GoCharting: A Comprehensive Review

Summary:

Harness the power of order flow analysis with GoCharting, a charting platform tailored for informed trading decisions.

GoCharting is a powerful and versatile charting platform that is popular among traders of all levels of experience. It offers a wide range of features, including:

A comprehensive set of charting tools, including technical indicators, drawing tools, and chart patterns

Real-time market data from a variety of sources

Backtesting and simulation tools

A user-friendly interface that is easy to learn and use

GoCharting is also highly customizable, so you can tailor it to your specific needs and trading style.

GoCharting vs. TradingView

TradingView is another popular charting platform that is similar to GoCharting in many ways. However, there are some key differences between the two platforms.

GoCharting is more powerful and feature-rich than TradingView.

GoCharting is more expensive than TradingView.

TradingView has a larger community of users than GoCharting.

GoCharting vs. TrendSpider

TrendSpider is a cloud-based charting platform that is known for its ease of use. It does not offer as many features as GoCharting, but it is a good option for traders who are just starting or who do not need a lot of bells and whistles.

GoCharting vs. Ultimate Charting Software

Ultimate Charting Software is a powerful charting platform that is similar to GoCharting in many ways. However, Ultimate Charting Software is more expensive than GoCharting and is not as user-friendly.

Who Should Use GoCharting?

GoCharting is a good choice for traders who need a powerful and versatile charting platform. It is also a good option for traders who are willing to pay a premium for a high-quality product.

Overall, GoCharting is an excellent charting platform that is well-suited for traders of all levels of experience. It is a powerful and versatile tool that can help you to make better trading decisions.

Here are some of the pros and cons of GoCharting:

Pros:

Powerful and versatile charting platform

A comprehensive set of features

Real-time market data

Backtesting and simulation tools

User-friendly interface

Cons:

Expensive

Not as user-friendly as some other platforms

The smaller community of users

Delving into GoCharting's Unique Features

GoCharting stands out from its competitors with its comprehensive set of unique features, catering specifically to the needs of experienced traders and those who favor order flow analysis. These features include:

Market Profile (MP) Charts: GoCharting pioneers the use of MP charts, a revolutionary order flow analysis technique that visualizes price and volume distribution across different price levels. These charts provide traders with valuable insights into the underlying order structure and trading dynamics of the market.

Order Flow Depth (OFD): GoCharting offers real-time and historical OFD, giving traders a glimpse into the depth of the order book and the distribution of buy and sell orders at different price levels. This information empowers traders to identify imbalances in the order book and potentially exploit potential trading opportunities.

Autofill Order Flow: GoCharting's autofill functionality enables traders to instantly analyze and interpret order flow data, filling in gaps and providing a complete picture of the order book. This eliminates the need for manual analysis and streamlines the process of identifying relevant order flow patterns.

Volume Profile Analysis: GoCharting extends order flow analysis to volume profile, which visualizes the distribution of trading volume across different price levels. This information complements MP charts, providing traders with a broader understanding of price action and its relationship to trading volume.

Sentiment Analysis: GoCharting incorporates sentiment analysis into its order flow data, providing traders with an indication of the overall market sentiment based on order flow characteristics. This information can be used to identify potential trends and anticipate market movements.

These unique features set GoCharting apart from traditional charting platforms, making it a valuable tool for traders who employ order flow analysis in their trading strategies.

Harnessing GoCharting for Effective Trading

GoCharting's comprehensive set of features empowers traders to make informed trading decisions, particularly those who rely on order flow analysis. Here's how traders can effectively utilize GoCharting to enhance their trading strategies:

Identifying Key Support and Resistance Levels

MP charts and OFD help traders identify areas of major support and resistance, where prices are likely to bounce off due to concentrated order imbalances. By understanding these key levels, traders can anticipate potential price movements and position their trades accordingly.

Unveiling Order Flow Patterns

GoCharting's autofill order flow and volume profile analysis tools enable traders to recognize and interpret order flow patterns, such as delta spikes, iceberg orders, and volume spikes. These patterns can signal potential entry or exit points for trades, providing traders with valuable insights into the market's underlying dynamics.

