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On September 15th, oil prices continued their upward trend in the afternoon, driven by the risk of Russian supply disruptions caused by increased attacks on key Russian energy facilities in Ukraine and President Trumps call for NATO to stop purchasing Russian oil. HSBC senior analyst Kim Fustier stated, "If India reduces its Russian oil imports, the surplus, estimated at 500,000 to 1 million barrels per day, could flow to Southeast Asia, Turkey, Africa, and other regions... The market will reach a new equilibrium through adjustments in trade flows and rising logistics costs. Only a permanent decline in Indian purchases of Russian oil, exceeding 1 million barrels per day, would ultimately lead to a net reduction in global crude oil supply."On September 15th, the market widely expected the Federal Reserve to announce an interest rate cut on Wednesday. HSBCs Paul Mackel stated that unless the Fed signals the possibility of more rate cuts in the future, the US dollar may see a brief surge following the announcement. He noted that the Fed would need to meet extremely high conditions to further boost already high expectations for a rate cut. Data from the London Stock Exchange Group shows that the market currently expects the Fed to have cut interest rates by approximately 140 basis points by the end of 2026. Against this backdrop, the US dollar may see a short-term surge following Wednesdays announcement. However, Mackel believes that any gains in the US dollar are likely to be temporary, given the prospect of faster rate cuts in the future, especially if employment data remains weak.Russian President Vladimir Putin: Russias GDP has grown by 1.1% in the past seven months.The director of the Congressional Budget Office (CBO) said President Trumps tariffs appear to have pushed up inflation more than CBO analysts initially expected.Israeli Prime Minister Netanyahu: Some Western European countries have stopped arms shipments.

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."