Open: New York Session | Forex, Metals, Oil, Agriculture August 12, 2022

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Metals

Petro, a former guerilla, proposes modest wealth taxes; levies on sugary drinks and ultra-processed foods; and export taxes on oil, coal and gold when prices are high.

Oil

Past & Prologue Data Watch Ghana s inflation surged in July after a slump in the value of its currency raised the cost of cooking oil and gasoline imports. Hours after Buhari s office approved the transaction, the Nigerian Upstream Petroleum Regulatory Commission contradicted the head of state, who also serves as oil minister. Varman mentions the potential boon for Crusoe Energy Systems, a startup unicorn that G2 backs which converts natural gas flares into power centers for cloud-computing or Bitcoin mining.

United States

After she found herself pleading with market vendors for discounts to keep her children fed, the fashion designer in Lagos, Nigeria, didn t think it could get much worse. San Francisco Fed President Mary Daly closed out the week by saying she saw no inflation victory that would allow for a relaxation in rates vigilance. The $203 billion market for Chinese property debt which once yielded several deals a week and padded portfolios across the world from Pimco to UBS is all but dead.
View in browser Temperatures and tempers are rising.The FBI raid on Donald Trump s residence has galvanized Republicans, whose loyalty to the former president could threaten the 2024 election. Ukrainian President Volodymyr Zelenskiy is asking the US to add several Russian banks per week to its list of sanctioned financial institutions, Markarova said. We ve kept in touch with several families in Brazil, India, Nigeria and the US to see how they re coping. They ve also stacked states with officials who claim Trump won the 2020 election.
Two weeks ago, the US wasn t going to get behind this, says Ryan Panchadsaram, an advisor at Kleiner Perkins. The US CDC has loosened Covid guidelines, including a recommendation that people exposed to the virus should quarantine. Bill Faries A police car outside Trump s Florida residence on Tuesday.

China

But the team warns that Beijing will need to carefully manage the real-estate downturn to limit spillovers, through measures such as boosting the public housing and rental market. Beijing blames Taiwan s (elected) leaders for raising the risk of war, while Pelosi says Xi Jinping is acting like a scared bully. Rethinking ties | European Union members Latvia and Estonia abandoned the so-called 16+1 eastern European framework with China, under which Beijing provided investment for infrastructure projects.
Beijing has much greater oversight of the housing market through administrative controls than Tokyo did. But first…Today s must-reads: Apple thinks it can buck the global sma View in browser Hi this is Gao in Beijing.

Europe

Poland s ruling party is growing increasingly doubtful that the EU will release the country s share of post-pandemic funds before elections next year.

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