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Sinopec's Q1 revenue decreased by 6.9% year-on-year, while net profit attributable to shareholders plummeted by 27.6% | Earnings Reports Insights.
Under the dual pressure of falling international oil prices and weak downstream demand, the profitability of the group's refining Sector has significantly narrowed, and the chemical Sector recorded a loss of 1.321 billion yuan in Q1. Exploration and development remain Sinopec's "ballast", achieving an EBITDA of 13.631 billion yuan, but this profit has also declined compared to the past few quarters.
Asia-Pacific Markets Set to Open Lower After Trump's Attack on Fed Chair Sends Wall Street Tumbling
The US dollar plummets, Emerging Markets make a strong comeback: the Thai baht and Jilin soar, and the Indian stock market rises for five consecutive days!
After recording the largest weekly increase in six weeks last week, the Emerging Markets Currency Index continued to rise this Monday, with the Thai Baht and Malaysian Ringgit showing strong performance, both increasing by 1% in a single day. Over the past month, the Thai Baht has appreciated by a cumulative 3.2% against the US dollar, marking a significant upward trend. The five-day increase of the India Nifty 50 Index (5.99%) has set the highest record since February 2021.
Vakhshouri: OPEC+ Is More a Risk Management Alliance
Can Saudi Arabia withstand the plummeting oil prices? Goldman Sachs predicts that the fiscal deficit may soar to 75 billion dollars.
The significant drop in oil prices may put the oil-rich country of Saudi Arabia at risk of a serious fiscal deficit. The International Monetary Fund estimates that Saudi Arabia needs a crude oil price of $90 per barrel to achieve fiscal balance, while Goldman Sachs recently warned that if oil prices remain at the current low level of around $62 per barrel, the fiscal deficit in Saudi Arabia could double to $75 billion.
The increasing expectation of recession has led to USA Crude Oil Product prices falling below 60 dollars, causing a setback in the rebound of Petroleum stocks in the Hong Kong stock market, resulting in a collective decline.
① Expectations of a recession heighten as USA Crude Oil Product prices fall below $60, how does the market view this? ② The rebound of Hong Kong Petroleum stocks is hindered and collectively declines, what is the indicative significance for the market?