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On August 11th, analyst James Glynn stated that the Reserve Bank of Australias revised economic forecasts indicate that the bank is approaching a comfortable level for its current policy. The unemployment rate path has been revised upwards; the RBA now expects the unemployment rate to reach 4.5% by December, higher than the previous forecast of 4.3%. The biggest change is in inflation. Overall CPI is now projected at 3.6% by December, lower than the previous forecast of 4.0%. The cut-off mean inflation rate has been revised downwards, projected at 3.3% by December, lower than the previous forecast of 3.5%, and is expected to reach 2.4% by June 2028. All these indicators suggest that the RBA is nearing the end of its tightening cycle.Reserve Bank of Australia Governor Bullock: The committee is seriously considering when it would be appropriate to raise interest rates.Maersk: Logistics operations in parts of Colombia are currently facing disruption due to the earthquake affecting multiple regions.August 11th - InvestingLive, a US financial website, reported that the Reserve Bank of Australias (RBA) interest rate decision was in line with expectations. The RBA did not express excessive concern about recent inflation trends, but its forward guidance did see some minor adjustments. While not explicitly pointing to further tightening measures, policymakers wanted the market to know that inflation risks are now skewed to the upside, no longer a two-sided risk scenario. Therefore, the wording of this statement was clearer regarding its policy priorities. The RBA also included a timeline, indicating that inflation is unlikely to fall back to its target level by the end of next year. This leaves some room for further rate hikes in the near future if necessary. The unanimous decision itself did not leave much room for traders to maneuver. Essentially, the RBA reiterated that they acknowledge the possibility of raising the cash rate again if necessary, but are not in a hurry to do so. Before the decision was announced, traders priced in a 97% probability of no change at this meeting. Therefore, this is more or less in line with market expectations.On August 11, Iranian President Manuel Pezechzian stated that his recent meeting with Irans Supreme Leader Mojtaba Khamenei lasted seven to eight hours, during which various topics were discussed in depth. Pezechzian also stated that the most important task at present is to prevent internal division, and that all of the enemys plans are aimed at creating division within Iran. Earlier that day, Pezechzian had also said that Mojtaba was in "very good health."

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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