Gauging Market Sentiment

Sentiment analysis integrated into order flow data provides traders with a sense of the overall market sentiment, whether it's bullish or bearish. This information can be used to refine trading decisions, as traders may favor buying in a bullish sentiment and selling in a bearish sentiment.

Enhancing Backtesting and Simulation

GoCharting's backtesting and simulation tools allow traders to test their strategies using historical data, incorporating order flow analysis into their testing process. This enables traders to evaluate the effectiveness of their strategies under different market conditions and refine them accordingly.

Collaborating with Order Flow Experts

GoCharting's community of order flow experts offers valuable resources for traders seeking to deepen their understanding of this advanced trading technique. Traders can engage with experts, learn from their insights, and refine their order flow analysis skills.

By effectively utilizing GoCharting's unique features and order flow analysis capabilities, traders can gain a deeper understanding of market dynamics, identify potential trading opportunities, and make more informed trading decisions. GoCharting empowers traders to take control of their trading strategies and navigate the complexities of the financial markets.

Conclusion

GoCharting emerges as a powerful and versatile charting platform, particularly for traders who engage in order flow analysis. Its comprehensive set of features, including MP charts, OFD, autofill order flow, volume profile analysis, sentiment analysis, backtesting, and simulation tools, provides traders with a wealth of information to make informed trading decisions.

GoCharting's unique order flow analysis capabilities enable traders to identify key support and resistance levels, unveil order flow patterns, gauge market sentiment, enhance backtesting and simulation, and collaborate with order flow experts. These features empower traders to gain a deeper understanding of market dynamics, identify potential trading opportunities, and refine their trading strategies.

For traders seeking a powerful and versatile charting platform that caters to order flow analysis, GoCharting stands as an excellent choice. Its comprehensive set of features, intuitive interface, and advanced order flow analysis tools provide traders with the tools they need to make informed decisions and navigate the intricacies of the financial markets.

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

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Kevin Du

Energy

How can extracting a barrel of oil be good for the environment? We have heard increasingly about net-zero carbon oil production. But building oil production into a system for reducing atmospheric carbon dioxide seems somewhere between a miracle, alchemy and fraud.

The gas CO2, the main villain for climate change, is a hero when it comes to enhancing oil recovery. When injected into underground reservoirs, under the right conditions, it mixes with the oil and liberates molecules that were stuck in minute pores in the rock.

This boosts the share of the oil in the ground that can be recovered from about 40 per cent to 60 per cent, which in a country such as the UAE could amount to tens of billions of extra barrels.

One tonne of injected carbon dioxide can release about three barrels of oil. When combusted, that oil will yield about 1.2 tonnes of carbon dioxide. That is already better than conventional oil but, if the process is optimised to store more CO2, it could become net-negative.

This process is widely employed in North America, and in operating projects in Abu Dhabi and Saudi Arabia. So far, most of these use natural CO2 from underground reservoirs, or, as in the case of Adnoc's Al Reyadah plant, CO2 captured from industrial facilities.

In early October, the biggest American oil company, ExxonMobil, was reported to be in talks to buy Denbury Resources, a Texas-based specialist in using CO2 for enhanced oil recovery, whose current market value is about $4.9 billion.

Using CO2 that would otherwise be released into the atmosphere is a good start. But for net-negative oil production, we need to withdraw CO2 directly from the atmosphere and inject it underground.

The most ambitious plan of this type is that of Occidental Petroleum (Oxy), the US company that also operates in the UAE, Qatar and Oman, and its chief executive Vicki Hollub.

On November 29, Oxy will begin construction on the world's largest direct air capture plant, in Texas's Permian Basin, costing $1bn, and partly run on solar power.

This will use technology from Carbon Engineering to extract atmospheric CO2, and will inject it underground, partly to enhance oil recovery, partly for permanent storage.

The company ultimately intends to build 75 such facilities. Their economic attractiveness has greatly improved recently, partly because of higher oil prices, partly because of the emergence of buyers willing to pay a premium for carbon-neutral oil or storage to offset their emissions, and partly because of new financial incentives.

