Oil prices climb as lifting of Chinese Covid lockdown boosts demand outlook
Oil prices climbed on Monday as the Chinese megacity of Chengdu exits a two-week lockdown.
Both oil benchmarks each rose more than 1% earlier in the session, and Brent crude futures was last up 0.66% at $91.95 per barrel. U.S. West Texas Intermediate gained 0.56% $85.59 per barrel.
The boost in demand outlook offsets fears that potential rate hikes later this week will raise recession risks.
— Lee Ying Shan
CNBC Pro: This ETF carries risk — but outperforms when volatility spikes
As volatility rears its head once again, investors looking for a short-term trade could opt for this ETF with a track record of outperformance in times of extreme market moves.
“It is probably the prospect of very quick and sizable gains when everyone else in the market seems to be losing their shirts that I believe is appealing about this fund,” Daniel Martins, head researcher and portfolio strategist at DM Martins Research, said.
Yet, despite the potential for high returns, the ETF carries a high level of risk, and is not for every investor.
Pro subscribers can read more here.
— Zavier Ong
Chinese yuan has room to weaken further in the near-term, Goldman Sachs says
There’s still room for the Chinese yuan to weaken further, economists at Goldman Sachs said after both the onshore and offshore yuan fell to their lowest levels since July 2020 last week.
“We expect CNY weakness to persist in the near-term, underpinned partly by broad USD strength,” strategists said in a note, adding the next key level to watch is 7.20, which was last tested in May 2020.
Such a move, however, will come in tandem with a “sizable” strengthening the U.S. dollar, they said in the note, adding “CNY is unlikely to weaken by 3% in isolation.”
—Jihye Lee
CNBC Pro: Buy these inflation-beating funds to protect your money, strategist says
As inflation remains stubbornly high, where can investors hide out given that U.S. stocks and bonds alike have been volatile?
There are three types of funds that look appealing right now, according to Mark Jolley, global strategist at CCB International Securities. He named his favorites in each category.
CNBC Pro subscribers can read more here.
— Weizhen Tan
Read More: Hong Kong stocks lead losses; Fed, BOJ meeting this week
