Market Update

Oil prices could soar to $120 a barrel if Russia’s crude exports are derailed by tensions with Ukraine, according to projections from JPMorgan.The forecast underscores how a potential invasion of Ukraine would cause wide-ranging ripple effects that would be felt by inflation-weary consumers around the world. Any disruptions to oil …

Gold futures closed higher on Wednesday, with prices stretching their gains to a fourth-consecutive session to finish as the US dollar and Treasury yields eased back, boosting the appeal of the haven metal.Volatility in the metal’s prices could be explained by fluctuations in the US dollar, which also obviously has …

Wall Street jumped on Wednesday, closing sharply higher as megacap growth stocks powered up thanks to a pause in rising interest rates, and upbeat earnings reports also encouraged investors to buy.The benchmark 10-year US Treasury yield slipped from multi-year highs hit in the previous session, helping steady sentiment across global …

Easing government bond yields weighed on the US dollar, which anyway ended the day with mixed performance across the major currencies. The yield on the US 10-year Treasury note stands at around 1.93%, down from its weekly peak at 1.97%. The GBP/USD pair is unchanged on a daily basis trading …

Ahead of Thursday’s key US Consumer Price Index data scheduled for New York’s morning session, the White House says tomorrow’s inflation data will show a high year-on-year figure.The White House states that its irrelevant month on month number will continue trending lower the rest of the year.The consensus in the …

The sterling remains passive on Wednesday during the New York session, so far up 0.02% in the day and the GBP/USD pair is trading at 1.3539. Financial markets mood is positive, as European equity indices finished in the green territory. US equity indices led by the heavy tech Nasdaq Composite …

Loretta J. Mester, president and CEO of the Federal Reserve Bank of Cleveland, is crossing the wires and has stated that there’s a strong case to start reducing accommodation and she supports rate increase in March.Key RemarksFuture rate increases will be guided by the economy.If inflation is not coming down …

Versus the expected 369K Increase, commercial crude oil inventories in the US dropped by 4.756 million barrels in the week ending on 5 February, a weekly report published by the US Energy Information Administration revealed on Wednesday. Market consensus pointed to an increase in crude oil stocks.Distillate stocks saw a …

Macklem is speaking live to the Canadian chamber of commerce.Key QuotesCovid recovery phase is chance to make long overdue gains in Canadian productivity.Productivity growth is vital to economic growth, increasing wages without raising unit labour costs.US capital has moved to higher-productivity sectors in larger amounts than in Canada, ‘has been …

Isabel Schnabel, member of the Executive Board of the European Central Bank (ECB), mentioned during a Twitter session of Q&A that rising interest rates would not lower energy prices. She added that if current inflation “threatens to lead to a de-anchoring of inflation expectations, we may still need to respond”. …