The US's Inflation Reduction Act, passed in August, offers a tax credit of $60 a ton of CO2 trapped in oilfields and a more generous $130 a tonne for the use of CO2 captured from the atmosphere. California's low-carbon fuel standard currently pays around $200 a tonne, which is additive to the other credits.

Today, costs for direct air capture are quoted at $250 to $600 a tonne, but there are reasonable medium-term aspirations to bring that down to $150 to $200 a tonne as technology and experience improve. The public figures released on Oxy's project suggest that is achievable.

So, why do we need carbon-negative oil at all?

The petroleum industry will continue to be necessary and important for decades to come. In the International Energy Agency (IEA)'s just-released outlook, oil demand in 2050 ranges from 57 million barrels per day based on governments' current commitments, to 22.8 million bpd in a "net-zero" scenario.

The Adipec conference, which opened in Abu Dhabi today, sees carbon capture and carbon removal as crucial components of a smooth energy and climate transition.

Still, oil companies struggle with their carbon footprint. So-called Scope 1 and Scope 2 emissions come from the process of extracting oil itself — such as the energy required to run pumps and drilling rigs and to refine crude petroleum into useful products. The industry has plans to eliminate its operational emissions, with several large companies having set a 2050 target.

But cutting the Scope 3 emissions — those released when the oil or gas is burnt — is much more challenging. Many oil corporations simply say that is not their responsibility, but that of their customers.

Yet some companies realise that marketing net-zero or even net-negative oil and gas can be a winning proposition.

Microsoft, CocaCola, Apple, BMW and a host of other leading corporations have carbon-neutral or even carbon-negative targets.

Early last month, the International Civil Aviation Organisation adopted a 2050 net-zero goal — but zero-carbon fuels or long-range electric airliners will probably not exist in sufficient volumes even by then.

Even in the IEA's global net-zero scenario, production from existing fields without new investment will decline faster than demand. That will lead to a widening gap.

"The countries that will make up that difference should be Saudi Arabia, the UAE, and the US," Ms Hollub says.

Indeed, the wide-open, sunny, windy and petroleum-rich Middle Eastern deserts offer tremendous scope to deploy such direct air capture and enhanced oil recovery systems on a giant scale. This enables them to make full and responsible use of their hydrocarbons, smooth the transition to a new energy system, and become a central pillar of climate action.

Oxy believes its carbon capture revenue will come to equal those from oil and gas — a plausible ambition for the Arabian Gulf oil exporters, too. With such advantages and benefits, the $1bn cost for something like the Texas plant looks like a cheap investment. It's time for carbon-negative oil to flow from the Gulf.

Source: The National News

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Winkelmann

Forex

Central Bank

In the near future, the USD has also shown some weakness on its way to rising. The long positions are too extensive, which increases the vulnerability of the US Dollar Index (USDX). Last week, the real GDP of the U.S. recovered to a positive growth rate of 2.6% in Q3, but this was mainly driven by the trade deficit caused by weak demand and slowing imports, the risk of economic downturn increased, the market expectations for the Fed to slow the pace of interest rate hike in December increased significantly, and the USD was under pressure to fall back and adjust.

The trend of the USD seems to be slowly turning, depending on whether the Fed's position is more hawkish or dovish than expected, and its relationship with other central banks. The Fed may provide new signals at this week's meeting. Goldman Sachs believes it is unnecessary for the USD to peak if the Federal Reserve loosens monetary policy sharply or inflation reverses. However, if the market thinks that the Fed may soon suspend interest rate hikes, or the Fed releases a turning signal, the USD will peak ahead of schedule.

Given that core inflation in the U.S. is still high, the relative resilience of the US economy, and the continued interest rate hikes by the Federal Reserve, coupled with the instability in global markets, these factors may keep the USD at a high level. This week, the U.S. will also release its non-farm payroll report for October. Although the number of new jobless claims has increased slightly recently, it is still on the low side. As long as the number of new non-farm jobs is still above 200,000, it indicates that the job market is still strong. The Fed as no reason to slow down interest rate hikes prematurely and will support the USD to remain strong. At least, it is too early to think that the USD will weaken.

