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ECB Executive Board member Cipollone: We are watching for signs of inflation expectations potentially decoupling.ECB Executive Board member Cipollone: No matter how clever and prudent the monetary and fiscal responses to energy supply shocks are designed, they are costly.Intel (INTC.O) shares rose 5.8% in pre-market trading.The Hang Seng Index closed up 315.17 points, or 1.22%, at 26,213.78 on Wednesday, May 6; the Hang Seng Tech Index closed up 39.52 points, or 0.8%, at 4,969.2; the H-share Index closed up 70.26 points, or 0.8%, at 8,800.75; and the Red Chip Index closed up 80.95 points, or 1.84%, at 4,487.37.May 6th - According to data released by the European Central Bank (ECB) on Wednesday, wage growth in the Eurozone is expected to slow this year, despite rising energy prices due to the Middle East conflict. The ECBs wage tracker shows wages are projected to rise by 2.6% this year, following a 3% increase in 2025. This figure for 2026 remains unchanged from the March forecast. ECB officials have emphasized that the outcome of wage negotiations is a key indicator for determining whether rising energy prices will trigger a sustained rise in inflation above its 2% target. ECB President Christine Lagarde stated that the ECB will closely monitor the data and conduct in-depth analysis of the wage agreement and collective bargaining agreement to be negotiated soon. The ECB kept its key interest rate unchanged last week but hinted that it might raise rates at its June meeting if the upward momentum in inflation since the start of the conflict in late February continues. The tracker indicates that there are currently no clear signs that the wage agreement will exacerbate inflation this year.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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