Oil is little changed today after a sharp drop on Friday, driven by growing market concerns that rapid policy tightening by the Federal Reserve (Fed) will trigger a recession in the US economy. The cost of August futures for Brent crude oil on the London-based ICE Futures exchange by 8:36 Moscow time was $113.05 per […]

The People’s Bank of China (PBOC, Central Bank) kept the 1-year benchmark lending rate (LPR) at 3.7% per annum. It was cut by 5 basis points last December, cut by another 10 bps in January, and then remained unchanged. The rate on 5-year loans was kept at 4.45% per annum, the NBK said. In the […]

In the week of June 13-17, the most popular (according to Investing.com Russia) financial instruments were the following: Bitcoin, Brent oil futures, Ethereum, Gazprom (MCX:GAZP) shares and EUR/USD. As for news, the most interesting for the week were the following: Binance announced a “temporary” pause in withdrawals, the Central Bank named the amount of blocked […]

“NOVATEK (MCX:NVTK) is interested in buying Finnish energy holding Fortum’s assets in Russia, the Russian company’s chairman Leonid Mikhelson said. “NOVATEK may consider buying Fortum’s Russian assets, profit allows,” Mikhelson said on the sidelines of SPIEF-2022. “We didn’t disclose the statements for the first quarter, we won’t for the second quarter either. So we can […]

The mechanism that allows the floating exchange rate to ensure its sufficient stability in the current conditions almost does not work, the government and the Central Bank need to rethink the economic mechanisms of recent years, prioritizing growth, for which the optimal ruble exchange rate is also important, said in an interview with “Interfax” First […]

According to the results of the current year, the decline of the Russian economy may be significantly less deep than in the current forecast of the Ministry of Economic Development (7.8%), said in an interview with “Interfax” First Deputy Prime Minister of the Russian Federation Andrei Belousov on the platform of the St. Petersburg International […]

U.S. Federal Reserve Chairman Jerome Powell will again be in the spotlight this week when he addresses Congress after the largest interest rate hike by the nation’s central bank since 1994. Powell’s comments and those of several other Fed officials due to speak this week will be closely watched as the market tries to gauge […]

The US dollar and euro are growing at the beginning of trading on the Moscow Exchange, while the ruble is getting cheaper against the bi-currency basket as part of the correction after strengthening in the previous days. Trading participants play off the situation on the oil market and continue to analyze the results of the […]

Economists have raised their forecasts for the probability of recession in the U.S. in the next year to 44%, Russia exported a record amount of oil to China – these and other important news for Monday morning, June 20, in our daily review. Analysts have raised their forecasts and now expect a recession in the […]

Potential deadlines for postponing some projects of Rosseti PJSC amid difficulties with equipment may reach a year, but there is no question of canceling them, the company’s head Andrei Ryumin told reporters on the sidelines of SPIEF. “All planned projects will be realized. There are no risks of disruption. But there is a probability of […]

The cryptocurrency meme Dogecoin has surged after Ilon Musk, CEO of Tesla (NASDAQ:TSLA) and SpaceX, expressed support for it, just days after a class action lawsuit was filed against him alleging he manipulated the price of Dogecoin. Both companies and Musk himself have been named as defendants in the suit, Yahoo writes. According to CoinMarketCap […]

Christopher Waller, a member of the Board of Governors of the Federal Reserve System (Fed), is ready to support a 75 basis points (bps) increase in the U.S. central bank’s benchmark interest rate at the July meeting if the situation in the U.S. economy meets his expectations. “The Fed is determined to bring back price […]

In May, China increased its imports of Russian-produced crude oil by a record 55% year-on-year (including shipments via the East Siberia-Pacific Ocean pipeline and sea transportation). As a result, Russia took the first place among all exporters of this fuel to China, displacing Saudi Arabia. This is reported by Reuters with reference to the data […]

The government and the Bank of Russia should prioritize economic growth, for which the optimal ruble exchange rate is important, First Deputy Prime Minister Andrei Belousov said in an interview with Interfax. According to him, the consensus opinion estimates the optimal ruble exchange rate for the economy at 70-80 rubles and it is necessary to […]

According to Nomura Holdings Inc. economists, the U.S. economy is likely to face a mild recession by the end of 2022 as the Federal Reserve raises rates to fight inflation, Bloomberg writes. Nomura analysts are confident: financial conditions in the U.S. will tighten further, consumer sentiment will worsen, energy and food supply disruptions as the […]

The State Duma Finance Committee has approved for adoption in the second reading amendments that allow banks with a basic license to temporarily, until December 31, 2023, to open bank (correspondent) accounts in foreign banks. Until December 31, 2023, the norm of the law on banking activity, according to which a bank with a basic […]

Swiss watch exports rose 13.6% in May 2022 compared to May 2021 to CHF 2.045 billion, data from the Federation of the Swiss Watch Industry showed. In April, growth was 7.3%. Ca Shipments of wristwatches, which account for the bulk of exports, rose 14.1% in May compared with May 2021 to 1.952 billion francs. Swiss […]

The U.S. economy will continue to grow through 2022 despite high inflation and rising interest rates, Federal Reserve Bank of St. Louis (FRB) Chairman James Ballard said. “In terms of GDP growth, I believe the indicators point to continued growth in the coming quarters,” Ballard said, speaking at an event in Barcelona, adding that based […]