Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2022

• 3 March 2022 1:47 pm

  UK Final Services PMI Revised Down to 60.5 in February

  

  The UK services sector activity expanded less than expected in February, the final report from IHS Markit confirmed this Thursday. The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised lower to 60.5 in February versus 60.8 expected and a 60.8 – last month’s flash reading.

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• 3 March 2022 1:17 pm

  US Strategic Petroleum Reserve at The Lowest Level Since 2002

  

  A US Energy Information Administration report said on Wednesday that the US Strategic Crude Oil Reserve fell 2.4 million barrels last week to 580 million barrels, its lowest level since August 2002. At the crude delivery and storage center in Cushing, Oklahoma, stocks fell by 972,000 barrels last week to …

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• 3 March 2022 12:09 pm

  The European Union Excludes 7 Russian Banks From SWIFT

  

  The European Union has removed seven Russian banks from the Swift messaging system that supports global transactions as part of its sanctions against Russia over its invasion of Ukraine, the Official Gazette of the European Union said on Wednesday. The banks, which will be given 10 days to phase out …

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• 3 March 2022 11:37 am

  Oil Exceeds $110 a Barrel, With Few Alternatives For Russian Supplies

  

  Oil prices jumped above $110 a barrel on Wednesday, extending their rally since Russia invaded Ukraine seven days ago, amid expectations that the market will remain in short supply for months following the imposition of tough sanctions on Moscow and the mass exodus of major companies’ investments in Russian oil …

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• 3 March 2022 11:00 am

  The World Bank is suspending all programs in Russia and Belarus

  

  The World Bank on Wednesday announced the suspension of all programs in Russia and Belarus with immediate effect in the wake of Russia’s invasion of Ukraine and “hostilities against the people of Ukraine.” The multilateral development bank said it had not approved any new loans or investments in Russia since …

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• 3 March 2022 10:35 am

  Fitch Downgrades Russia’s Sovereign Rating to Junk

  

  Ratings agency Fitch on Wednesday cut Russia’s sovereign rating six notches to junk, saying Western sanctions over its invasion of Ukraine had made Russia’s debt-servicing uncertainty and would weaken its economy in a “massive shock” to its creditworthiness. Russia’s financial markets have plunged into turmoil over its attack on Ukraine, …

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• 3 March 2022 10:15 am

  Moody’s Downgrades Russia’s Rating to B3

  

  Ratings agency Moody’s said Thursday that it has downgraded Russia’s long-term and unsecured credit rating to B3 from Baa3, attributing this to tough sanctions imposed by Western countries on Moscow. The agency added that the ratings are still under review for a further downgrade.

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• 3 March 2022 4:37 am

  Market Drivers – US Session – 2 March

  

  The most significant driver across financial markets on Wednesday was the testimony by Fed Chair Jerome Powell before Congress. Powell’s testimony will continue on Thursday with hints on determination to adopt QT and decide interest rate hilke in FOMC’s 16 March meeting. Economic DataPrivate employers hired more workers than expected …

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• 3 March 2022 4:23 am

  Jobless Claims, NFP Expectations As US Labour Market Gains Momentum

  

  Private employers hired more workers than expected in February and data for the prior month was revised sharply higher to show strong job gains instead of losses, aligning with other reports that have produced a positive picture of the US labour market.The ADP National Employment Report on Wednesday suggest that …

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• 3 March 2022 4:18 am

  Fed’s Logan: US Balance Sheet Reduction Likely When Markets Stabilize

  

  “We’ve certainly seen recent developments lead to notable volatility and declines in market liquidity,” Lorie K. Logan, an executive vice president with the New York Fed, said recently during a virtual event organized by New York University.“But so far, outside of Russian markets … our sense is that broader markets …

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• 3 March 2022 3:50 am

  US Shares Rebound On Back of Powell’s Comments

  

  US equities staged a decent rebound on Wednesday, with the S&P 500 breaking above last week’s highs to test 4400. Markets took reassurance from the tone of Fed Chair Powell’s remarks at his testimony before the US Congress.US equities rose on Wednesday as traders digested remarks from Fed Chair Jerome …

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• 3 March 2022 3:42 am

  WTI Rallies, Eyeing 2017 High Around USD 112

  

  US crude oil benchmark, WTI, rallies by 4.67% in the day, aiming to close above the USD 100 mark for the second day of the year as Wall Street closed, with US equities printing gains. The market sentiment is positive, though it would be subject to Ukraine-Russia tussles as it …

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• 3 March 2022 2:46 am

  Despite Surging Production, Russia Fails To Meet OPEC+Quota

  

  OPEC+ met on Wednesday and will not to break from its plan to add 400,000 bpd to quotas each month, largely as expected, despite soaring oil prices amid Russia’s invasion of Ukraine.Russia is estimated to have increased its crude oil production by 0.2 percent in February compared to January, but …

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