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On June 25th, Westpac stated that it expects the Reserve Bank of New Zealand (RBNZ) to be less likely to raise interest rates as sharply as initially anticipated. This is because an early resolution to the Iranian conflict implies a weaker inflation outlook and an earlier economic recovery. Westpac anticipates the RBNZ will begin raising rates in September, but will only raise them once more for the remainder of the year. This means the official cash rate will peak at 4.0% by the end of 2027, before falling back to a neutral level of 3.75% by the end of 2028. Previously, Westpac had predicted the rate could reach as high as 4.25%. Westpac wrote, "Our core view suggests that the RBNZ will raise rates one less time this year than our most recent forecast, but one more time than pre-conflict projections."The yield on Japans 20-year government bonds fell 1.5 basis points to 3.55%.The bid-to-cover ratio for Japans 20-year government bond auction was 2.97, the lowest level since May 2025, compared to 4.01 in May.June 25th - The 4th China International Blockchain Expo (CIE) was held in Beijing from June 22nd to 26th. It is reported that Japan had the largest number of delegations from Asian countries at this years CIE. Ten Japanese economic delegations visited China, including representatives from the Japan Business Federation (Keidanren) and the Japan Chamber of Commerce and Industry. Keidanren is Japans largest and most authoritative comprehensive economic organization, with core members encompassing leading companies across almost all sectors. The Japan Chamber of Commerce and Industry is one of Japans largest national business organizations. The Kansai Economic Federation represents the Kansai region, Japans second-largest economic zone. These ten organizations broadly cover all aspects of Japans social enterprise network.June 25 – The Ministry of Ecology and Environment held its regular June press conference today (June 25). Officials stated that my country has entered its main flood season, and in response to the severe situation of potentially large fluctuations in water quality during this period, the Ministry has acted swiftly and made arrangements. Regarding abnormal water quality fluctuations during the flood season, the Ministry will promptly conduct analysis and consultations, providing point-to-point guidance to local authorities to identify the causes and accelerate rectification. Simultaneously, it will promote joint risk assessment and collaborative countermeasures between upstream and downstream areas, as well as between left and right banks of river basins, to avoid situations where "upstream pollution leads to downstream liability" or "left-bank remediation leads to right-bank relapse," thus forming a closed-loop management system for problem assignment, rectification implementation, and follow-up evaluation.

Global Markets Slump As The US Bans Russian Oil, Gold Rises

Aria Thomas

Apr 01, 2022 10:19

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The US imposes a ban on Russian oil

President Joe Biden of the United States put a ban on Russian oil and gas imports on Tuesday, ratcheting up the pressure on Vladimir Putin after his invasion of Ukraine late last month.


The UK likewise made a similar action, announcing that it will begin reducing its imports of Russian oil and associated items. By the end of the year, Britain is projected to have phased out all Russia-related oil imports.


According to one analyst, a ban on Russian oil by the EU would be a significant blow.

While the US and UK actions are substantial, one geopolitical risk expert told Reuters that the EU ban would be the most severe blow to Russia.


According to the researcher, Europe is "relatively reliant on Russian energy supply," and a complete exit from the alliance would mean economic devastation for the nation.


However, as President Biden emphasized, the choices are not free as energy prices continue to rise and everyday people feel the pinch at the pump.


The news of the Russian oil ban boosted oil prices, with worldwide benchmark Brent crude reaching highs of more than $131 per barrel.


The West Texas Intermediate (WTI) crude oil price increased more than 7% in response to Biden's remarks, breaking beyond the $130 per barrel barrier. However, the US benchmark's surge to a 13-year high was short-lived, with the market closing at roughly $123 a barrel.

Gold continues its run, as nickel reaches $100,000 per ton.

Gold prices surged to session highs earlier in the afternoon as investors sought refuge in the precious metal. Due to the widespread risk-off mentality, spot gold increased more than 3% to $2,069.89 per ounce. Gold reached an all-time high of $2,072.50 in August 2020.


In other market news, nickel prices reached $100,000 a ton on Tuesday, prompting the London Metal Exchange (LME) to stop trading due to claims of short-covering by one of the world's biggest nickel producers.

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