On Monday, oil prices skidded as investors tracked a worsening Covid-19 outbreak in China. Brent Crude futures declined 0.39% or 0.32 points to $104.05 per barrel. The international benchmark extended a drop of 0.85% to $103.50 per barrel yesterday. Likewise, US West Texas Intermediate lost 0.60% or 0.57 points to $98.70 per barrel. It followed …
Oil extends retreat as China’s Covid crisis grows Read More »
On Sunday, BYD Co. Ltd. announced that it stopped the production of traditional gasoline-powered vehicles last month. Instead, China’s largest electric vehicle maker now manufactures full electric and plug-in hybrid cars. The firm mentioned that it would continue to offer existing customers improved service and after-sales support. At the same time, it would still supply …
This week, senior U.S. officials fanned out to push other leaders to continue pressure on Moscow; they urged them to join the sanctions and other measures campaign as the Ukraine crisis enters its fifth week. The early economic harm to Russia appears to be ebbing. The initiative comes as the immediate impact of the United …
As the Rouble Rises, US Pushes to Maintain Pressure on Putin Read More »
Amazon.com unveiled a double cashback rewards program on fuel purchases to up to 12.00% for Flex debit cardholders. This move would help its delivery partners amid the surging fuel prices. Accordingly, gasoline costs have edged up more than 20.00% from last month. The sky-high crude rates have mainly driven the upsurge. Western countries have avoided …
The euro sank on Thursday as investors worried about the situation in Ukraine and the lack of progress in peace negotiations. At the same time, the Norwegian crown plummeted after the central bank opted to purchase foreign currency. Russian forces are preparing further strikes, according to Ukrainian President Volodymyr Zelensky; peace negotiations set to start …
The Euro Falls as Investors Remain Wary About Ukraine Read More »
Even as a new subvariant generates a new wave of infections, many countries have decided to live with the coronavirus. China, on the other hand, is a notable exception. China uses “snap” lockdowns to stop COVID-19 from spreading within its borders. Furthermore, the policy is looming over the global economy and financial markets; it is …
On Monday, oil prices registered losses as fears over weaker fuel demand in China grew on Shanghai lockdown efforts. Brent crude futures skidded 3.69% or 4.44 points to $112.85 per barrel. Then, US West Texas Intermediate oil contracts declined 4.42% or 5.04 points to $108.77 per barrel. Both of the benchmarks reversed their 1.40% gain …
Oil futures edge down on worries of weaker Chinese demand Read More »
BlackRock CEO Larry Fink believes that the current Russia-Ukraine war increased the use of digital currencies to settle international transactions. Fink noted that the present war is forcing countries to reconsider their currency attitudes, eventually becoming a global digital payment network in a letter to shareholders. He said the war had ended the forces of globalization in …
Digital Currencies Could Earn a Push from the War Read More »
On Friday, the Australian and New Zealand currencies had back-to-back weekly gains; the pair was supported by forecasts of rising interest rates and surging commodities prices, which have pushed the Australian dollar to a six-year high. The Australian dollar (AUD=D3) remained steady at $0.7511 after hitting a four-and-a-half-month high of $0.7527 overnight. The high of $0.7555 in …
The move follows Prime Minister Fumio Kishida’s announcement that Japan will revoke Russia’s “most favored nation” trade status. In reaction to Moscow’s conflict in Ukraine, Japan’s foreign ministry said that it would freeze the assets of 25 additional Russians and block exports to 81 Russian organizations. Tokyo has announced a slew of penalties on Russia …
European countries currently grapple with the risk of a diesel shortfall as deeper sanctions on Russia could disrupt imports. The heavy industry significantly relied on this liquid fuel for its main processes. This includes transportation, farming, fishing, power, and heating sectors. However, the surging value of diesel further pushes up fuel and transportation costs. Correspondingly, …
Diesel shortage signals slow economic growth in Europe Read More »
On Thursday, gold held an advance as safe-haven demand remained strong ahead of potential new sanctions against Russia. Accordingly, futures tied to the yellow metal strengthened 0.20% or 3.95 points to $1,941.40 per troy ounce. It extended its gain of 0.82% to $1,937.30 yesterday. Meanwhile, spot gold slightly declined 0.14% or 2.93 points to $1,941.39 …
Gold prices firm as safe-haven demand remains strong Read More »
The dollar remained steady versus key rivals on Wednesday. The early-week lift from the U.S. Federal Reserve’s strong attitude faded as investors awaited President Joe Biden’s travel to Europe to announce further sanctions against Russia. Biden, who will go to Brussels on Wednesday for discussions with NATO and European leaders, will advocate reducing Europe’s reliance …
Dollar Flat as Biden Travels to Europe to Impose Sanctions Read More »
On Wednesday, sunflower oil prices significantly jumped after Russia’s invasion of Ukraine halted worldwide supply. Accordingly, contracts tied to the Black Sea commodity surged 9.56% or 140.00 points to $1604.00 per metric ton. The previous week settled around $1,950.50 per metric ton, the highest level since 2018. In line with this, the price of edible …
Sunflower oil jumps on shortages due to Ukraine war Read More »
Following a hawkish speech by US Federal Reserve Chair Jerome Powell and the worsening crisis in Ukraine, most Asian currencies continued to weaken on Tuesday; the South Korean won, and Thai baht led the declines. In a speech on Monday, Powell said that taming inflation requires acting “quickly” and maybe “aggressively”; this boosted the currency …
Currency Concerns After Ukraine War, Pushed Yields Higher Read More »
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