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



China is the largest buyer of Saudi oil and plans to invest $400 billion in Iran.

United States

This year will be the year when earnings downgrades hit the stock market if the US recession forecast proves to be accurate. Swaps bets shifted sharply, with the Fed now projected to raise by another 107 basis points over the next four meetings to a peak of about 5.6%. Since taking office in early 2018, the 65-year-old Yi has pushed forward reforms and led the PBOC through the US-China trade war and the pandemic. What We ve Been Reading This is what’s caught our eye over the past 24 hours Credit Suisse, UBS oppose idea of forced combination, sources say.
But some, like Louise Goudy Willmering, partner at Crewe Advisors, suggest a middle ground, with the ECB s decision putting the Fed under more pressure to raise. First, the US has actually seen bank failures, albeit smaller ones. Chinese technology firms such as Huawei banned in the US and several other Western countries do thriving business in the Middle East. But within minutes, the focus shifted to First Republic Bank in the US.
Saudi Arabia says fiscal expansion to balance out Fed hikes. The agreement came after Xi criticized the US for trying to contain and suppress his country.


It was all the more surprising given Beijing doesn t have a deep history of negotiating breakthrough accords.There are practical considerations.


Lyubov Pronina What’s Happening Clean-Tech Race | The EU is staking its claim in the global race to be a manufacturing hub for technologies critical to the climate transition. The ECB is facing a potential conflict between its mission to bring down inflation and possible damage to some financial institutions, Guindos cautioned. By hiking as aggressively as it did, the ECB was trying to project confidence that the rescue of Credit Suisse was going to work.
That will give the ECB more flexibility as it navigates an increasingly complicated backdrop.