Markets & Industries
Bloomberg: Russia pushes Iraq out of Asian oil market - 06/24/2022
Due to significant price reductions on Russian energy resources, Asian importers started to choose Russia, which hurt Iraq's position on the market. According to Bloomberg, China and India, historically the primary consumers of Iraqi oil, increased Russian supply of the commodity. The agency reported that "no spot purchases of Iraqi Basrah Medium or Basrah Heavy crude have been made so far in the...
Fed chief links refusal to raise rate to slowing inflation - 06/24/2022
Jerome Powell, the chairman of the US Federal Reserve (Fed), stated that the watchdog will halt the crucial rate-hike cycle if it observes unmistakable indications of a slowdown in US inflation. The Fed now views a rate increase as a practical means of reestablishing price stability. "We will be watching for clear indications that inflation is reducing in the upcoming months. We anticipate that...
Greek authorities to tax excess profits of gas suppliers - 06/22/2022
Greek gas suppliers' increased revenues will be subject to a 90 percent tax, according to the Ministry of Environment and Energy. A law to be tabled to parliament by the ministry envisages that a rise in the profit rate of gas supply businesses between 2020 and 2021 would be taxed at a rate of 90 percent, as has happened with the increasing profitability of electricity companies, it added....
ECB to normalise monetary policy - 06/21/2022
Christine Lagarde, the head of the European Central Bank (ECB), told the European Parliament committee that the ECB is moving toward normalizing but not tightening its monetary policy. "We are in the process of normalizing monetary policy," she explained, "but we are not tightening it." Lagarde, in particular, emphasized that, as of July 1, the watchdog would cease net asset purchases under the...
Japanese government downgrades industrial production outlook - 06/20/2022
In June, the Japanese government lowered its industrial production outlook for the first time in seven months due to the negative impact of China's quarantine measures. Strict lockdowns in Chinese cities have had a strong negative impact on output by Japanese manufacturers as a result of disruptions in the supply of components and weakened demand in the Chinese economy for memory cards and...
Tesla raises US prices for its cars again - 06/17/2022
According to Reuters, Tesla has hiked pricing on all its electric vehicle models marketed in the United States owing to persistent supply chain issues and rising raw material prices. The price of the Model Y increased from $62,990 to $65,990. According to Credit Suisse, this is the manufacturer's fourth price hike on a specific model since the beginning of the year. Previous hikes were attributed...
Brazil's central bank raises key rate by 50 basis points - 06/16/2022
"Copom unanimously decided to raise the benchmark interest rate by 0.50 ppt to 13.25% per annum. The committee understands that this decision reflects uncertainty about its scenarios and risk of even greater dispersion than usual for projected inflation," the communiqué reads. The organization's experts noted the negative revision of global growth prospects in the context of strong and persistent...
OPEC maintains forecast for global oil demand growth in 2022 - 06/15/2022
In a recently released study, OPEC maintained its prediction for global oil demand growth in 2022 at 3.4 million barrels per day. The research stated that "oil demand growth in 2022 will stay constant from the May prediction of 3.4 million barrels per day." As a result, OPEC forecasts global oil consumption to average 100.3 million barrels per day in 2022. "OECD global oil consumption climbed...
Ukraine: We will be able to export only half as much agricultural products as before - 06/15/2022
Ukraine will be able to export only 2.2-2.4 million tons of agricultural products in the near future, compared to 5-6 million tons before the crisis, according to Ukrainian Deputy Minister of Agricultural Policy, who spoke to members of the European Parliament's Agriculture Committee. "Over 20 million tons of grain were not sold on the international market. Our export capability has been severely...
Ethereum falls to its lowest in more than a year - 06/14/2022
The cryptocurrency Ethereum plummeted to its lowest point in almost a year during the weekend. Bitcoin has also dropped to its lowest since May. According to Bloomberg, the value of Ethereum, the world's second largest cryptocurrency, plummeted to its lowest level in more than a year - since March 2021 - during trading on June 12. Bitcoin, the most valuable cryptocurrency by market...
