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February 8th - European Central Bank (ECB) Executive Board member Giuseppe Cipolone stated that the ECB will assess the impact of the recent euros appreciation on consumer price growth in its quarterly forecasts to be released in March; however, the euros recent volatility has been relatively limited. According to a record published on the ECBs website on Sunday, the Italian policymaker said that officials consider the exchange rate as one of the factors "forecasting inflation dynamics." "We will observe how the new forecasts unfold and what impact they will have." At the same time, Cipolone emphasized that the ECB has not set a specific target for the euro, and that the euro exchange rate has been fluctuating around $1.17 to $1.18 for nearly a year. "After the volatility a few weeks ago, the euro exchange rate has now fallen back to the levels of the previous months," Cipolone said.1. Monday: ① Data: Japans December trade balance, Switzerlands January consumer confidence index, Eurozones February Sentix investor confidence index; ② Events: ASEAN Finance Ministers and Central Bank Deputy Working Group meeting held until February 13. 2. Tuesday: ① Data: US January New York Fed 1-year inflation expectations, January NFIB small business confidence index, December retail sales month-on-month, Q4 labor cost index quarter-on-quarter, December import price index month-on-month, November business inventories month-on-month; Frances Q4 ILO unemployment rate; Chinas January M2 money supply year-on-year rate (pending); ② Events: ECB President Lagarde participates in discussions. Fed Governors Waller and Bostic deliver speeches. New York Fed releases its Q4 2025 household debt and credit report. ③ Earnings Report: Hong Kong Stock – SMIC (00981.HK). US Stocks – BP (BP.N), Spotify (SPOT.N), Coca-Cola (KO.N), AstraZeneca (AZN.O), Robinhood (HOOD.O), Ford Motor (FN). 3. Wednesday: ① Data: US API crude oil inventories for the week ending February 6th, EIA crude oil inventories for the week ending February 6th; US January unemployment rate, seasonally adjusted non-farm payrolls, average hourly earnings month-on-month, final reading of the 2025 non-farm payrolls baseline change; China January CPI year-on-year rate; ② Events: EIA releases monthly Short-Term Energy Outlook report. Feds Hamak and Logan deliver speeches. OPEC releases monthly oil market report. Israeli Prime Minister Netanyahu will meet with Trump on Wednesday to discuss the Iran issue. ③ Holiday: Tokyo Stock Exchange closed. ④ Earnings Reports: Hong Kong Stocks – NetEase (09999.HK), Cloud Music (09899.HK). US Stocks – T-Mobile US (TMUS.O), NetEase Youdao (DAO.N), Cisco (CSCO.O), McDonalds (MCD.N). 4. Thursday: ① Data: US 10-year Treasury auction to February 11; UK Q4 GDP annualized rate (preliminary), December three-month GDP monthly rate, December manufacturing output monthly rate, December seasonally adjusted goods trade balance, December industrial production monthly rate; US initial jobless claims for the week ending February 7, January existing home sales (annualized), EIA natural gas storage for the week ending February 6; ② Events: Bank of Canada releases monetary policy meeting minutes. IEA releases monthly oil market report. ECB Executive Board members Schnabel, Cipollone, Chief Economist Lane, and Governing Council member Stournaras deliver speeches. ③ Holiday: No trading on the Taiwan Stock Exchange. ④ Earnings Reports: Hong Kong Stocks – Hua Hong Semiconductor (01347.HK), Lenovo Group (00992.HK). US Stocks – Rivian (RIVN.O), Coinbase (COIN.O), Applied Materials (AMAT.O), Airbnb (ABNB.O); 5. 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Saturday: ① Data: Total number of US oil rigs for the week ending February 13; CFTC releases weekly positioning report. Market news: The European-Mediterranean Seismological Centre downgraded the magnitude of the earthquake in Cuba to 5.5, with a focal depth of 15 kilometers.February 8th - Despite the silver price plunge that has almost wiped out its astonishing gains at the beginning of the year, retail investors still poured nearly $500 million into the silver market over the past week. According to data analysis from Vanda Research, retail investors poured $430 million into the largest silver ETF, SLV, in the six trading days ending Thursday, including over $100 million on January 30th, when silver prices fell 27%, marking the largest single-day drop in history. StoneX analyst Ronna OConnell stated, "People are drawn to the allure of silver." She added that silvers appeal was further amplified by its "massive sell-off," with some investors seeing it as a buying opportunity at lower prices.The European-Mediterranean Seismological Centre reports a 5.9-magnitude earthquake in the Cuba region.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."