EURUSD

Under the influence of the energy crisis, high inflation, recession risks, debt quagmire, etc., protests and strikes in many countries in the eurozone, the fear of recession in Europe has always put downward pressure on the EUR.

Last week, speculation about the timing of the Fed's turn weakened the USD and the European Central Bank (ECB) temporarily supported the EUR by raising interest rates by 75 basis points as scheduled. The eurozone's CPI will also be released this week. Due to the current high inflation in the eurozone, the market expects the inflation rate in October to reach double digits, which will prompt the ECB to continue to raise interest rates. The short-term trend of the EUR will depend on its relationship with the USD. If the Fed is not so dovish, it will continue to put pressure on the EUR.

Technically, EURUSD rose and then fell last week, with the daily close becoming a "bearish engulfing" pattern and falling back below 1.00, indicating that it is still under strong pressure, with a short-term bias toward the bears, and if it falls below 0.99, attention should be paid to 0.98 and 0.97 nearby. Market Outlook for the Week – Foreign Exchange_1

Market Outlook for the Week – Foreign Exchange_1

GBPUSD

Recently, the British political arena has experienced major turmoil. With the new British Prime Minister, Sunak, taking office, the turmoil in the British political arena and financial markets that lasted for nearly a month has been temporarily relieved. At the same time, due to the persistently high inflation level in the UK, the market expects the Bank of England (BOE) to raise interest rates by 75 basis points at this week's interest rate meeting, coupled with the weakening of the USD, to boost the recovery of the GBP.

However, in the current round of global central bank interest rate hikes, the BOE rate hikes are significantly slower than the Federal Reserve and the ECB, and the UK PMI in October fell further, the UK economic downturn may be more serious than the eurozone, with the Reserve Bank of Australia (RBA) and the Bank of Canada have slowed down interest rate hikes, the market speculation that the Fed may also change its policy, with the possibility that the BOE might slow down the pace of tightening from December, posing a certain downward pressure on the GBP.

Technically, GBPUSD recently keep fluctuating upward and broke through the key resistance near 1.1460. Once it reaches 1.1645, it is expected to rise again if it does not decline after stepping back to 1.1460 in the short term. The targets above are 1.1650 and 1.1750 respectively. If it effectively falls below 1.1460, the pullback will deepen. Attention should be paid to the support near 1.12 and 1.10 below. Market Outlook for the Week – Foreign Exchange_2

Market Outlook for the Week – Foreign Exchange_2

AUDUSD

Recently, Luci Ellis, the assistant governor in charge of the economy of the RBA, said that the neutral interest rate is between 2.5% and 3.5%, and the current official cash rate is only 2.6%. In the future, there will be more tightening measures, but they may be implemented gradually in a more prudent way in the next few months. After slowing the pace of interest rate hikes to 25 basis points in October, the market expects the RBA to raise interest rates by another 25 basis points this week. At a time when central banks such as the Federal Reserve are raising interest rates significantly, the RBA still tends to raise interest rates slightly, which means that it is difficult for the AUD to get a boost from the RBA's monetary policy, and the trend is more dependent on the USD.

Last week, the weakening of the USD led to a general rebound in commodities and non-US currencies. Recently, the AUD has also reversed its previous decline and moved up rapidly. However, the market also doubts whether the Federal Reserve is really confident to slow down the rate hike earlier. The USD will remain high, limiting the rebound of the AUD.

Technically, the AUDUSD gets rid of the previous low fluctuation range, and it might go higher after some retracement in the short term. However, the strength of the retracement is not strong, and it is still possible to recover again after the stabilization. As for the uptrend, the focus should be paid to the pressures near 0.6500 and 0.6675. However, once it falls below 0.6400, it may further return to near 0.6350, even not excluding the possibility of a double dip. Market Outlook for the Week – Foreign Exchange_3

Market Outlook for the Week – Foreign Exchange_3

USDJPY

As the Bank of Japan (BOJ) has not taken any action, contrary to other central banks, and has long adhered to the ultra-loose monetary policy, the JPY continues to weaken. Although the Japanese government has intervened in the foreign exchange market twice, the JPY continues to be under pressure and has not changed the depreciation trend of the JPY.

