Regions of Ukraine are holding referendums on joining Russia at the moment and Ukraine has said anyone who participates will be liable for a 5 year prison sentence. The votes have been widely characterized as a sham. In any case, the votes will be used by Russia to annex the areas. In turn, that will
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New Delhi: Origo Commodities, an e-platform for agri-commodities, in its first report on Khari crop estimates indicated that production is likely to take a hit in the coming months. Key highlights of the estimates by Origo Commodities As per the latest estimate of Origo Commodities, India’s total Kharif crop production for the crop year 2022-23
Markets: WTI crude oil down $4.64 to 78.84 US 10-year yields down 2.7 bps to 3.68% UK 10-year yields up 33 bps to 3.83% Gold down $27 to $1643 S&P 500 down 1.7% USD leads, GBP lags (badly) Today’s price action was probably just an extension of the FOMC trade and the growing belief that
Risk-off sentiment continued in the commodities market, whether bullion, base metals, energy or agri commodities. US Central bank continued with mega-size rate hikes and gave the message they would do everything to bring the inflation down to within their comfort zone of 2 per cent, even if it leads to a path of a painful
It’s such a week of surprises. The biggest one was probably the free fall in Sterling, as markets reaction to the “mini-budget” of the new UK government was overwhelmingly negative. Commodity currencies and Euro were also pressured on risk aversion. Dollar emerged as the strongest one after hawkish Fed hike, selloff in risk assets, and
The major US stock indices are closing lower for the 4th consecutive day. For the week, the majors major indices are also down sharply. Recall from this time last week, Adam warned that this week is the worst week on the calendar seasonally for equities, over the past 50 years.It lived up to that distinction
Gold price in the national capital fell by Rs 139 to Rs 50,326 per 10 grams on Friday amid a fall in international precious metal prices, according to Securities. In the previous trade, the yellow metal had finished at Rs 50,465 per 10 grams. Silver also fell sharply by Rs 363 to Rs 58,366 per
Sterling is in free fall today as markets reacted negatively to the “mini-budget” of the new government. Selloff came after Finance Minister Kwasi Kwarteng announced to cancel and planned rise in corporation tax, reverse a recent rise in income tax, and cut taxes for businesses in designated investment zones. Swiss Franc is currently the biggest
The market today is signaling that the era of easy money for governments is over. That has some serious negative implications for global growth and — by extension — oil demand. The problem I see is that it also has negative implications for financing the green transition. The plan — particularly in Europe — calls
Gold prices dropped more than 1% to their lowest since April 2020 on Friday as a cocktail of factors from a robust dollar and elevated U.S. bond yields to worries around more U.S. interest rate hikes diminished bullion’s appeal. Spot gold XAU= was down 1.7% at $1,642.79 per ounce by 1058 GMT and was heading
Dollar, Yen and Swiss Franc are currently trading as the strongest ones for the week, as supported by risk-off sentiment. Yen overpowers the other with help from intervention by Japan. Dollar is supported by hawkish Fed while Swiss Franc clearly lagged behind. Nevertheless, the Franc is still up against Euro and Sterling, which are among
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Oil prices rose in early Asian trade on Friday on the prospect that a stalled Iran nuclear agreement and Moscow’s new mobilization campaign in its invasion of Ukraine would further restrict global supplies. Brent crude futures gained 16 cents, or 0.2%, to $90.62 per barrel by 0020 GMT, while U.S. West Texas Intermediate (WTI) crude
Dollar broke out to the upside overnight following hawkish Fed hike. At the same time, it’s closely trailed by Swiss Franc for now, on geopolitical risks. Risk aversion is also keeping Yen afloat in crosses, despite strong rally in treasury yields. For now, Kiwi is the worst performer for the performer among the weak commodity
The major US stock indices are trading modestly lower at the start of trading for the day. The Dow industrial average is trading above and below unchanged. The NASDAQ index is leading the way to the downside with a somewhat modest -0.35% decline. The major indices all fell yesterday after the Federal Reserve raised rates
Gold price in the national capital rose by Rs 442 to Rs 50,399 per 10 grams on Thursday amid a rise in international precious metal prices and sharp rupee depreciation, according to Securities. In the previous trade, the yellow metal had closed at Rs 49,957 per 10 grams. Silver also climbed by Rs 558 to
Extreme volatility was seen in the markets in the past 24 hours. Yen rebounds broadly today after Japan confirmed that “decisive” currency intervention was made. That came after BoJ stood pat and pledged to keep rate at low level. Swiss Franc was sold off sharply after SNB hiked 75bps, but hinted at the possibility of
Goldman Sachs with the deep cut to their forecast for China’s economic growth next year. GS were looking for +5.3% in 2023 Down to a projection of 4.5% now. — China’s economy is facing numerous headwinds, pretty much all of which can be traced back to poor priorities and policy choices: zero covid collapsing debt-disaster