Open: London Session | Forex, Metals, Oil, Agriculture December 07, 2022

TRADING-THE-LONDON-FOREX-OPEN

Oil

An energy analyst who predicted a rather dull and flat year for the oil market, with prices ending the year much where they began, would have been right. Blocked Oil | Some 20 vessels holding 18 million barrels of crude oil have been waiting for several days to leave the Black Sea. Silent Chainsaws | The EU will set mandatory rules to curb its role in global deforestation through the supply of key commodities like rubber and palm oil. Next year will depend on the weather, Europe s ability to keep buying liquefied natural gas and energy conservation, he added.
Even if you re correct in your predictions for 12 months hence, you might still be very wrong.Exhibit A) to illustrate this comes from the oil market. Oil has gone from a steep backwardation as little as a month ago to an emerging contango, a sign that inventories aren t as tight as they were. The market structure in crude is changing.

United States

Volatility will continue pending more clarity on whether inflation is getting close to the Fed s target.Tech companies have seen a huge shakeout this year, from valuation to workforce. Source: Charles Schwab With all that said, is the outlook for next year as gloomy as many in Wall Street predict? Rolling Into 2023 One prediction for 2023 seems to be almost a universal article of faith at this point: The US will fall into a recession. US equities ended Tuesday slower following a chorus of warnings from Wall Street executives.

China

The European Commission will request establishing a panel to address Beijing s restrictive measures on Lithuanian exports that have sunk the inflow of goods from the Baltic nation.

Europe

In Case You Missed It German Nod | Germany s top court dismissed two cases challenging the country s approval of the EU s 800 billion pandemic recovery fund. Trade dispute between EU and China, tough new year ahead and Credit Suisse is going all out on rich clients. Consultations with China did not bring us to satisfactory results, EU trade chief Valdis Dombrovskis told us. Kosovo has been in 100% alignment with the EU on every single foreign policy and security decision, she added.
Several ECB policymakers deliver remarks at various events. French President Emmanuel Macron meets with his Niger counterpart Mohamed Bazoum.

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