Technically, USDJPY fell sharply after the government intervention, but it is just like the first post-intervention move on September 22, it gained support near 145.0 and moved up again. Attention should be paid to the resistance above the 150.0 threshold, with the possibility of a further upward push to 155.0 if it breaks through and stands steady above 150.0. Market Outlook for the Week – Foreign Exchange_4

Market Outlook for the Week – Foreign Exchange_4

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Devin

Economic

GCC economies are projected to grow 6.9 per cent in 2022 before moderating to 3.7 per cent and 2.4 per cent in 2023 and 2024, respectively, driven by stronger hydrocarbon and non-hydrocarbon industries, the World Bank has said.

The easing of coronavirus-induced movement and social restrictions, and positive developments in the hydrocarbon market drove strong recoveries in 2021 and 2022 across the six-member economic bloc, the Washington-based lender said in its Gulf Economic Update report released on Monday.

The increase in oil and gas prices, exacerbated by the war in Ukraine, is estimated to provide a windfall for the GCC, it said.

"There is an excellent and timely opportunity to diversify the economy further using a green-growth strategy and play a leading role in the global transition to low-carbon economies," said Issam Abousleiman, World Bank regional director for the GCC.

"The region could use the green-growth transition to focus policies on developing green technologies and associated skilled labour that would reverse trends in productivity and enable the region to grow faster."

The International Monetary Fund cut its global growth forecast for 2023 and warned of a cost-of-living crisis as the world's economy continues to be affected by the war in Ukraine, broadening inflation pressures and a slowdown in China.

The fund maintained its global economic estimate for this year at 3.2 per cent but downgraded next year's forecast to 2.7 per cent — 0.2 percentage points lower than the July forecast.

Middle East and Central Asia economies are forecast to grow 5 per cent this year before decelerating to 3.6 per cent in 2023, after expanding 4.5 per cent in 2021, the fund said earlier this month.

GCC Economies Projected to Grow 6.9% in 2022, World Bank Says_1

Total economic output of the GCC countries is projected to be about $2 trillion in 2022, according to the World Bank.

If the Gulf countries continue business as usual, the region's combined gross domestic product will grow to $6tn by 2050, it said.

That figure could shoot up to more than $13tn by 2050 if Gulf countries adopt a green-growth strategy that accelerates economic diversification, the lender said.

"Supported by higher hydrocarbon prices, the GCC region is expected to register strong twin surpluses in 2022 and over the medium term," the World Bank report said.

"The regional fiscal balance is projected to register a surplus of 5.3 per cent of GDP in 2022 — the first surplus since 2014 — while the external balance surplus is expected to reach 17.2 per cent of GDP."

It is "critical" to invest the oil windfall in the GCC's economic and environmental transition and increase the share of the private sector in investment and job creation, the World Bank said.

GCC Economies Projected to Grow 6.9% in 2022, World Bank Says_2

However, a reduction in oil output would not only raise the risk of slower economic growth but might also shrink the anticipated fiscal and external surpluses in the near-term, the lender warned.

Inflation is expected to pick up in 2022 in most GCC countries but remains much lower compared with other regions.

"After a period of low inflation and bouts of deflation, inflation is projected to reach 3.3 per cent during 2022 before moderating to 2.5 per cent in the medium term," the report said.

Saudi Arabia, the Arab world's largest economy, is forecast to grow 8.3 per cent in 2022 before moderating to 3.7 per cent and 2.3 per cent in 2023 and 2024, respectively.

The oil sector will remain the main driver behind the kingdom's economic growth.

The UAE, the Arab world's second-largest economy, is estimated to grow 5.9 per cent in 2022 before moderating to 4.1 per cent in 2023 as slower global demand dampens expansion due to tightening financial conditions, according to the World Bank.

"Higher oil export volumes coupled with a revival in non-oil demand will support strong economic growth in 2022. This is further supported by a favourable business environment and world-class infrastructure [in the UAE]," the bank said.

Kuwait's economic growth is forecast to accelerate to 8.5 per cent in 2022 before slowing to an average of 2.5 per cent in 2023 and 2024.

