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Fitch Ratings: If the Middle East conflict continues, 72 sub-sectors across six regions will continue to face potential threats.Fitch Ratings: The 60-day interim agreement is extremely fragile, and the fact that Israel is not involved suggests that the Middle East conflict continues to pose a threat to corporate issuers.Fitch Ratings: Reassessing the ongoing risks related to Iran to the global corporate sector.Fitch Ratings: Emphasizes downside risks to benchmark oil price assumptions for 2026.July 4th - Germanys draft budget for 2027 reveals plans for the government to borrow over €203 billion, exceeding previous expectations and significantly surpassing 2024 levels. The total expenditure in the budget is approximately €555.4 billion, with investment increasing to €117.5 billion, primarily for infrastructure upgrades in transportation, digitalization, and hospitals. Meanwhile, defense spending has increased significantly, with the core budget reaching €109.8 billion. Including aid to Ukraine and other security expenditures, total defense-related spending is approximately €130.1 billion. Germany is accelerating infrastructure and military investment through expanded borrowing and special funds to address economic weakness and geopolitical risks. The draft budget also warns that continued disruptions to the Strait of Hormuz or oil supplies could have a significant impact on the German economy. The budget is expected to be submitted to parliament for review in September and approved by the end of the year.

Russia Cancels Ukraine Grain Deal; Wheat Futures Rise 6%

Charlie Brooks

Nov 01, 2022 15:01

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Following Russia's departure from a UN-sponsored agreement to protect Ukrainian exports over the Black Sea, European wheat futures rose over 6% on Monday.


Front-month wheat on the CME's computerized trading platform peaked at $889 per bushel before falling to $878.90 at 04:50 ET (08:50 GMT).


Russia withdrew from the summer agreement with Turkey after Ukrainian drones attacked the Russian Black Sea Fleet in Sevastopol over the weekend.


Ukraine has moved almost 9 million tons of agricultural products from its ports since the deal took effect three months ago, affecting the global market's equilibrium. Russia and Ukraine exported over 30% of global grain in 2012, and their dispute threatened supplies to some of the world's poorest nations.


Since talks of an agreement began, worldwide prices for wheat, corn, sunflower seeds, and oil have dropped by almost 30%, and the pact's suspension might reverse this.


In a morning note to clients, Saxo Bank strategist Ole Hansen noted that the suspension comes at an awkward time for markets: according to data from the Commodity Futures Trading Commission, money managers have placed increasingly large bets on falling grain prices in recent weeks, with net short positioning in Chicago wheat futures reaching a 28-month high in the week ending on Tuesday.


US Soybean Futures increased 0.6% and Corn Futures rose 2.8% to $698.75 per bushel, a two-week high.


Ukraine's capacity to attack Russia's fleet at its home base embarrasses the Kremlin, which has already lost the battlefield to Kyiv. Using unverified drone footage, Ukrainian networks claimed the strike severely damaged the ship Admiral Makarov. Since Ukrainian missiles sank the Moskva in April, the frigate has led the Black Sea Fleet.

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