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



European stocks gained, the 10-year Treasury yield dipped and a gauge of the dollar declined. The U.S. dollar slipped while gold edged up.


Past & Prologue Data Watch Gold Fields and rival AngloGold Ashanti have proposed a joint venture in Ghana that would create Africa s largest gold mine. But the gold and oil producer s fall from grace from one of the continent s top investment destinations came as a shock.Maybe it shouldn t have.


Olive oil tussle | The withering away of California s olive industry is a case study in how protectionist policies can backfire, creating losers on both sides. That would be a rare exception for the World Bank which in 2019 mostly stopped financing oil and gas projects. Oil prices firmed after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations. Treading Water | An oil tanker loaded with Russian crude has been idling off the coast of Ghana for more than three weeks.
Exxon Mobil may invest $15 billion through 2030 in Angola if it makes commercial oil discoveries in the Namibe Basin. Oil is set for the biggest weekly decline this year. Meanwhile, TotalEnergies won t export LNG from Mozambique before 2027 if it decides to restart a project halted two years ago by an Islamic State-linked insurgency. TotalEnergies s Mozambique LNG project.

United States

Today s Must Reads Emergency lending | Banks borrowed almost $165 billion from the Fed through two backstop facilities in the week through Wednesday. Nasdaq 100 futures were also flat as the rates-sensitive gauge heads for its best week since November amid expectations the Fed will temper its tightening path. Hea View in browser First Republic gets $30 billion in deposit pledges, Credit Suisse seeks to rebuild confidence and banks borrow billions from the Fed .
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. Volumes for rates futures surged as traders swung back and forth between betting on Fed hikes and cuts. All told, the emergency loans reversed around half of the balance-sheet shrinkage that the Fed has achieved since it began so-called quantitative tightening in June last year. Medical Tourism Mexico boasts that patients can save between 35% and 80% on comparable procedures in the US.Another attraction is that surgeons abroad appear more willing to combine surgeries.
He expects the Fed to pause, saying a recession is inevitable and the whole Treasuries curve could be yielding as low as 3% by August. He said the company expected to hear back from Nasdaq around April 5. A very different view on how the US central bank should react came from Bob Michele, J.P. Morgan Asset Management s chief investment officer.


Global Headlines Russia bound | Chinese President Xi Jinping will travel to Russia on Monday, the most prominent leader to visit since Vladimir Putin ordered the invasion of Ukraine.


The EU competition enforcer, which did not provide details in line with its policy, will now seek feedback from rivals and customers before making its decision by May 22. 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.
Russia s pool of buyers shrank dramatically in December after the European Union banned imports from the country, forcing traders to find new markets for Russian barrels. That will give the ECB more flexibility as it navigates an increasingly complicated backdrop.