The oil bulls remain in control with WTI up more than $5.0 on the day in the $114.00 area. WTI has now recovered more than 50% of its pullback from multi-year highs near $130 to $93 earlier this month. Traders have cited a major Russian pipeline outage, a bullish US …
Read More »Powell: Digital Currencies Will Require New Regulations
Federal Reserve Chair Jerome Powell said Wednesday that new forms of digital money such as cryptocurrencies and stablecoins present risks to the US financial system and will require new rules to protect consumersPowell, speaking Wednesday on a panel organized by the Bank for International Settlements, a global organization of central …
Read More »Fed’s Daly: Want to get rates to about 2.5% at least, inflation is top of mind
San Francisco Fed President and FOMC member Mary Daly said on Wednesday that she wants to march rates to about 2.5% given that inflation is at the top of her mind, reported Reuters. The real neutral rate is about 0.5%, meaning the nominal rate is around 2.5%, Daly noted, adding …
Read More »Eurozone Consumer Confidence Deteriorates in March
The flash estimate of March Eurozone Consumer Confidence dropped to two year low at -18.7 in March from -8.8 the month prior, data from the European Commission on Wednesday showed. That was much steeper than the expected drop to -12.9 and marked the worst such reading since May 2020. While …
Read More »Inflation Fears Control The Markets
Inflation fears pushed bond yields higher, with bonds posting record losses, as traders flocked to stocks. But futures contracts for US indices such as the Dow Jones, S&P 500, and Nasdaq, headed lower. Oil prices also remained volatile with pressure. Investors today seem to be thinking about the distribution of …
Read More »Oil rises in turbulent trading after Caspian Sea pipeline disruption
Oil prices rose in volatile trading on Wednesday due to disruptions in crude exports from Russia and Kazakhstan via the Caspian Sea pipeline. The price of Brent crude futures rose $3.13, or 2.7 percent, to record $118.61 a barrel. The price had fallen earlier to 114.45 dollars a barrel. The …
Read More »Gold Rises as Its Attractiveness Increases Due to the Ukrainian crisis and inflation fears
Gold prices rose on Wednesday as investors looked for a shield in the face of sharply rising inflation and the uncertainty that events in Ukraine are imposing on the markets, and falling US bond yields provided support for the yellow metal. And gold rose in spot transactions 0.6 percent to …
Read More »European shares rise, boosted by commodity-related shares
European shares opened slightly higher on Wednesday, extending gains for the sixth consecutive session, despite continuing concerns about the economic fallout from the Ukraine crisis. Shares of energy and basic materials companies were among the biggest gainers, as fears of supply shortages due to the war between Russia and Ukraine …
Read More »America and Britain agree to remove duties on products including steel and aluminum
On Tuesday, March 23rd, the United States ended a long-running dispute with Britain over US steel and aluminum tariffs. America said that the two allies will work closely to confront the excess capacity in the market from economies that do not work with their mechanisms, such as China. US Commerce …
Read More »Turkish Consumer Confidence Rises 72.5% in March
Turkish consumer confidence rose 1.3 percent to 72.5 points in March, official data showed on Wednesday, rebounding from a dip last month and ignoring any impact of the conflict in Ukraine. Turkish consumer confidence hit a record low in December due to the depreciation of the lira. It had plunged …
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