14% and Confluent -13%. Forecast. - Alphabet, which experienced a 40% increase last year, forecasts single-digit growth. - Apple should reach around 6% Investment advice.

Australian scientists have discovered a revolutionary process for producing and storing powdered hydrogen. This discovery could ensure the global energy transition and revolutionize the entire energy sector. Hydrogen, the energy of the future. Hydrogen is considered the energy of the future because it produces zero emissions when burned as fuel and may even be more efficient than fossil fuels. Due to its low CO2 emissions, this energy seems to be a credible alternative, associated with a fuel cell, this energy does not emit CO2. Hydrogen will play a key role in reaching carbon neutrality in 2050. However, in order for this energy to become democratized one day, it will have to be transformed and stored in an environmentally friendly way, while remaining viable in terms of security. The issue is that currently, 95% of hydrogen is made from fossil fuel sources (natural gas, oil) and wood. There are currently three types of production process: Natural gas reforming or steam reforming. Most used method. The gasification of charcoal. Water electrolysis. This makes the production of hydrogen expensive and polluting, thus pushing some critics to qualify hydrogen as "false good idea for energy". Revolutionary Australian discovery. a team from Deakin University (Australia) explains that it has made a very important discovery making it possible to obtain powdered hydrogen using a safe and inexpensive process, which uses boron nitride (BN), a chemical compound that is thermally resistant and stable well known and already widely used in different industries. Boron nitride in powder form is very absorbent, according to a mechanochemical process, scientists were able to extract hydrogen from other gases and store it in boron hydride. The experiment was repeated several times in order to be confirmed. This process, although long to implement, consumes very little energy and it is a simple process. Boron nitride can absorb hydrogen. Thus, it becomes possible to store hydrogen in the form of powder by a simple process that consumes little energy. This discovery has a medium-term impact with tomorrow, the use of hydrogen in the automobile. But above all, it has an immediate value because it brings a revolution in the process of oil refineries. Immediate impact in petroleum refining processes. Cryogenic distillation and the chemical separation of petroleum elements now represent between 10 and 15% of global energy consumption. This process based on boron nitride, allows an energy saving of about 90% and can be implemented in petroleum refining instead of cryogenic distillation.

LNG imports outside Russian federation and stocks in Europe have increased. Europe wants to control the prices of energy, mainly gas, it has taken a number of measures to reduce energy demand and at the same time it increases these stocks of LNG. Faced with the risk of an energy crisis, Europe was able to fill these stocks. Thereby, Germany's strategic storages are 81.07% full. Besides France, four other European countries out of 27 are at more than 90%: Portugal (100%), Poland (99.56%), Sweden (90.8%) and Denmark (93.76%). %). All countries filled their tanks more than 50%, the worst off being Latvia (55%) and Bulgaria (59%). In Europe, Russian gas imports fell from 65% to 9%, the total LNG storage capacity being 1165.9 TWH, the volume of imported LNG (excluding the Russian Federation) more than doubled in less than 4 months, this import volume could have been higher, but the lack of regasification terminals limited it. However, major work was quickly carried out to increase this regasification capacity with the installation of floating terminals. According to Bloomberg " Natural Gas Buyers Hoarding Fuel at Sea to Prepare for Winter Europe’s congested LNG import terminals spur floating storage. Ships are parked in sea off Europe, Asia and Central America. Energy traders and power utilities are storing more liquefied natural gas at sea, an unusual move to hoard supply for winter as the market faces a severe shortage". The European Commission instead of capping natural gas prices, it has chosen to act on energy consumption and excess income from the energy sector to control energy costs European natural gas prices again tumbled Monday as storage inventories climbed and governments continued to discuss measures aimed at better controlling soaring energy costs. LNG prices have therefore been falling since 15/09/2022 and we believe that this fall will continue at least until October. For the 4th quarter of 2022, the price of LNG will depend on the harshness of the winter.

Queen Elizabeth II of England died on September 09, 2022, after 70 years of reign, the longest reign in Great Britain and the 2nd longest reign in the world after that of Loui XIV which lasted 72 years. England is losing a key figure in its history who went through the events of his Reign with great intelligence and sense of duty. Condolence to the British people. The Queen is dead, long live the King...

The state of health of Queen Elizabeth II worries these doctors, the whole Royal family rushes to her bedside, thus confirming the fears about the evolution of the Queen's health. Buckingham Palace says the Queen is under medical supervision at Balmoraol after doctors became concerned for her health. Le Prince Harry et Meghan Markle se rendent au chevet de la reine Les enfants et petits-enfants de la monarque se rendent au château de Balmoral, en Écosse, après l’annonce de Buckingham Palace.

"Russia may have to start selling natural gas to Europe again - but that would maximize Moscow's revenue". Following Bloomberg Russia may have to turn the natural gas tap back on for Europe, Citi's global head of commodities research said Wednesday. Russia has halted Nord Stream 1 flows, and Europe is facing a worsening energy crisis ahead of winter. "At some point Russia might want to maximize the revenue they are getting from natural gas," Ed Morse told Bloomberg.

Commodity: Oil Region: EMEA Market Notification Effective Sept. 6, Platts, part of S&P Global Commodity Insights, has started to reflect winter grades of gasoline on a pro-rated basis in its CIF Northwest Europe and FOB Mediterranean cargo assessments, as well as related assessments. The following assessments are affected: - Premium gasoline 10PPM Cargoes FOB Med (AAWZA00) - Premium gasoline 10PPM Cargoes CIF Med (AAWZB00) - Premium gasoline 10PPM Cargoes CIF NWE (AAXFQ00)

Top economist Mohamed El-Erian tells investors to get out of 'distorted' markets and pivot to cash and short-term bonds

Russia says it will not resume natural-gas flows via a key pipeline to Europe until the 'collective West' lifts sanctions against the country

Commodity: Oil, Petrochemicals, Shipping Region: Americas, EMEA Subscriber note type: Methodology Note

The oil price (especially Brent) this week was influenced by relations between the United States and Iran, Russia and Saudi Arabia. The Brent spot price gained 2.9% last week. On a weekly average, the Brent spot price stood at 99 $/b last week, up nearly 3% (WTI at 94.5 $/b, +2.9%). On a monthly average, it stands at $100/bbl, down 10% from one month to the next. The last few weeks have been rich in economic and “energy-political” events: Progress in the Iranian negotiations. Reaction of the Saudi minister to market developments, which pushed the price of oil up. New escalations of violence in Libya, likely to lead to a further decline in oil production. Firm statement last Friday by the American Central Bank in order to fight against inflation, statement with downward effects on the financial markets but without impact (for the moment) on the rise in the price of oil. From an economic point of view, it is worth noting the announcement on August 22 of a fall over one month in Kazakh oil deliveries, but in limited proportions (export at 0.9 Mb/d against 1.3 Mb/ jprogrammed in August and September). In addition, in Europe, the drought is causing transport constraints on the Rhine, which forced Shell to reduce its production at the Rhineland refinery on August 18 (0.34 Mb/d). The full report "Weekly Oil Dashboard August 29 2022" is available in our shop.