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According to the Wall Street Journal, NASA and Boeing (BA.N) are discussing enabling the Starliner to perform more than 10 flight missions in the future.Fitch affirmed Chiles rating at A- with a stable outlook.On September 19th, the United States warned its allies that deliveries of some key weapons could be delayed by up to five years due to the significant depletion of its own munitions stockpiled during the war with Iran. Several officials stated that orders for Tomahawk cruise missiles and the Tefeng long-range launch system from European countries like Germany are facing delays due to insufficient US stockpiles, and some Eastern European countries reliant on US weapons are also affected. The US military consumed a large amount of advanced munitions during the war with Iran, including more than half of its advanced Patriot interceptor missiles, about one-third of its Tomahawk missiles, and nearly half of its precision-guided missiles and THAAD interceptor stockpile. The Pentagon acknowledged that the large-scale use of munitions exposed strategic stockpile shortages and bottlenecks in military production capacity. Currently, US defense contractors are expanding production capacity, with Lockheed Martin planning to increase the annual production of PAC-3 Patriot missiles. Meanwhile, Ukraine urgently needs more Patriot air defense interceptors, but the US policy of prioritizing its own stockpiles has also increased supply pressure.September 19th - Due to the shutdown of Saudi Arabias east-west oil pipeline, European refiners are scrambling for alternative sources, while soaring fuel prices are further pushing up crude oil procurement costs. Following the attack on its pipelines leading to the Red Sea, Saudi Aramco is seeking to increase crude oil shipments through the Strait of Hormuz. This week, Asian buyers purchased tens of millions of barrels of Saudi crude from the vicinity of the strait. However, this adjustment also means that these shipments are further away from European refiners eager for supplies. On Friday, the North Sea crude premium surged to a record high. This comes after Saudi Aramco informed its European customers that it would be unable to supply them with crude oil next month according to long-term agreements. Traders involved in the market said that Norwegian Johan Sverdrup crude, which is similar in quality to Saudi crude, is priced at up to $35 per barrel higher than the Brent spot benchmark. Less than two weeks ago, the premium for the same grade was only 60 cents per barrel. The surge in spot crude prices indicates that European refineries are sparing no expense to secure crude oil supplies and maintain sufficiently high refinery operating rates to alleviate fuel supply shortages. Diesel prices in the region have now risen to over $200 per barrel.On September 19th, US President Donald Trump announced an immediate ban on CNN, MSNBC (renamed MSNOW), and Politico from entering the White House, citing his accusations that these media outlets have long published "fake news." Trump stated that media outlets should not publish what he considers "fictional" and "false" content when reporting on the US president, the Trump administration, or US affairs, and indicated that other media organizations may face similar restrictions. Trump also criticized Politico for receiving an $8 million subscription contract from the Biden administration, claiming the deal was problematic.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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