MELBOURNE: Oil prices rose on Thursday following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine. Brent crude futures were up $3.10, or 2.8%, at $114.24 a barrel at 0419
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The lead into the Asia session: Forexlive Americas FX news wrap: Huge turnaround in ‘war’ trades Yesterday we had an official from the Bank of Japan warn on rising inflation. Today we had another official there pointing out that import prices (yen-based index of) were at their highest since 2008. Once again today the FX
NEW DELHI: Gold prices pulled back after a nearly 3 per cent rise in the previous session, snapping a rally that took it near the August 2020 all-time highs. The yellow metal witnessed selling on easing worries over the Russia-Ukraine conflict with signs of a possible diplomatic solution. Gold futures on MCX were trading lower
Yen and Swiss Franc are both under selling pressure following the strong rebound in global stock markets. While it’s too early to conclude that risk appetite has returned from the shadow of Russia invasion of Ukraine, at least, the initial shock seemed to be digested well already. Euro is staging a strong rebound as traders
And the squeeze is on…. (at least at the start of the day). The major indices are sharply higher at the open as traders react to hopes for a shift toward a solution and Ukraine. Admittedly, the news is nothing new, but the markets are subject to sharp reactions on hopes, and overnight trading can
Russia is taking a step closer to cutting itself off from the rest of the world, or leaving no scope for a reversal in policy. A new bill from Russia’s ruling United Party said a government commission has approved the first steps towards natinoalising property of foreign firms that leave Russia. The bill allows for
Bank of America Global Research discusses the EUR outlook around tomorrow’s ECB March policy meeting. “Stagflation is a clear and present danger for the Eurozone economy. With the market still pricing positive ECB rates next year, we do not see the ECB pushing for more this week, given high uncertainty. High inflation also prevents the
London nickel prices more than doubled on Tuesday to cross the $100,000-a-tonne level for the first time ever, as tension in eastern Europe showed no signs of cooling and growing sanctions against Russia fuelled fears of a disruption in supply. Three-month nickel on the London Metal Exchange soared 66.5% to $80,025 a tonne by 0635
nickel traded on the London Metal Exchange Monday, with a 90% jump that went as high as $55,000 a metric ton before closing at $48,078. Things went even wilder on Tuesday, rising as high as $100,000 — nearly quadruple the price last Friday. That sounds dramatic, but it’s unlikely that you’d notice the ripple effects
Overall market sentiment is steady today. Major European indexes are trading slightly in black, together with US futures. WTI oil rebounds on news that US President Joe Biden is set to announce ban of Russian oil imports as soon as today. Gold is extending recent rise after brief consolidation, with aim to have a test
Sentiment is mixed in Asia with heavy selling seen in stock markets of Hong Kong and China, while Nikkei and Singapore Strait Times are recovering. US President Joe Biden announced to impose an immediate ban on imports of Russian Energy. Commercial big names like McDonald’s, Coca-Cola, and Pepsi also finally joined to halt businesses in
Risk sentiment seemed to have improved drastically today. There are talks that both Russia and Ukraine are softening their tone, which might give an exit for Russia abandoning the invasion eventually. Germany DAX is leading major European indexes higher with more than 5% rebound. US futures also point to higher open. Both gold and oil
The London Metal Exchange (LME) said on Tuesday it has suspended the trading of nickel on all venues for at least the rest of the day after prices more than doubled to cross a record $100,000 per tonne level. “The LME has taken this decision on orderly market grounds,” the exchange said in a statement,
US stocks were hammered again overnight and selling continues in Asia. But major currency pairs and crosses are trading in tight range, digesting recent moves. Euro and Sterling are recovering some grounds while Aussie is paring gains. Gold is consolidating below 2k handle but the retreat is shallow. WTI crude oil is holding firm in
> UK to announce new North Sea oil exploration licences (UK Times report) Oil Russia’s invasion and war on Ukraine giving the UK government a push along. Via the UK Times (gated) The prime minister announced yesterday that the government was drawing up proposals to intensify Britain’s energy self-reliance by boosting the deployment of renewable
NEW DELHI: As global financial markets reel under the impact of the largest military conflict seen in Europe since the Second World War, India faces the return of a much feared spectre – the twin deficit challenge. The economic damage inflicted by the COVID-19 crisis has compelled the government to delay fiscal consolidation and widen
Entering into US session, markets are starting to digest the steep moves made earlier today. Euro is paring some losses and it’s indeed trading in black against Sterling, Swiss and Yen at the time of writing. Swiss Franc has apparently turned weaker, probably on concern that SNB could intervene any time market stabilizes. Nevertheless, Aussie
More from UK PM Johnson: Energy sanctions are very much on the table Everyone is on the same journey when it comes to energy sanctions So far, the journey is a difficult one as imposing sanctions will likely lead to higher prices which allows Russia to sell their oil to places like China and India