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On March 20th, Maybank analysts stated that a similar energy crisis to 2022 appears to be troubling central bank policy decisions once again. The consequences of the Iran war mirrored those of the Russia-Ukraine conflict, leading to a sharp rise in energy prices. A series of central bank decisions this week indicate that policymakers are closely monitoring the current situation. Gold and silver prices fell sharply as most major central banks, including the Reserve Bank of Australia and the Federal Reserve, adopted a more hawkish stance. With central banks acting ahead of the yield curve this time, we may be witnessing another round of positioning adjustments. Many central banks were criticized in 2022 for maintaining overly loose policies for too long based on the expectation that the energy shock would be temporary. This time, central banks are taking a more preemptive approach.Goldman Sachs expects the Bank of England to keep interest rates unchanged throughout 2026, compared to its previous forecast of quarterly rate cuts starting in July. The Monetary Policy Committee is expected to gradually lower the benchmark interest rate in 2027, eventually bringing it down to 3%.The China Earthquake Networks Center officially reported that a magnitude 6.0 earthquake occurred in the Vanuatu Islands (19.40°S, 168.15°E) at 10:30 a.m. on March 20, with a focal depth of 10 kilometers.GFZ (German Center for Geosciences): A 6.06-magnitude earthquake struck the Vanuatu Islands.Market news: The Vietnamese Prime Minister urged a shift to electric vehicles amid global energy turmoil.

European Stock Markets Begin The Holiday Week With A Gain

Aria Thomas

Dec 27, 2022 17:16

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European markets began the abbreviated last week of the year on a positive note.


The DAX was up 0.8%, the CAC 40 was up 1.05%, and the Euro Stoxx 50 was up 0.94% as of 03:10 ET (08:10 GMT).


On January 8, Chinese officials will no longer need foreigners entering the country to undergo quarantine. This is the most significant international news to emerge from China. The idea of China's openness might be the justification for market gains. The Nikkei 225 and the Shanghai Composite both ended the day with gains, with the Nikkei 225 gaining 0.16% and the Shanghai Composite gaining 1%.


At 03:15 ET (08:15 GMT), the EUR/USD was also up 0.1%, while the US Dollar Index fell 0.2%, a possible indication of a risk-on Santa rally to close out the year.


In keeping with the holiday schedule, today's economic calendar is somewhat light, with the Case-Shiller housing index, U.S. retail inventories, and French bond auctions serving as highlights.


LVMH Mot Hennessy Louis Vuitton SE (EPA:LVMH) (+2%), Airbus Group SE (EPA:AIR) (+1.7%), TotalEnergies SE (EPA:TTEF) (+1.5%), Eni SpA (BIT:ENI) (+1.4%), and BASF SE (ETR:BASFN) (+1.3%) were among the leading Euro Stoxx 50 gainers. Grifols SA (BME:GRLS) was the most significant decliner, down 2%. Very few large European equities were in the red.


Crude Oil WTI Futures traded down 0.1%, while Brent Oil Futures declined 0.15 % on commodities markets. Gold Futures resumed their strong pace at the end of the year, trading 0.65% higher.

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