Open: London Session | Forex, Metals, Oil, Agriculture December 06, 2022

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Currencies

Outlawing petrol and diesel cars by 2035 while calling for a switch to Euro-7 standards by 2025 makes no economic, environmental or social sense, he said.

Metals

US aluminum and steel producers climbed in extended trading, while in Hong Kong, Aluminum Corp. of China and China Hongqiao Group Ltd. slipped.

Oil

If that were to happen, the price incentive attracting additional flows to Europe via LNG terminals would be erased, and consumers would turn on the heating again.

United States

The move would mark a novel approach, as the US and EU would seek to use tariffs usually employed in trade disputes to further their climate agenda. Even if the Fed does start to ease as early as next summer, that easing won t have much of an economic effect until well into 2024. Coming Up European stocks are tipped to follow global shares lower after surprisingly strong US services data supported bets for a higher Fed terminal rate. As strategists publish their predictions for the US economy next year, it s clear that recession-positioning is regarded as more of a when than an if.
They may have overdone the beneficial effect of any Fed pivot toward cheaper money. Almost 38 years after I first came to the US as an exchange student, I have at last reached citizenship. Perhaps consumers should take their cues from Wall Street and gear up for one as well.

Europe

Meanwhile, Labour leader Keir Starmer vowed to keep Britain out of the EU single market, as he sought to win over Brexit supporters. Soft Touch | The asset management industry has a softer interpretation of the EU s green finance rulebook than was intended by its authors, according to Mairead McGuinness. The first ever EU-Western Balkans summit takes place in Tirana, Albania. ECB Vice President Luis de Guindos speaks.

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