Sunday, May 11, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Oil surges, shares and euro hit the skids By Reuters

by Reuters
March 7, 2022
in Business
Reading Time: 3 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


Oil surges, shares and euro hit the skids
© Reuters. FILE PHOTO: A view of Horizon Singapore Terminals storage facility on Jurong Island in Singapore July 11, 2019. Image taken July 11, 2019. REUTERS/Edgar Su

By Wayne Cole

SYDNEY (Reuters) – Oil costs soared and shares sank in hectic buying and selling on Monday as the chance of a U.S. and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a serious stagflationary shock for world markets.

The euro prolonged its slide, hitting parity in opposition to the protected haven Swiss franc, and commodities of all stripes had been on the rise because the Russian-Ukraine battle confirmed no signal of cooling.

Russia calls the marketing campaign it launched on Feb. 24 a “particular army operation”, saying it has no plans to occupy Ukraine.

Having surged greater than 10% in wild early motion, Brent was final quoted $7.90 increased at $126.01, whereas rose $6.67 to $122.35. [O/R]

That bounce will act as a tax on customers and the potential blow to world financial progress noticed inventory futures drop 1.5%, whereas Nasdaq futures shed 1.9%. U.S. 10-year bond yields additionally dropped to their lowest since early January.

EUROSTOXX 50 futures dived 3% and futures 2.5%.

sank 3.2%, whereas MSCI’s broadest index of Asia-Pacific shares outdoors Japan misplaced 1.6%. Chinese language blue chips shed 0.8% amid a sea of pink throughout Asian markets.

Having climbed 21% final week, was additional energised by the chance of a ban of Russian oil by the US and Europe.

“If the West cuts off most of Russia’s power exports it will be a serious shock to world markets,” mentioned BofA chief economist Ethan Harris.

He estimates the lack of Russia’s 5 million barrels might see oil costs double to $200 a barrel and decrease financial progress globally.

And it isn’t simply oil, with commodity costs having their strongest begin to any yr since 1915, says BofA. Among the many many movers final week, nickel rose 19%, aluminium 15%, zinc 12%, and 8%, whereas wheat futures surged 60% and corn 15%.

That may solely add to the worldwide inflationary pulse with U.S. client value information this week anticipated to point out annual progress at a stratospheric 7.9%, and the core measure at 6.4%.

All of which complicates the coverage image for the European Central Financial institution when it meets this week.

“Given the potential for stagflation could be very actual, the ECB is more likely to preserve most flexibility with its asset buy programme at 20 billion euros by means of Q2 and doubtlessly past, thus successfully pushing out the timing of fee hikes,” mentioned Tapas Strickland, an economist at NAB.

“Greater CPI forecasts, although, imply fee hikes will probably be wanted on the horizon.”

EURO OVERWHELMED

The near-term prospect of a extra dovish ECB mixed with safe-haven flows to drive German 10-year bond yields down an enormous 32 foundation factors final week. U.S. 10-year yields had been down at 1.69%, having already dropped 23 foundation factors final week..

Fed fund futures had been additionally gaining because the market priced in a slower tempo of fee rises from the Federal Reserve this yr, although a March hike remains to be seen as a accomplished deal.

With the outlook for European progress darkening, the one forex took a beating and fell 3% final week to its lowest since mid-2020. It was final down 0.8% at $1.0834 and in peril of testing its 2020 trough round $1.0635.

The euro was additionally tumbling in opposition to the Swiss franc to interrupt below 1.0000 for the primary time since early 2015.

The greenback was broadly firmer, supported partially by a powerful payrolls report which solely reaffirmed market expectations for a Fed hike this month. The was final at 99.134 having climbed 2.3% final week.

“Occasions within the Ukraine are more and more overwhelming the euro,” mentioned Richard Franulovich, head of FX technique a Westpac.

“With safe-haven flows more likely to proceed for someday but and Fed officers desirous to press on with their coverage normalisation plans, 100+ for (the greenback index) is only a matter of time.”