Qatar is forecast to grow 4 per cent this year on the back of a stronger hydrocarbon sector and the strengthening of the tourism sector as the country hosts the Fifa World Cup, which begins on November 20.

Bahrain's growth is expected to improve to 3.8 per cent in 2022, mainly driven by the non-hydrocarbon sector, the full reopening of the economy and a more robust manufacturing sector.

Oman's GDP growth is forecast to reach 4.5 per cent in 2022 before moderating to an average of 3.2 per cent in 2023 to 2024.

The economy's recovery will be driven by energy prices, the expansion of oil and gas production and structural reforms, the World Bank said.

Source: The National News

To stay updated on all economic events of today, please check out our Economic calendar

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King Ten

Commodity

The Agenda of Global Central Banks

Monday ( 31st October): Speech by Vesko, the ECB Governing Council, and speech by Philip Lane, the ECB Chief Economist.

Tuesday (1 November): the Reserve Bank of Australia will release its interest rate resolution; president Philip Lowe will deliver a speech; The governor of the Sveriges Riksbank, Stefan Ingves, will deliver a speech. The Bank of Korea will release the summaries of its October monetary policy meeting.

Wednesday ( 2nd November): The Reserve Bank of New Zealand will publish its financial stability report; the Bank of Japan will publish the minutes of its September monetary policy meeting; ECB Governing Council member Makhlouf will deliver a speech; ECB Governing Council member Francois Villeroy de Galhau will make a presentation; US President Joe Biden will give a speech on infrastructure.

Thursday ( 3rd November): The Fed FOMC will publish its interest rate resolution and policy statement; Fed Chairman Powell will hold a press conference on monetary policy. The ECB Governing Council member Joachim Nagel will make a speech, and ECB President Lagarde will make a speech. The Norges Bank will publish its interest rate resolution, and the Norges Bank will hold a press conference on monetary policy. The Bank of England will issue its interest rate resolution and minutes of its meeting, and Bank of England Governor Bailey will hold a monetary policy press conference.

Friday ( 4th November): The Bank of England's monetary policy member Mann will give a speech; the Reserve Bank of Australia will release its monetary policy statement; the Deputy President of the European Central Bank, Kim Doss, will give a speech; the President of the European Central Bank, Christine Lagarde, will give a speech; the Chief Economist of the Bank of England, Huw Pill, will give a speech; the 2022 FOMC voting member and the Federal Reserve Bank of Boston President Collins will make a presentation on the economic and policy outlook.

Precious Metals Await Direction

On 21st October, Nick Timiraos, a Wall Street Journal reporter who is regarded as the Fed's mouthpiece, said that Fed officials were considering a 75 bps rate hike in November but would also discuss slowing the pace of rate hikes in December at the meeting, with some officials hinting that they wanted to halt rate hikes early next year.

Previously, the market had been trading a more aggressive path of rate hikes because of the continued over-expected US inflation and employment data. Thus the current marginal dovish signal had a significant impact on the market, with market expectations for a slowdown in rate hikes leading to a pullback in the USD and US bond rates and a strong rally in gold and silver.

The Q3 US GDP was higher than market expectations, and the personal consumption expenditure in September exceeded expectations. The core PCE growth rate did not fall back year-on-year. In contrast, with the ECB raising interest rates by 75 bps in October and the possibility of a subsequent hike above the neutral rate, the market expects the Eurozone economy is very likely to fall into recession in the fourth quarter, all of which provide support to the dollar and US bond yields.

This has also led to the market difficulty in trading inflexion points, becoming more cautious, facing the central bank super week, in the last two trading days of last week, the short position of the dollar to cover, the long position of precious metals also appeared to retreat, gold ETF positions fell further, the market's focus on November 3 will be released more rate hikes to slow the pace of signals, and October's employment and inflation data may be the greatest game point. It is expected that gold will continue its oscillating trend until there are more obvious signals of a fall in inflation and employment, just pending the direction after the meeting and data.

