The EU announced sanctions on Russian coal imports Wednesday, its first ban on fossil fuels. Fossil fuels accounted for 62% of the EU’s imports from Russia in 2021, or 98.9 billion euros’ worth. As more EU members call for an outright ban on fossil fuels from Russia, here’s a look at where the bloc gets… Continue reading Europe is banning imports of Russian coal, but has stopped short of banning oil and gas. Here are 3 charts to explain why.
Russia partially pulls back emergency interest rate hike as the ruble rebounds and foreign-exchange reserves grow
Russia’s central bank lowered its key interest rate to 17% from 20% after an unscheduled meeting Friday. Policymakers cited a slowdown in inflation, helped by the ruble’s recovery. The ruble has stabilized to pre-invasion levels, but strict capital controls remain in place. Loading Something is loading. The Russian central bank trimmed its benchmark interest rate… Continue reading Russia partially pulls back emergency interest rate hike as the ruble rebounds and foreign-exchange reserves grow
US stocks trade mixed as Fed fears and war in Ukraine push indexes toward a losing week
US stocks were mixed at the open on Friday as investors digest signals from the Federal Reserve. The S&P 500 is on pace for a losing week, and its worst weekly performance in a month. Markets continue to monitor developments in Ukraine, as well as signals from the central bank. Loading Something is loading. US… Continue reading US stocks trade mixed as Fed fears and war in Ukraine push indexes toward a losing week
US stocks trade mixed to close a losing week as 10-year Treasury yield hits fresh 3-year high
US stocks closed mixed Friday, as investors continued to digest hawkish Fed minutes. The 10-year Treasury yield hit a new 3-year high and stocks completed a losing week. Mohamed El-Erian said the Fed is facing big challenges as it pivots to more hawkish policy. Loading Something is loading. US stocks ended mixed on Friday to… Continue reading US stocks trade mixed to close a losing week as 10-year Treasury yield hits fresh 3-year high
The Fed isn’t navigating ‘just any rate hike cycle’ and reducing its balance sheet will have a massive impact, top economist Mohamed El-Erian says
The Federal Reserve is attempting to reduce its balance sheet while also hiking interest rates, and that could cause problems, says Mohamed El-Erian. The simultaneous moves could stir massive economic disruption, according to the top economist. “This is not just any rate-hiking cycle,” El-Erian warned. Loading Something is loading. The Federal Reserve is attempting to… Continue reading The Fed isn’t navigating ‘just any rate hike cycle’ and reducing its balance sheet will have a massive impact, top economist Mohamed El-Erian says
China’s yuan is replacing the dollar and euro in Russian bank accounts amid Western sanctions, report says
Russian banks say clients are opening more accounts in Chinese yuan instead of other currencies, Kommersant reported Friday. A March survey found that large Russian banks have seen a spike in funds being converted into yuan. One bank saw an eight-fold surge in the volume of funds on accounts in yuan, and another saw a… Continue reading China’s yuan is replacing the dollar and euro in Russian bank accounts amid Western sanctions, report says
Food price inflation will continue through 2023 and be passed on to consumers, making grocery chain Kroger’s a ‘buy’, Bank of America says
Kroger shares hit an all-time high Friday after Bank of America upgraded the grocer to a buy rating. The bank raised its price objective by 23% as it sees elevated levels of grocery inflation to continue at least through the first half of 2023. Kroger shares zipped past $62 a share in Friday trading. Loading… Continue reading Food price inflation will continue through 2023 and be passed on to consumers, making grocery chain Kroger’s a ‘buy’, Bank of America says
The FDIC is warning banks about crypto risk and wants firms to notify the regulator about their activities in the space
The FDIC in a letter to banks Thursday flagged risks surrounding crypto-related activity. The regulator wants banks to notify it of their current or planned crypto-related activities. The FDIC said it will consider the safety and soundness, financial stability, and consumer protection aspects of the banks’ crypto activities. Loading Something is loading. The Federal Deposit… Continue reading The FDIC is warning banks about crypto risk and wants firms to notify the regulator about their activities in the space
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