Wood Mackenzie is an energy, chemicals, renewables, metals and mining research and consultancy group The firm estimates there are 16 laden crude and product oil tankers delayed by the Suez Canal blockage, and say: “Our data suggests that there have been no cargoes diverted to alternative routes such as around the Cape of Good Hope”
TOKYO: Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply. Prices, however, were still headed for a third consecutive weekly loss. Brent crude was higher by 43 cents,
The SNB left all its monetary policy measures unchanged. It kept the policy rate and interest on sight deposits at −0.75% and pledged to continue intervening the FX market if necessary. While leaving the growth outlook intact, the central bank upgraded slightly the inflation forecasts. In the accompanying statement, the SNB described the Swiss franc
Constitutional challenge could have caused a huge headache At issue was whether the Federal Government had the power to force provinces to implement a carbon tax. In a 6-3 decision, the Canadian Supreme Court agreed with Trudeau’s Liberals that they did. “This matter is critical to our response to an existential threat to human life
NEW DELHI: Gold gained Rs 44 to Rs 44,347 per 10 gram in the national capital on Thursday, supported by weaker rupee and overnight gain in global precious metal prices, according to HDFC Securities. It had closed at Rs 44,303 per 10 gram in the previous trade. Silver, however, dipped Rs 637 to Rs 64,110
Sterling trades mildly higher in rather quiet market today while Euro and Yen turn softer. Dollar is attempting to extend this week’s rally after better than expected jobless claim data. But no follow through buying is seen in the greenback yet. Swiss Franc’s selloff slowed mildly after SNB upgraded inflation forecasts. But then recovery is
Reuters conveying some commentary from National Australia Bank on the euro today: The weak point in Europe remains around the vaccine rollout amid the rise in new virus cases and the tightening of restrictions … which likely means the mooted acceleration in Q2 may have to be pushed back by a quarter The narrative of
Gold prices were steady on Thursday as support from easing U.S. Treasury yields was offset by a strong dollar, which emerged as a preferred safe-haven amid growing concerns about extended lockdowns in Europe. FUNDAMENTALS Spot gold was little changed at $1,734.81 per ounce by 0130 GMT. U.S. gold futures were steady at $1,732.90 per ounce.
Crude oil prices have extended the selloff for a third consecutive week. While the demand/supply fundamentals have changed little, the major reason for the decline is the broadly-based risk aversion driven by rising yields. International Energy Agency (IEA)’s report refuting prospect of a commodity supercycle has also triggered the profit-taking selloff. Rising Yield Environment Hurts
India will keep the vaccines at home Reuters, citing sources, reports that India is delaying big shipments of the AstraZeneca vaccine as cases surge at home. Here’s a look at the case count in India and you can imagine how many cases go unreported in country that big and that poor. Meanwhile, in Italy, AstraZeneca
A 3 percent drop in gold prices beginning March has spurred demand for the yellow metal in the physical and paper form. Wealth managers said that clients looking at gold as a long-term investment with regular interest earning are buying sovereign gold bonds (SGBs) from the secondary market at the current rate, which is below
Asian markets closed in deep red earlier today while European stocks dived in initial trading. Yet, the markets were saved by much stronger than expected PMI data out of Eurozone and UK. Overall sentiments recovered notably, with US futures pointing to a rebound at open. In the currency markets, Canadian Dollar, Dollar and Aussie are
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TOKYO: Oil prices edged higher on Wednesday as investors looked for bargains following the previous day’s plunge, but gains were capped as pandemic lockdowns in Europe and a build in U.S. crude stocks curbed risk appetite and raised oversupply fears. Brent crude futures rose 27 cents, or 0.4%, to $61.06 a barrel by 0108 GMT,
Commodity currencies are generally weak in Asian session, together with Sterling. Stocks in Hong Kong and China are reacting negatively to joint sanctions by EU, UK, Canada and US over China’s genocidal treatments of Uyghurs in the Xinjiang region. EU’s action is seen as significant turning point in the relations with China, as it’s the
US February new home sales Prior was 923K Sales -18.2% vs -5.7% expected Prior was +4.3% Homes for sale at the end of Feb 312K vs 304K prior Median price $349.5K, up 5.3% y/y Supply 4.8 months vs 3.8 months prior The largest drop was 37.5% in the Midwest, which was hammered by cold weather.
YES Securities The bulls managed to keep the benchmark indices in the positive territory amidst volatility. However, the Nifty50 index continued to face tough resistance at the 20-DMA placed at 14,900 levels. Further, a failure to take out this resistance of 14,900 may resume the corrective wave, dragging the index lower to levels of 14,730-14,630.
Yen buying accelerates today as selloff in commodity currencies intensified. New Zealand Dollar is trading as the worst, by some distance, followed by Aussie. Canadian Dollar is dragged down by decline in oil prices, while Sterling is also pressured after poor job data. On the other hand, Dollar is following Yen as the second strongest,