NEWSLETTER
Thursday / September 29Sep 29
Tuesday / August 23
Euro energy crisis
Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia.
Caspian Pipeline Consortium (CPC), which handles about 1% of global oil and whose largest shareholder is Russian pipeline firm Transneft, said exports from two of its three mooring points at a Black Sea terminal had been suspended.
Russian natural gas supplies to Europe are down around 75% year on year. Natural gas prices jumped on Monday. Outages at Norwegian and UK gas fields added to concerns. Gazprom last week announced maintenance on the Nord Stream 1 pipeline, which runs under the Baltic Sea to Germany.
CPC said it had to suspend loadings from its SPM-1 and SPM-2 mooring points due to damage at “the attachment points of underwater sleeves to buoyancy tanks”. It said loadings were only being processed from SPM-3 and so oil loading requests would have to be reduced.
Iran talks
Iran accused the United States on Monday of procrastinating about efforts to revive the 2015 nuclear deal.
"The Americans are procrastinating and there is inaction from the European sides. ... America and Europe need an agreement more than Iran," Iran's Foreign Ministry spokesperson, Nasser Kanaani said.
Josep Borrell, the EU's foreign policy chief, said he hoped the United States would respond positively as early as this week to the bloc's proposal, and that Iran had given a "reasonable" response.
"The notion that we have delayed this negotiation in any way is just not true," U.S. State Department spokesman Ned Price said in response.
Price said the United States was encouraged that Iran seemed to have dropped demands such as the removal of the Islamic Revolutionary Guard Corps from the U.S. foreign terrorist organization list.
Meanwhile Israeli Prime Minister Yair Lapid told French President Emmanuel Macron by telephone that Israel objected to a revived pact and would not be bound by it should one reached. Israel, believed to have its own nuclear arsenal, has issued veiled threats to take military action against Iran if diplomacy fails.
UK inflation
Inflation in the United Kingdom is on track to exceed 18% in January, Citi economists project.
In a note Sunday, the US banking giant Citi updated its forecasts for the UK consumer price index to 18% and UK retail price index to 21% for the first quarter of 2023.
Energy regulator Ofgem will this week announce the scale of a price cap increase from October 1. Citi expects a rise to £3,717 per year ($4,389) from the current £1,971 for an average household. The price cap limits the amount a supplier can charge for their tariffs.
UK GDP
Britain recorded its biggest decrease in output growth in more than 300 years in 2020 when it faced the brunt of the COVID-19 pandemic updated official figures showed Monday.
Gross domestic product fell by 11.0% in 2020, the Office for National Statistics ONS noted. This was a bigger drop than any of the ONS's previous estimates, also the largest fall since 1709 according to historical data by the Bank of England.
Ford to cut workforce
US carmaker Ford Motor said it will cut a total of 3,000 salaried and contract jobs, mostly in North America and India, as it restructures to catch up with Tesla in the race to develop software-driven electric vehicles.
Ford Chief Executive Jim Farley has been saying for months that he believed the automaker had too many people, and that not enough of its workforce had the skills required for the industry shifting to electric vehicles along with digital services.
Ford shares were down 4.8% in midday trading as a broader decline raged on Wall Street.
Wall Street
The Dow Jones Industrial Average fell sharply Monday, in its worst day since June.
The Dow fell 643 points, or 1.91%, to 33,063. The S&P500 dropped 2.14% to 4,137, and the Nasdaq Composite tumbled 2.55% to 12,381. It was the worst day of trading since June 16 for the Dow and the S&P500.
Investors anticipate a potentially volatile week ahead of Federal Reserve Chairman Jerome Powell’s comments on inflation at the annual Jackson Hole symposium.
Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia.
Caspian Pipeline Consortium (CPC), which handles about 1% of global oil and whose largest shareholder is Russian pipeline firm Transneft, said exports from two of its three mooring points at a Black Sea terminal had been suspended.
Russian natural gas supplies to Europe are down around 75% year on year. Natural gas prices jumped on Monday. Outages at Norwegian and UK gas fields added to concerns. Gazprom last week announced maintenance on the Nord Stream 1 pipeline, which runs under the Baltic Sea to Germany.
CPC said it had to suspend loadings from its SPM-1 and SPM-2 mooring points due to damage at “the attachment points of underwater sleeves to buoyancy tanks”. It said loadings were only being processed from SPM-3 and so oil loading requests would have to be reduced.
Iran talks
Iran accused the United States on Monday of procrastinating about efforts to revive the 2015 nuclear deal.
"The Americans are procrastinating and there is inaction from the European sides. ... America and Europe need an agreement more than Iran," Iran's Foreign Ministry spokesperson, Nasser Kanaani said.
Josep Borrell, the EU's foreign policy chief, said he hoped the United States would respond positively as early as this week to the bloc's proposal, and that Iran had given a "reasonable" response.
"The notion that we have delayed this negotiation in any way is just not true," U.S. State Department spokesman Ned Price said in response.
Price said the United States was encouraged that Iran seemed to have dropped demands such as the removal of the Islamic Revolutionary Guard Corps from the U.S. foreign terrorist organization list.
Meanwhile Israeli Prime Minister Yair Lapid told French President Emmanuel Macron by telephone that Israel objected to a revived pact and would not be bound by it should one reached. Israel, believed to have its own nuclear arsenal, has issued veiled threats to take military action against Iran if diplomacy fails.
UK inflation
Inflation in the United Kingdom is on track to exceed 18% in January, Citi economists project.
In a note Sunday, the US banking giant Citi updated its forecasts for the UK consumer price index to 18% and UK retail price index to 21% for the first quarter of 2023.
Energy regulator Ofgem will this week announce the scale of a price cap increase from October 1. Citi expects a rise to £3,717 per year ($4,389) from the current £1,971 for an average household. The price cap limits the amount a supplier can charge for their tariffs.
UK GDP
Britain recorded its biggest decrease in output growth in more than 300 years in 2020 when it faced the brunt of the COVID-19 pandemic updated official figures showed Monday.
Gross domestic product fell by 11.0% in 2020, the Office for National Statistics ONS noted. This was a bigger drop than any of the ONS's previous estimates, also the largest fall since 1709 according to historical data by the Bank of England.
Ford to cut workforce
US carmaker Ford Motor said it will cut a total of 3,000 salaried and contract jobs, mostly in North America and India, as it restructures to catch up with Tesla in the race to develop software-driven electric vehicles.
Ford Chief Executive Jim Farley has been saying for months that he believed the automaker had too many people, and that not enough of its workforce had the skills required for the industry shifting to electric vehicles along with digital services.
Ford shares were down 4.8% in midday trading as a broader decline raged on Wall Street.
Wall Street
The Dow Jones Industrial Average fell sharply Monday, in its worst day since June.
The Dow fell 643 points, or 1.91%, to 33,063. The S&P500 dropped 2.14% to 4,137, and the Nasdaq Composite tumbled 2.55% to 12,381. It was the worst day of trading since June 16 for the Dow and the S&P500.
Investors anticipate a potentially volatile week ahead of Federal Reserve Chairman Jerome Powell’s comments on inflation at the annual Jackson Hole symposium.
