Open: London Session | Forex, Metals, Oil, Agriculture December 09, 2022

investors

Currencies

Adrian Kennedy Little Big Problem Photographer: Lam Yik/Bloomberg $65 trillion: That’s the tally of missing dollar debt of non-US institutions via currency derivatives, says the Bank for International Settlements.

Metals

It s a playbook to take advantage of the silver lining; the report s well worth reading. But tha Follow Us Silver Linings Playbook For investment purposes, 2022 has been an unmitigated disaster.

Oil

In recent weeks, this column has looked at how record natural gas prices have curbed consumer demand, even on a weather adjusted basis. Still, four days into the cap, it appears most but not all oil is trading well below the threshold being imposed on Moscow. At $60 per barrel, the price cap looks very generous, said Renaissance Capital economist Sofya Donets. Russia is brushing off concerns that the oil-price cap imposed by G-7 nations will throw its production into turmoil.
But this has two implications: first, higher energy prices in Europe is contagious, as the continent competes with LNG buyers in Asia and elsewhere.

United States

Assuming China is fully open by mid-2023, energy prices will increase by 20% and the US consumer price index may jump to 5.7% by yearend, BE said. The Fed has lifted rates by 3.75 percentage points this year in the most aggressive tightening campaign since the 1980s. But they re also being very awkward and the awkwardness is really the inconsistency within the Fed right now. For now, the Fed s benchmark rate is at a target range of 3.75% to 4% after starting from near zero in March.
While the government in Ankara has come under pressure from the US and Britain not to mention the insurance industry to change its rules, it s not caving in. From the US, markets await PPI numbers and consumer sentiment report from the University of Michigan. Wall Street titans are eager to pay their respects to Sheikh Tahnoon but are largely staying away from the stock. So how should we think of it?From the neologism department, we have the following offering from Gene Goldman of Cetera Capital: the Fed is being hawkward.
While the likes of Boston Fed President Susan Collins have cautioned against overtightening, Kelly and his colleagues are not too concerned. The US economy is not standing on the edge of a recessionary cliff.

China

Beijing appears to have begun cooperating with US efforts to ensure American technology isn t routed to China s military. Protesters gather along a street with candles in Beijing. Workers remove a testing booth in Beijing.

Europe

Squeezing Iran | The EU is preparing more sanctions against Iran over both military aid Tehran has provided to Russia and its violent crackdown on protesters, we re told. A number of European leaders, including Portuguese Prime Minister Antonio Costa and French President Emmanuel Macron, gather in a meeting in Spain.

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