Open: London Session | Forex, Metals, Oil, Agriculture October 18, 2022



Elsewhere, it’s a mixed picture with European forward earnings expectations still riding high, thanks in part to the weaker euro and outsized energy profits.


Russian mining giant is not welcome at gold industry bash.


Truss toothless in office, the White House s gasoline-price problem, Germany s nuclear plants, the state of China s economy and Credit Suisse s revamp strategy continues. Truss toothless in office, the White House s gasoline-price problem, Germany s nuclear plants, the state of China s economy an View in browser Good morning. Brent Crude has now spent several days back at its pre-Oct. 5 level, and it has done so even though international tension remains excruciatingly high.
President Joe Biden in recent weeks has repeatedly warned oil companies against raising costs. Here is a brief explanation from Bespoke Investment: On the one hand, OPEC+ is working hard to shut out supply and squeeze global demand. For now, the OPEC+ intervention doesn t appear to have been the galvanizing shock for the market that many feared two weeks ago. The Strategic Petroleum Reserve release would be the latest tranche of a 180-million-barrel program that began in the spring.
Now, however, it looks as though the OPEC+ dog has failed to bite.

United States

Wages are still rising, according to the Atlanta Fed s wage tracker, but the rate of the increase is at least no longer accelerating. The Swiss bank has recently begun a sales process for the US operations of Credit Suisse Asset Management, or CSAM, according to people familiar with the matter. Heading into winter, the US has the lowest seasonal inventories of diesel, according to data back to 1982. Coming Up European shares are headed for a higher start following Monday’s rally, while stocks in Asia extended a rebound from Wall Street.
At one point on Monday, over 99% of the companies in the US equity benchmark were up. Minneapolis Fed President Neel Kashkari speaks.


The EU plans to propose using as much as 40 billion from its budget to support people and companies struggling with high prices. Foreign ministers meeting in Luxembourg broadly confirmed the EU s approach of treating the world s second-largest economy as both a partner and a systemic rival, Borrell told reporters. Tech Lawsuits | The EU is bracing for lawsuits from the largest tech companies Google, Amazon, Meta Platforms and Apple over rules that will change how the industry operates.
The EU will disburse 2 billion euros to Ukraine as early as Tuesday, a person familiar said, as part of a bigger package announced in May. Additionally, the Commission will seek to use the EU s joint purchasing power as leverage in negotiations with global gas suppliers. In Case You Missed It Iran Sanctions | EU nations began discussing how to react to Russia s possible use of Iranian drones in Ukraine. The measures will next go to leaders for discussion at the EU Council later this week.