Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2022

• 3 March 2022 7:15 pm

  US: February’s ISM Services PMI Falls Below Expectation

  

  The headline ISM Services PMI figure slid to 56.5 in February from 59.9 in January, below the expected rise to 61.0, according to the latest release by the Institute for Supply Management.Economic activity in the services sector grew in February for the 21st month in a row, with the Services …

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• 3 March 2022 4:41 pm

  Europe Can Reduce Gas Imports From Russia by More Than a Third in a Year

  

  The International Energy Agency said on Thursday that Europe could reduce the import of Russian gas by more than a third within a year, and the agency announced a 10-point plan to reduce the European Union’s dependence on Russian gas. “Nobody is under any illusions anymore. Russia’s use of its …

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• 3 March 2022 3:21 pm

  Oil at Its Highest Level in Years as US Sanctions Target Russian Refiners

  

  Oil prices continued their rally on Thursday, with Brent crude heading towards $120 a barrel, its highest level in nearly a decade, due to US sanctions on Russian refiners, shipping disruptions, and a drop in US crude stocks to their lowest level in years. Brent crude futures prices rose to …

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• 3 March 2022 2:25 pm

  Gold is Consolidating Affected by The Ukraine Crisis

  

  Gold prices firmed on Thursday as investors remained cautious about the conflict between Russia and Ukraine, which also boosted demand for the safe-haven precious metal, while supply fears pushed palladium to a seven-month high. Gold prices consolidated in spot transactions at $1926.10 an ounce. US gold futures rose 0.4 percent …

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• 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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