Gold benefited from its standing as one of many oldest of protected harbours and was final up 1.1% at $1,991 an oz. [GOL/]



Source link

Tags: euroHitOilReuterssharesskidssurges
Previous Post

Netflix, KPMG, PwC, AMEX sever ties with Russia By Reuters

Next Post

U.S., Venezuela discuss easing of sanctions, make little progress -sources By Reuters

Related Posts

Henkel AG & Co. KGaA (HENKY) Q1 2025 Earnings Call Transcript

Henkel AG & Co. KGaA (HENKY) Q1 2025 Earnings Call Transcript

by SA Transcripts
May 10, 2025
0

Henkel AG & Co. KGaA (OTCPK:HENKY) Q1 2025 Earnings Convention Name Might 8, 2025 3:00 AM ET Firm Contributors Leslie...

Indo-Pak Ceasefire: Shortest wars in history; as India-Pakistan warlike situation ends, know battles with shortest fates

Indo-Pak Ceasefire: Shortest wars in history; as India-Pakistan warlike situation ends, know battles with shortest fates

by zee business
May 10, 2025
0

Shortest Wars in World Historical past: India and Pakistan agreed on a short lived ceasefire as we speak (Could 10,...

Birla Corporation Q4 Net Profit Rises 32.7% To Rs 256.6 Crore

Birla Corporation Q4 Net Profit Rises 32.7% To Rs 256.6 Crore

by PTI
May 10, 2025
0

MP Birla Group agency Birla Company has reported a 32.7% rise in its consolidated web revenue to Rs 256.6 crore...

NxtCell India ropes in Dixon Tech’s arm Padget Electronics to make devices under Alcatel brand

NxtCell India ropes in Dixon Tech’s arm Padget Electronics to make devices under Alcatel brand

by Euro Times
May 10, 2025
0

NxtCell India has roped in Dixon Applied sciences subsidiary Padget Electronics to start out manufacturing units below the French Tech...

US top diplomat Rubio speaks with Pakistan army chief, urges de-escalation

US top diplomat Rubio speaks with Pakistan army chief, urges de-escalation

by Euro Times
May 10, 2025
0

U.S. Secretary of State Marco Rubio spoke with Pakistan's Military Chief Common Asim Munir on Friday and urged each Pakistan...

Gold tops stocks as second-favorite long-term investment, real estate still no. 1 – Gallup poll

Gold tops stocks as second-favorite long-term investment, real estate still no. 1 – Gallup poll

by Carl Surran
May 10, 2025
0

Might 09, 2025 6:43 PM ETSPDR® Gold Shares ETF (GLD), GDXIAU, SLV, SIL, SGOL, SIVR, GDXJ, PHYS, PSLV, NUGT, RING,...

Next Post
U.S., Venezuela discuss easing of sanctions, make little progress -sources By Reuters

U.S., Venezuela discuss easing of sanctions, make little progress -sources By Reuters

The West’s threat of a ban on Russian oil shakes markets

The West’s threat of a ban on Russian oil shakes markets

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NetScout Systems, Inc. (NTCT) Q4 2025 Earnings Call Transcript

NetScout Systems, Inc. (NTCT) Q4 2025 Earnings Call Transcript

May 10, 2025
Reluctant at First, Trump Officials Intervened in South Asia as Nuclear Fears Grew

Reluctant at First, Trump Officials Intervened in South Asia as Nuclear Fears Grew

May 10, 2025
Phibro Animal Well being Company (PAHC) Q3 2025 Earnings Name Transcript

Phibro Animal Well being Company (PAHC) Q3 2025 Earnings Name Transcript

May 10, 2025
Henkel AG & Co. KGaA (HENKY) Q1 2025 Earnings Call Transcript

Henkel AG & Co. KGaA (HENKY) Q1 2025 Earnings Call Transcript

May 10, 2025
XRP Price Watch: Daily RSI Neutral as Price Eyes Higher Highs

XRP Price Watch: Daily RSI Neutral as Price Eyes Higher Highs

May 10, 2025
International students get an education in fear

International students get an education in fear

May 10, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

NetScout Systems, Inc. (NTCT) Q4 2025 Earnings Call Transcript

Reluctant at First, Trump Officials Intervened in South Asia as Nuclear Fears Grew

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In