If Putin chooses to invade Ukraine, he should not be rewarded by Europe funding him any further gas incomeThis is such any easy thing to say but when gas and electricty prices wreck Europe's economy, that's a tough trade off in the real world. It's clear to me there's...
With oil at $87 and the midterms coming, the US has ample reason to agree to compromise on an Iran nuclear deal.
We heard murmurs earlier this week about progress on talks, with Iran's foreign minister opening the door to direct talks with the US. Now Russia's envoy says he...
Kyiv embassy will remain open
It remains up to Russia to decide how to respond, we're ready either way
We will make sure global energy supply is not disrupted in the event of Russian action
Expects a follow-on discussion with...
US Supreme Court Justice Breyer to resign
US Supreme Court Justice Stephen Breyer is retiring. This according to NBC News.
Breyer was appointed by Bill Clinton (been a SC Justice since 1994) and is the most senior Liberal of the SC Justices.
His retiring now ahead of the mid term electi
Big statement out of the US sent brent crude above $90 for the first time in seven years.
US Dep Sec of State Wendy Sherman:
"We certainly see every indication that he is going to use military force sometime , perhaps between between now and middle of February."
Prior was +515K
Gasoline +1297K vs +2548K exp
Distillates -2798K vs -1260K exp
Refinery utilization -0.4% vs -0.4% exp
API data from late yesterday:
The four-week rise...
Headlines:Fed day is upon usEquities keep more buoyed in European morning tradeGermany cuts 2022 GDP growth forecast to 3.6% from 4.1% previouslyOPEC+ delegates reportedly expect to stick with plan for modest hike in outputUS MBA mortgage applications w.e. 21 January -7.1% vs +2.3% priorSwitzerland
Two sources cited by Reuters say OPEC+ will probably stick with a planned 400k bpd output hike at next Wednesday's meeting, though there is some talk about boosting output further.
The report said oil at $90 might prompt them to consider more output, with Russia worried that US shale could
US wholesale inventories preliminary for December 2021
The US preliminary wholesale inventories for December 2021:
Prior was 1.4% revised to 1.7%
Wholesale inventories come in stronger at 2.1% vs estimate of 1.3%
wholesale inventories YoY are up 18.3% from December 2020
Prior +2.3%Market index 551.7 vs 593.7 priorPurchase index 300.1 vs 305.7 priorRefinancing index 1,989.4 vs 2,276.3 prior30-year mortgage rate 3.72% vs 3.64% priorThe long-term rate rises another 8 bps to its highest since March 2020 and is now some 77 bps higher than the same period a year ago. Tha
The cut in the forecast isn't surprising as they have to factor in omicron risks, even as the economy is seemingly more resilient than anticipated to start the new year. The government adds that it expects the growth this year to be solely driven by domestic demand and local...
Meanwhile, US futures are also trading up rather modestly on the session currently. S&P 500 futures are up 1.2%, Nasdaq futures are up 1.8%, and Dow futures are up 0.8%.That's a very solid showing in terms of risk appetite but then again, I fear that equity investors are discounting...
Cable has been trading very much akin to a commodity currency since the turn of the year and well, I guess that says a lot more about what is driving the pair in the past few weeks. It is largely about the dollar side of the equation and I...
Prior 0.0That's a modest improvement in investor sentiment as omicron fears continue to be brushed aside for the most part. Credit Suisse notes that:"Financial analysts are looking beyond the temporary challenges pose by the omicron wave and anticipate a marked recovery in the spring."Of note, the c
Eurostoxx +0.8%Germany DAX +1.0%France CAC 40 +0.9%UK FTSE +0.9%Spain IBEX +0.7%That's a modest showing as the risk mood keeps in a better spot amid the countdown to the FOMC meeting later. Elsewhere, US futures are also holding slightly more positive for the time being.S&P 500 futures are up 0.2%,
I reckon this doesn't come as too much of a surprise given their decision earlier this month already. The oil market outlook is little changed since then, although there is the whole Ukraine-Russia thing going on but I guess it will be a play by ear situation.WTI is up...
Equities are extending gains a fair bit to start European trading and that is helping to keep the risk mood more upbeat for now. European indices are up over 1% after a decent start while S&P 500 futures are now up 0.6% and Nasdaq futures up 1.0%.In turn, that...
Prior 100A light dip in consumer morale, in which the survey details owe to concerns surrounding inflation. That has been an ongoing issue in the past few months for the region and the situation in Ukraine and Russia won't help to ease those worries surely.
Adding that markets are at levels typically consistent with corrections and relatively low returns over the next 1 to 5 years.
That's an interesting take but perhaps one that is probable considering the inflation and central bank backdrop. However, there is still a ton of money floating around and w
German DAX futures +0.6%UK FTSE futures +0.8%Spanish IBEX futures +0.6%The gains here belie the more tepid mood in the market as we count down to the FOMC meeting later today. US futures are slightly higher as well, with S&P 500 futures up 0.2%, Nasdaq futures up 0.4%, and Dow...
Dip buyers failed to stage another roaring comeback in trading yesterday and that is leaving markets on edge and hanging at the moment.It all boils down to the FOMC meeting later today and what will be said matters more than what the Fed will do. It's all about whether...
The decision in itself will be more straightforward as the Fed is to keep rates unchanged and wrap up QE.
One would think this might be a non-event but given recent market developments, a lot will hinge on whether or not the Fed offers anything for investors to grasp at....
The focus on the day will reside on the Fed, so it may be tough to see investors gather much conviction before we get to that.As such, European trading today may be more of a quiet one featuring little significant market moves. There isn't anything notable on the economic calendar...
Evergrande was once China's top selling real estate developer. It defaulted on some dollar bond payments last month and has over US$300 bn in liabilities. This includes nearly US$20 billion of international bonds all deemed to be in default.
Earlier this week the firm asked its offshore bondho
Ukrainian envoy to Japan says full-scale war is very difficult to expect
Samsung semiconductor manufacturing facilities in Xian, China, return to normal operation
Moody's analysts are optimistic on Asia-Pacific economic recovery despite risks
China's onshore yuan reference rate to