MONEY LIVE | Oil hits 7-year highs as market fears Russian attack on Ukraine imminent | Fin24

  • 📰 Fin24
  • ⏱ Reading Time:
  • 209 sec. here
  • 5 min. at publisher
  • 📊 Quality Score:
  • News: 87%
  • Publisher: 63%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

MONEY LIVE | Oil hits 7-year highs as market fears Russian attack on Ukraine imminent -

Global mining group Glencore's revenues in 2021 surged 43% to $204 billion thanks to higher commodity prices.Iron ore plummeted as Beijing ramped up a campaign to stop prices overheating even before the government rolls out demand-boosting stimulus measures this year. Prices tumbled more than 11% in Singapore on signs that authorities in China will intensify efforts to quell a big rally since mid-November.

Futures on the Singapore Exchange were down 11.4% at $131.55 a ton by 1:22 p.m. local time. On China’s Dalian Commodity Exchange, prices dropped as much as 9.7% - very close to their daily limit.Asian markets mostly fell again Tuesday, extending a global sell-off fuelled by fears that Russia is about to invade Ukraine, though the losses were more muted than the previous day and oil dipped after Moscow said a diplomatic agreement was still possible.

In a televised meeting, he told President Vladimir Putin that talks with US and European leaders showed enough of an opening for progress on his goals, adding:"I would suggest continuing."German Chancellor Olaf Scholz was due in Moscow on Tuesday for talks with Putin. Oil prices dipped on the comments, though they remain at more than seven-year highs and within touching distance of $100 a barrel, having soared around 25 percent since the start of January.

"What we are seeing is a Fed that is reacting to inflationary prints even though many of the pressures on inflation are factors that the Fed really can't solve," Kristina Hooper, of Invesco, told Bloomberg Television."Still, with the global economy in recovery mode and most governments easing containment measures, observers remain upbeat about the outlook for markets.

"The tone changed suddenly... following a headline that Russian Foreign Minister Lavrov said there is a chance for agreement on security issues," said Patrick O'Hare at Briefing.com.In what appeared to be a possible climbdown amid raging tensions over Ukraine, Russian Foreign Minister Sergei Lavrov told President Vladimir Putin that there was a"chance" of reaching an agreement on security with the West.

In earlier Asian deals, Brent had climbed as high as $96.16 and WTI crude to $94.94 per barrel, stoking renewed concern over elevated inflation. The JSE's All-Share index was down almost a percent, with Naspers falling almost 5% and Steinhoff down 7%.In a profit update, Shoprite said that it expects its earnings per share from continuing operations for the 26 weeks to 27 December to increase by between 27.8% and 33.8%.Stocks slid Monday and crude oil extended a rally as geopolitical risks over Ukraine rippled through global markets, supporting demand for havens such as sovereign debt.

Russia has repeatedly denied it plans to invade its neighbor, and a diplomatic push to try to resolve the situation is continuing. While the current standoff in Europe has fanned temporary demand for Treasuries, Ray Sharma-Ong, investment director for multi-asset solutions at abrdn plc in Singapore, said he sees inflation risks weighing more broadly.

But that rebound quickly lost steam, with the Dow only marginally higher and both the S&P 500 and Nasdaq Composite lower in late morning trading. The St Louis Fed boss said he was in favour of a 50 basis point lift next month - double the usual rise and the first since 2000 - and two more after that. In the eurozone, Frankfurt and Paris stocks banked lower, mirroring Asia after overnight Wall Street losses.

Its vaping brand, Vuse, is now the biggest vapour brand by value share globally. On Friday morning, its share price was down more than 1% to R668.61.Anglo American Platinum says headline earnings and earnings per share are likely to have increased by between 144% and 166% in the year ended in December 2021.

This was partially offset by an increase in certain costs and an increase in taxation and royalties, which flow from higher prices and sales volumes.After several delays, Oceana has again postponed the release of its results for the year to end-September. By 09:55 a.m. ET, the Dow Jones Industrial Average was down 107.85 points, or 0.30%, at 35,660.21, and the S&P 500 was down 24.32 points, or 0.53%, at 4,562.86.The Nasdaq Composite was down 101.20 points, or 0.70%, at 14,389.17.US stocks rallied in the past two sessions as rate-sensitive growth stocks rebounded after a rough start to the year, helping the Nasdaq recoup some of this year's losses.Walt Disney Co jumped 5.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 21. in AU
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Few month ago I was struggling to fend for my self and my kids ,at my last bus stop I decided to give Bitcoin trading a try ,through the help of _ambreymarcus1 I was able to earn R250,000 in 2 weeks thank you so much Mr _ambreymarcus1 .

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MONEY LIVE | Nedbank now expects headline earnings boost of more than 108% | Fin24MONEY LIVE | Nedbank now expects profit boost of more than 108%.
Source: Fin24 - 🏆 21. / 63 Read more »