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00:25
In early Asian trading, oil prices fell due to the United Arab Emirates planning to withdraw from OPEC, but tensions in the Middle East limited the decline.
Recent front-month West Texas Intermediate crude futures fell by 0.7% to $99.21 per barrel; front-month Brent crude futures dropped by 0.6% to $110.64 per barrel. Axel Rudolph of IG wrote in an email: "This could undermine the cohesion of the organization, create internal divisions, and weaken OPEC+'s ability to present a unified stance on production and geopolitical issues." However, the chief technical analyst added that ongoing U.S.-Iran tensions and near-zero traffic through the Strait of Hormuz have heightened supply concerns. Typically, one-fifth of the world's oil is transported through the Strait of Hormuz.
00:25
Survey: South Korea's exports are expected to continue strong growth driven by chips
The median forecast from a survey of nine economists by media shows that overseas shipments in April are expected to increase by 48.0% year-on-year, compared with the revised 49.2% increase in March. The survey indicates that imports in April are expected to grow by 17.7% year-on-year, resulting in a trade surplus of 23.13 billion USD, while the previous month’s revised trade surplus was 26.24 billion USD. Chun Kyu-yeon, an economist at Hana Securities, stated: "Given the significant rise in semiconductor prices and strong demand, robust chip exports are likely to continue throughout the year." This trade data will be released on Friday.
00:23
Shares of cancer drug developer Erasca plunge 55% after a patient dies from drug side effects
Glonghui April 29|The stock price of a certain exchange plummeted by 55%, marking its largest single-day drop since its IPO in 2021. Previously, the company stated that a patient withdrew from a clinical trial and later died due to severe treatment-related side effects. The San Diego-based company disclosed this information while releasing early-stage clinical trial data for its experimental therapies targeting pancreatic and lung cancer. The company stated that the therapy was generally well tolerated, with most side effects being of a low grade.
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