ForexMart's Forex News

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  1. #331
    Senior Member KostiaForexMart's Avatar
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    ForexMart's Forex News
    May 23. Experts believe that the EU will not be able to replace Russian oil

    The topic of the embargo on Russian oil is one of the main topics for discussion on the international market. At the same time, a number of analysts believe that the European Union will not be able to find a replacement for Russian hydrocarbons in the medium term in the event of a ban on oil supplies.

    Vagit Alekperov, ex-head of the Russian oil and gas company Lukoil, said that in the event of an embargo, Russia will be forced to reduce oil production and freeze wells, as it was at the beginning of the coronavirus pandemic in 2020. Therefore, a ban on oil from the Russian Federation would be a shock to everyone and the most negative scenario for all parties.

    Moreover, it will take years to build a new infrastructure to redirect Russian oil entering the European market today.

    Earlier, the European Commissioner for Economics Paolo Gentiloni said that the EU member states currently cannot agree on an embargo on the import of Russian oil – Hungary takes a firm position «against». The country insists on extending the transition period and/or withdrawing the country from restrictions. In addition to Hungary, other countries, including Bulgaria, do not agree with the embargo.

    It is worth noting that the introduction of an oil embargo against Russia in the EU has been actively discussed since the beginning of May, but so far the dialogue on this issue has not led to a consensus. In addition, it became known that the embargo on oil from the Russian Federation is not spelled out in the basic scenario of the European Commission's spring economic forecast for 2022-2023.

    May 20. Cisco shares collapsed 14% amid China lockdown​​​​​​​

    Shares of network equipment maker Cisco fell sharply on Thursday after the release of a forecast for sales in the current quarter. According to the forecast, the indicator fell significantly due to the damage caused to the supply chain by quarantine restrictions in China.

    In particular, the company expects a decrease in sales in the fourth quarter of this fiscal year by 1-5% compared to the same period last year. Analysts, on the other hand, had expected growth of 5.9% to $13.9 billion.

    As a result, Cisco shares fell 14% to $41.36 (the lowest price since November 2020), and 24 million shares traded on the exchange exceeded the average daily sales volume of 22 million shares during the first hour of trading.

    The company said there was solid demand in the third quarter, but sales were hurt by coronavirus restrictions in China, which cut the company's revenue by $300 million, and a Russian special operation in Ukraine, which reduced sales by another $200 million. It’s expected that the quarantine in Shanghai will be lifted on June 1.

    Cisco's Q3 adjusted earnings were 87 cents per share on $12.8 billion in revenue. Analysts had expected 86 cents per share on $13.3 billion in revenue.
    Regards, PR-Manager ForexMart

  2. #332
    Senior Member KostiaForexMart's Avatar
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    May 26. Brent rises after the release of US data on stocks

    On Thursday, the oil market is showing a rise after the release of data from the US Department of Energy on crude oil reserves in the country, which showed a decrease in oil and gasoline reserves before the start of the automotive season.

    The current Brent quote is $111.60 (the daily maximum is at $111.86 per barrel). WTI oil is trading at $111.11 per barrel.

    According to the report of the Ministry of Energy, commercial oil reserves in the United States for the week ended May 20 decreased by 1.02 million barrels to 419.8 million barrels. Experts on average expected a decrease in reserves by 2.13 million barrels. Stocks at the terminal in Cushing decreased by 1.1 million barrels. Oil production remained at 11.9 million barrels.

    Gasoline stocks decreased by 482 thousand barrels, distillates – increased by 1.66 million barrels. Analysts expected a reduction in gasoline stocks by 2.13 million barrels and an increase in distillate stocks by 1 million barrels.

    Earlier this week, it was also reported that the administration of US President Joe Biden is considering restricting the export of petroleum products from the country to curb the rise in gasoline and diesel fuel prices.

    May 25. Russia and Iran switch to settlements in national currencies​​​​​​​

    Russia and Iran held a meeting during which the countries agreed to switch to settlements in national currencies and discussed the possibilities of Shetab and Mir payment cards.

    The negotiators note that the relevance of the topic of financial and banking relations between countries, as well as the creation of conditions for mutual settlements and payments between legal entities and organizations is a huge step forward.

    In addition, the countries discussed swap supplies of oil and gas, as well as increased investments for the implementation of joint oil and gas projects in the republic. According to Russian Deputy Prime Minister Alexander Novak, cooperation between Russia and Iran in the current conditions is becoming one of the most key, including for the transit of goods from the Persian Gulf.

    The parties also agreed to accelerate the preparation of an agreement on a free trade zone. Currently, Russia has a free trade agreement with the CIS countries – it was signed on October 18, 2011.
    Regards, PR-Manager ForexMart

  3. #333
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    in ro ham eslah kon:
    May 27. Gold shows a downtrend​​​​​​​

    Gold quotes settled at $1,855 per troy ounce, which is 11% lower than the maximum value reached on March 8, 2022 ($2,078 per ounce).

    Since the beginning of May, prices have fluctuated in the range of $1800 – $1870. Analysts note that this trend is the result of a temporary decrease in the degree of geopolitical tension in the world.

    Economists predict that gold prices will average $1880 per ounce this year. At the same time, the main factor influencing the dynamics of precious metal prices will be the tightening of the monetary policy of the US Federal Reserve. And a further increase in the federal funds rate of the US Federal Reserve will help maintain the downward trend in gold quotes.

    However, analysts do not rule out a trend reversal. This may happen in the event of a more serious deterioration in geopolitics than the market currently predicts.

    It is worth noting that gold often acts as an important protective tool for developed countries. As a rule, wealthy EU citizens try to hedge the risks of financial market volatility and sharply increased inflation through investments in gold ETFs or bullion. Current interest rates are not very attractive and do not give Europeans the opportunity to protect their savings. Moreover, the EU countries are in close proximity to the military events in Ukraine, which also strengthens their motivation to invest in protective assets.

    At the same time, the demand for gold in China has decreased. Severe coronavirus restrictions negatively affect the physical ability of the population to purchase precious metals.

    Summing up the above, it can be assumed that attempts to stabilize the world economy, tightening the DCP and reducing the influence of the geopolitical factor will lead to a gradual decline in gold prices. However, it is worth remembering that a sufficiently high level of uncertainty in the short-term prospects will currently keep prices from falling sharply.
    Regards, PR-Manager ForexMart

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