Upward Risks to Crude Oil Still Unresolved

Influenced by a significant increase in crude oil exports and the release of strategic reserves, total US crude oil stocks declined to reach a near 21-year low. While the recent autumn overhaul of US refineries peaked, the output of refined products fell while exports were high, with diesel supplies in the Eastern US performing particularly tightly. Combined with OPEC+ production cuts due to start in November and EU sanctions on Russian crude coming into effect on 5th December, the overall margins of global crude supply will tighten again; Although the details of the cap are not yet available, Russian-initiated production cuts cannot be ruled out to support oil prices if they fall.

The Republican Member of the United States House of Representatives last week launched an investigation into Biden's abuse of the National Reserve and asked the Energy Secretary to explain the export ban policy. Still, it is not expected to change before the mid-term elections in November, which will need to be followed now.

The greatest focus of this week's meeting is the article above the demand, which is the expectation for the medium-term economic trend; from the plate, the market appeared more divergent if the following better-than-expected financial data, inflation went downward, interest rate hikes slowed, etc. will improve the market's risk preference, it will also drive oil prices from the demand side induced upward, coupled with the market since September too consistent trading overseas tightening cycle under the recession short Position covering, the fourth quarter will also have the opportunity to bar up to $100/barrel or higher.

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Cohen

Energy

Unusually intense seasonal rains have drenched swathes of West and Central Africa since June, unleashing deadly floods that have affected millions and submerged farmland in 19 countries.

Below are factors that are making the floods worse and data on the scale of their impact.

Where is the water coming from?

Most years, West and Central Africa see floods of varying severity between June and September, when seasonal rains sweep through the Sahel belt of countries along the southern fringes of the Sahara Desert.

This season, a La Niña weather pattern caused above-average rainfall in parts of the region - while contributing to East Africa's worst drought in 40 years.

Warming temperatures due to climate change are also increasing the intensity and frequency of Africa's rains, according to United Nations climate experts.

This year, poor urban planning, silted-up rivers and land degradation worsened their impact. Water systems were quickly overloaded with disastrous consequences.

"The climate element is only one ingredient," said flood specialist Andrew Kruczkiewicz of Columbia University's Climate School.

"The term natural disaster is not really used anymore ... (It) is seen as an oversimplification ...when you really have to look at the overall socio-economic system."

What is the impact of the floods so far?

By mid-October, the floods had affected 5 million people and 1 million hectares of cropland in a region where 43 million were already facing hunger during the June-August lean season, according to the U.N.'s World Food Programme.

In Nigeria, rising waters have killed at least 600 people, displaced over 1 million others, and worsened a cholera outbreak.

Eighteen of Chad's 23 provinces have been flooded and over 19,000 head of livestock swept away, the U.N.'s Food and Agriculture Organization (FAO) said last week.

In coastal West Africa, the rains have called fatal flash floods in the capitals of Senegal and Sierra Leone.

In Cameroon's Far North region, heavy rains have made rivers overflow, displacing tens of thousands in September, according to U.N. humanitarian office OCHA.

The agricultural impact is hard to estimate immediately, as some areas can benefit from seasonal flooding.

But the FAO predicts a 3.4% drop in the region's cereal output due to the floods and other factors.

Why have some countries been so badly hit?

Chad, which ranks near-bottom of the Notre Dame global adaptation index of countries' vulnerability to extreme climate events, saw its most intense rains in 30 years.

They overloaded the water table and raised the level of Lake Chad - which straddles Chad, Cameroon, Niger, and Nigeria - above river levels, said Chadian hydrologist Hamit Abakar Souleyman.

As a result the Logone and Chari rivers, unable to disgorge into the lake, burst their banks, flooding Chad's capital, N'Djamena, and the Cameroon border town of Kousseri.

The Benue River, which flows from Cameroon to Nigeria, rose so high that Cameroonian authorities had to release water from the Lagdo Dam, intensifying flood risks downstream, primarily in Nigeria, that country's disasters agency said.

Heavy rains also hit much of Nigeria, their impact worsened by poor planning that experts say has allowed a rapidly growing urban population to build on flood plains, destroying wetlands that would normally act as a natural barrier.

"So, no matter how light or heavy the rainfall is, you have less infiltration and more runoff, which results in flooding," said Ibidun Adelekan a geography professor at Nigeria's Ibadan University who worked on the Feb 2022 U.N. climate report.

