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On May 14th, Lindsay James, investment strategist at UK wealth management firm Quilter, stated in a report that although UK first-quarter GDP growth exceeded expectations, this momentum may be unsustainable due to geopolitical pressures and domestic political tensions. Data shows that UK GDP grew by 0.6% in the first quarter, with only March showing a 0.3% increase, significantly better than the markets expected contraction of 0.2%. James stated, "A decent first-quarter figure may provide some buffer against the political situation, but higher energy costs and rising government bond yields point to a more challenging environment in the coming months."According to CNBC, US and EU lawmakers have pledged a European review of Paramounts deal with Warner Bros. Discovery Inc. (WBD.O).Emerging market stocks rose for the third consecutive trading day this week, with technology companies continuing their strong rally, supported by optimism about increased demand for AI-related hardware and services. The benchmark MSCI Emerging Markets Index rose 0.7%, bringing its monthly gain to over 7%. TSMC, Alibaba, and Samsung Electronics accounted for a combined 105% of the indexs gains, meaning that without their performance, the index would actually be down. Since early April, chipmakers have led the market rebound, with upwardly revised corporate earnings largely offsetting inflation concerns stemming from the Iran war. While the information technology sector rose 1.4% on Thursday, declines in sectors such as utilities, energy, and industrials highlighted a clear divergence between Asian technology stocks and other emerging market sectors.On May 14th, futures market news reported that mixed fuel prices led to divergent profit trends across different glass production lines. The average profit for production using three types of fuel rebounded by 2.47 yuan to -98.38 yuan/ton. According to Longzhong Informations production cost calculation model, from May 8th to May 14th this week, the average weekly profit for float glass using natural gas as fuel was -132.80 yuan/ton, an increase of 2.15 yuan/ton compared to the previous week; the average weekly profit for float glass using coal gas as fuel was -14.88 yuan/ton, a rebound of 15.25 yuan/ton compared to the previous week; and the average weekly profit for float glass using petroleum coke as fuel was -147.47 yuan/ton, a decrease of 10.00 yuan/ton compared to the previous week. The entire industry remains in a state of deep loss, constraining further declines in glass prices. These losses may also force some production lines to undergo cold repairs to facilitate industry consolidation.German government bonds continued to rise, with the 10-year yield falling 4 basis points to 3.06%.

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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