News

On July 3, energy intelligence group reporter Amena Bakr reported that informed sources revealed that Saudi Arabia's crude oil and refined product exports average around 5.8 million barrels per day, rather than the 6.3 million barrels per day reported by some. The higher figures are due to the inclusion of previously delayed shipments. The claim of 'market oversupply' is highly misleading. Traffic through the Strait of Hormuz has not yet returned to normal. Earlier data compiled by Bloomberg showed that over a six-day period ending Wednesday, Saudi Arabia's average daily crude oil shipments were 6.3 million barrels. This shipping volume is roughly in line with the average level expected in 2025, nearly reaching 90% of February's figures.

Golden Ten Data, July 3rd – According to reports, Matt Brill, head of North American Investment Grade Credit at Invesco, criticized SpaceX (SPCX.O) for the "very chaotic" performance of its debut bond in the secondary market, describing it as "a very disappointing deal" and even referring to it as a "red card." The bond had an issue size of $25 billion but attracted nearly $90 billion in orders; however, its price quickly weakened after listing, surprising market traders. Brill pointed out that this could be due to biases in the underwriting price or insufficient participation from long-term investors (such as pensions and insurance funds). He also warned that investment-grade credit spreads are now at multi-year lows and that the credit market's "downside risk outweighs the upside potential," therefore he is reducing concentrated allocations to the tech sector. The market believes this volatility reflects a widening gap between high demand and the market's true absorption capacity.

At the same time, investors are closely watching political and trade developments in the region. The MSCI Latin America Currency Index inched up by 0.1%, while the region’s stock index rebounded 0.3% after falling for three consecutive trading days. The Colombian peso and Peruvian sol rose by 0.2% and 0.4%, respectively. Peru’s main stock index and the Colombian COLCAP index each gained 0.3%. The Brazilian real dipped slightly by 0.1%, while Brazil’s Bovespa stock index climbed 0.4%. Argentina’s Merval index rose 0.9%. Mexico’s main stock index fell by 0.3%, dragged down by a 3% plunge in Walmart de México (Walmex) shares; meanwhile, the Mexican peso strengthened by 0.4%.