"There's much that can be done to ensure that people don't just build anyhow," she said, adding that better dredging of major rivers would also help.

Source: Reuters

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Kevin Du

Cryptocurrency

Hong Kong laid out a master plan to become a top Asian crypto hub offering legalised retail trading and digital-asset exchange-traded funds (ETFs), part of a wider push to restore the city's credentials as a financial centre.

A consultation will begin on how the retail segment "may be given a suitable degree of access" to tokens, according to a statement on Monday from the government. The city invited global crypto exchanges to explore opportunities, adding that work toward a new virtual-asset licensing regime is intensifying.

The Securities and Futures Commission (SFC) for the first time detailed criteria for authorizing crypto ETFs, which initially would only be able to invest in bitcoin and ether futures traded on CME Group Inc exchanges. The allowable futures portfolios could expand over time, the regulator said.

Asset managers and banks can apply to roll out such ETFs right away, SFC deputy chief executive officer Julia Leung told reporters, adding the products would be available to retail buyers.

Hong Kong Moves Toward Legalising Retail-Investor Crypto Trading_1

Years of political turmoil and Covid-19 curbs sparked a talent exodus from Hong Kong, undermining the city's claim to be Asia's financial nerve-centre. Officials are now trying to undo some of that damage by wooing businesses back, although it remains an open question how successful they will be.

In a separate policy paper, Hong Kong said it "will be careful and cautious about the risks to retail investors" and will enhance education and ensure appropriate regulatory arrangements are in place.

Bloomberg News reported earlier that a planned mandatory licensing programme for crypto platforms due to be enforced in March next year was likely to allow retail trading. The current voluntary crypto framework restricts exchanges to clients with portfolios of at least HK$8 million (RM4.82 million).

"A consistent framework for crypto regulation is essential and key to growing institutional and retail adoption of digital assets at scale," Yvonne Szeto, vice president at Worldpay from FIS, said in a Bloomberg Television interview. She added she welcomes the direction Hong Kong is moving in.

In Monday's statement, Hong Kong also said it is willing to review "property rights for tokenised assets and the legality of smart contracts".

Tokenisation refers to the process of using blockchain technology to create tradable tokens that could represent a range of assets or fractions of them. Smart contracts, key to decentralised finance applications in crypto, are software programmes that automatically execute when certain conditions are met.

Singapore, China

Regulators globally are grappling with how to oversee the volatile digital-asset sector, which is picking up the pieces of a US$2 trillion (RM9.46 trillion) rout over roughly the past year. The shake-out may lead to a reordering of crypto markets in Asia.

For instance, Singapore is tightening up to restrict retail transactions after being buffeted by high-profile crypto blow-ups. But Japan is taking steps to make it easier to list tokens, partially reversing a conservative stance. China declared the crypto sector largely illegal a year ago.

"We need to find ways to help China do things that China itself is not yet prepared and able to do," Charles Li, chairman at Micro Connect and a former CEO of Hong Kong Exchanges & Clearing Ltd, said on Bloomberg Television. "And so this is a very important psychological step."

Hong Kong used to be a base for big exchanges like Binance and FTX. They were lured by a laissez-faire reputation and close ties with China.

The city introduced the voluntary licensing regime in 2018, a framework that seemed to signal a toughening approach that would turn away lucrative consumer-facing business. FTX decamped to the Bahamas last year.

Free NFTs

The new approach to digital tokens was rolled out at the start of the Hong Kong FinTech Week conference. Crypto was the centrepiece of the event, with participants even getting free non-fungible tokens (NFTs).

Leading players in the digital-asset ecosystem such as Animoca Brands Corp chairman Yat Siu and crypto exchange FTX's CEO Sam Bankman-Fried attended in person or by video.

Bankman-Fried said it is "obviously not too late" for Hong Kong to try to catch up and even take the lead in virtual-asset regulation.

Digital-token transaction volume in Hong Kong expanded less than 10% in the 12 months through June from a year earlier, the least in East Asia outside of a slump in China, according to blockchain specialist Chainalysis Inc.