The Australian stock market has gained momentum after experiencing losses for three sessions, with share prices of major energy and financial companies trending up. The benchmark S&P/ASX200 index went up 92.7 points, or 1.42 percent, to 6,632.6 at 1200 AEST on July 4. At the same time, the All Ordinaries index, which tracks the 500…
Japan to Cap Russian Oil at Half Current Price: Kishida
July 4, 2022
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Japan will impose a cap on the purchase price of Russian oil by lowering it in half, in tandem with the Group of Seven (G-7) nations’ campaign against Russia’s invasion of Ukraine, Prime Minister Fumio Kishida said on Sunday. Kishida said the Japanese government would establish a mechanism to ensure that Russian oil “will not…
Ukraine War’s Disruption Sends Agriculture Input Prices up Nearly 10 Percent in First Quarter: Eurostat
July 1, 2022
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Ukraine’s war has significantly disturbed global agricultural markets by sharply driving up prices of key products and inputs such as fertilizer and animal feed, the European Union’s statistics office said on Friday. Eurostat data showed that the average price of goods and services currently consumed in agriculture increased by 9.5 percent in the first quarter…
Russia Seizes Control of Sakhalin Gas Project, Raises Stakes With West
July 1, 2022
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Business & Marketscommoditiescrisiseconomic policieseconomyEuropeGasMarketsRussiaRussia-Ukraine WarSakhalinUkraineWorld
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TOKYO/LONDON—President Vladimir Putin has raised the stakes in an economic war with the West and its allies with a decree that seizes full control of the Sakhalin-2 gas and oil project in Russia’s far east, a move that could force out Shell and Japanese investors. The order, signed on Thursday, creates a new firm to…
Oil Prices up 2 Percent on Supply Outages
LONDON—Oil prices rose 2 percent on Friday, recouping most of the previous session’s declines, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand. Brent crude futures were up $2.07, or 1.9 percent, at $111.10 a barrel by 0911 GMT, having dropped to $108.03 a barrel…
Second Half Starts With a Fresh Drubbing for Stocks
LONDON—The second half of the year started with another first class drubbing for global stock markets on Friday, as the recession concerns that have built in recent weeks also shoved oil and metals lower again. MSCI’s world stocks index has had its worst start to a year since its 1990 creation over the last six…
Biden: Drivers Must Pay More for Gas ‘As Long as It Takes’ to End Russia War
June 30, 2022
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Business & Marketscommoditieseconomic policieseconomyEuropeExecutive BranchInvestmentJoe BidenMarketsNATOPoliticsRussia-Ukraine WarUSUS NewsWebstreamWorld
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President Joe Biden on Thursday said that American motorists should expect to pay elevated prices for gasoline until the Russia–Ukraine war is over. In a press conference following the NATO summit in Madrid, Biden was questioned about how long people should pay higher gas prices. “How long is it fair to expect American drivers and…
OPEC+ Sticks to Oil Output Policy, Avoids Debate on September Plans
LONDON—OPEC+ said on Thursday it would stick to its planned oil output hikes in August but avoided discussing policy from September onwards as prices have risen on tight global supplies and worries that the group has little ability to pump more crude. Thursday’s meeting of the group that includes Saudi Arabia, Russia, and other major…
Oil Steady as Fuel Stocks Counter Supply Concerns
LONDON—Oil prices were largely steady in volatile trading on Thursday as the market weighed concerns over global supply against a build in U.S. fuel product inventories. Brent crude futures for September, the more actively traded contract, were up 28 cents, or 0.3 percent, at $112.73 a barrel by 0911 GMT. The August contract, which expires…
Stocks Slide on Renewed Economic Fears, Capping Worst First Half of the Year on Record
LONDON—Stocks sank on Thursday to extend what is the worst first half of the year for global share prices on record, as investors fret that the latest show of central bank determination to tame inflation will slow economies rapidly. Central bank chiefs from the Federal Reserve, European Central Bank, and Bank of England met in…
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