Close: London Session | Forex, Metals, Oil, Agriculture October 31, 2022

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Agriculture

Wheat futures surged after Russia quit the agreement seen as critical for easing tight world supplies and controlling global food costs. Food warfare | Wheat futures surged after Russia pulled out of an agreement to allow grain exports through the Black Sea. Wheat in Chicago jumped as much as 7.7% at the open on Monday before paring gains in London.

Currencies

The Bloomberg Dollar Spot Index extended gains into a third session, weighing on almost all Group-of-10 currencies.

Metals

Oil and gold slid while Bitcoin was little changed.

Oil

Occidental Petroleum CEO Vicki Hollub wants to sell you net-zero oil.

United States

Fed bets While investors have for months been eagerly awaiting a Federal Reserve policy pivot, signaling such a move as soon as this week would send investors scrambling. While investors have for months been eagerly awaiting a Fe View in browser Traders place Fed bets, an eventful November awaits and grain markets get jolted. Kerry also encouraged efforts on methane, with the US and EU recruiting more than 120 countries into a global pledge to pare emissions of the potent greenhouse gas.
Sanctions lessons | The US has raised with European allies the idea of drawing upon lessons from the export controls they re using to punish Russia to target China. Coming up At 9:45 a.m., we ll get the October reading for the MNI Chicago Purchasing Managers Index, followed by Dallas Fed Manufacturing Activity data 45 minutes later. Jinshan Hong What we re reading More Americans are taking ketamine at home to treat depression without medical oversight, The Wall Street Journal says.
The week then ends with the US payrolls report, which economists reckon will show a slowing in hiring. Separately, some EU members are citing unfairness in the US s most recent industrial policies, including about $370 billion of clean-energy subsides in the Inflation Reduction Act. For the Fed, the fourth such out-sized move on Wednesday will bring it to a crossroads. Nasdaq 100 futures fell 0.7%.

China

In China, in Xinjiang, we ve got to do a follow up on this discussion.

Europe

The subject came up as European Union and US officials negotiate the agenda for their next high-level trade forum in early December.

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