Close: London Session | Forex, Metals, Oil, Agriculture March 17, 2023



European stocks gained, the 10-year Treasury yield dipped and a gauge of the dollar declined. The U.S. dollar slipped while gold edged up.


But the gold and oil producer s fall from grace from one of the continent s top investment destinations came as a shock.Maybe it shouldn t have. Past & Prologue Data Watch Gold Fields and rival AngloGold Ashanti have proposed a joint venture in Ghana that would create Africa s largest gold mine.


Major oil and gas companies in the bloc will have to contribute toward storing carbon dioxide underground under rules put forward by the bloc s executive branch. Olive oil tussle | The withering away of California s olive industry is a case study in how protectionist policies can backfire, creating losers on both sides. That would be a rare exception for the World Bank which in 2019 mostly stopped financing oil and gas projects. Oil prices firmed after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations.
Treading Water | An oil tanker loaded with Russian crude has been idling off the coast of Ghana for more than three weeks. Oil is set for the biggest weekly decline this year. Exxon Mobil may invest $15 billion through 2030 in Angola if it makes commercial oil discoveries in the Namibe Basin. Meanwhile, TotalEnergies won t export LNG from Mozambique before 2027 if it decides to restart a project halted two years ago by an Islamic State-linked insurgency.
TotalEnergies s Mozambique LNG project.

United States

Today s Must Reads Emergency lending | Banks borrowed almost $165 billion from the Fed through two backstop facilities in the week through Wednesday. Nasdaq 100 futures were also flat as the rates-sensitive gauge heads for its best week since November amid expectations the Fed will temper its tightening path. Hea View in browser First Republic gets $30 billion in deposit pledges, Credit Suisse seeks to rebuild confidence and banks borrow billions from the Fed .
All told, the emergency loans reversed around half of the balance-sheet shrinkage that the Fed has achieved since it began so-called quantitative tightening in June last year. Volumes for rates futures surged as traders swung back and forth between betting on Fed hikes and cuts. Medical Tourism Mexico boasts that patients can save between 35% and 80% on comparable procedures in the US.Another attraction is that surgeons abroad appear more willing to combine surgeries. He expects the Fed to pause, saying a recession is inevitable and the whole Treasuries curve could be yielding as low as 3% by August.
He said the company expected to hear back from Nasdaq around April 5. A very different view on how the US central bank should react came from Bob Michele, J.P. Morgan Asset Management s chief investment officer. There s been a lot of conversation about the dangers of traveling outside of the US for medical care recently.


Global Headlines Russia bound | Chinese President Xi Jinping will travel to Russia on Monday, the most prominent leader to visit since Vladimir Putin ordered the invasion of Ukraine.


The EU competition enforcer, which did not provide details in line with its policy, will now seek feedback from rivals and customers before making its decision by May 22. France is facing opposition in its effort to count hydrogen produced using nuclear power as renewable, a major battleground in the EU s transition to climate neutrality. Russia s pool of buyers shrank dramatically in December after the European Union banned imports from the country, forcing traders to find new markets for Russian barrels.
Photographer: Smederevac/iStockphoto/Getty Images The EU has a new plan for storing CO2.