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Now let’s move on to the main news.
Tragedy In Seoul
Seoul Halloween stampede kills 154 people, including 26 foreigners.
The tragedy unfolded in the Itaewon area, where there are many entertainment venues. On the street, which is located on a slope and is a path measuring 4 by 40 meters, about six adults can barely pass at the same time. Supposedly, the crowd has gathered here to see the popular K-pop artist. The stampede began when several people stumbled and others began to fall, leaning on top of each other, surviving witnesses say.
South Korean President Yoon Seok-yeol has declared national mourning until November 5. US President Joe Biden expressed condolences in connection with the tragedy.
The Price Of Brent Oil Has Sharply Approached A Critical Level
Trading on Friday, November 4, Brent oil ended with a price of $98.64. Since the beginning of the session, the quotes of this brand soared immediately by 4.19%. Compared to the previous day, raw materials rose by $3.97.
In parallel, contracts for American oil – West Texas Intermediate – cost $92.60 per barrel. Since the beginning of trading, this brand has grown in price by 5.02%. Compared to the previous trading day, the rise in price of raw materials is 4.43 dollars.
The price of oil stopped at the following levels:
- Brent Crude is trading at $98.71 per barrel (+$4.04);
- A barrel of US WTI oil is trading at $92.61 per barrel (+$4.64).
Factors of influence on the oil market
On this day, oil rose sharply in price due to uncertainty about the future monetary policy of the Federal Reserve.
Commodity prices were also supported by the following factors:
- The expectation is that China may loosen some of the restrictions it has put in place to fight the coronavirus. Accordingly, after that, the demand for black gold will increase, since the Celestial Empire is one of the largest importers in the world, as well as the second largest economy in the world;
- The impending embargo on Russian oil, due to come into effect in December 2022, which could potentially lead to a reduction in supply.
Goldman Sachs experts expect Brent oil prices to rise to $130 per barrel by the end of 2022. They emphasize that there is a deficit in the market, even despite the slowdown in economic growth, so this pulls prices up.
Japan Investment in Chip Manufacturing
By the end of the year, Japan and the United States will build a collaborative research facility to create breakthrough 2nm semiconductors with the possibility of mass production by the second half of the decade.
These expenses are included in the budget bill for the current fiscal year, which includes the allocation of 450 billion yen ($3 billion) to create advanced chip manufacturing centers in Japan and 370 billion yen ($2.5 billion) to provide production with the necessary resources, in particular – silicon wafers. and silicon carbide.
Tokyo approved subsidies to Taiwan Semiconductor Manufacturing, Kioxia and Micron Technology will erect factories in Japan to produce semiconductors. The authorities are supporting microchip production in Japan, not only because of the importance of semiconductors for economic security, but also against the backdrop of a significant depreciation of the yen, which makes investment more attractive.
At the end of July, US Secretary of State Anthony Blinken and Japanese Foreign Minister Yoshimasa Hayashi met and decided to build the research center. We must cooperate in order to defend the rules-based economic order because we are the first and third largest economy in the world, according to Blinken. The meeting’s guest speaker, U.S. Secretary of Commerce Gina Raimondo, emphasized that semiconductors represent “the backbone of our economic and national security” for Washington.