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Sources: Rosnefts Ufa refinery has suspended operations at its CDU-4 crude distillation unit after being attacked by a drone.On October 16th, Russ Mould of AJ Bell warned in a report that economic growth could deteriorate further if the UK government introduces unfavorable tax increases in its November 26th budget. He noted, "There is a significant risk that tax adjustments could further undermine consumer and business confidence." Recent data showed that UK GDP grew by a meager 0.1% in August. Mould stated that the UK is facing "weak growth and a weak fiscal position," posing a daunting challenge for Chancellor of the Exchequer Reeves.Kremlin: Russia can provide high-quality oil at lower prices to countries that Trump is trying to persuade not to buy Russian oil.On October 16th, the National Development and Reform Commission and the National Energy Administration jointly issued the "Measures for the Supervision of Fair and Open Access to Oil and Gas Pipeline Network Facilities." These measures clearly define how to regulate fair and open access to oil and gas pipeline network facilities. They include a series of arrangements regarding "what to regulate, who will regulate, and how to regulate," providing a strong foundation for deepening regulation of natural monopolies in the oil and gas sector. The measures will take effect on November 1st. Furthermore, the "Measures for the Supervision of Fair and Open Access to Oil and Gas Pipeline Network Facilities" also clarify for the first time the service process for fair and open access to oil and gas pipeline network facilities, standardizing standards for user registration and business acceptance. Information on remaining capacity and operational status of pipeline network facilities must be disclosed in accordance with regulations to ensure both facility information security and user needs.Fitch: Frances pension reform suspension faces the risk of policy reversal after the 2027 general election.

AUDJPY continues to struggle around 94.00 despite solid Aussie jobs data

Daniel Rogers

Nov 17, 2022 11:45

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The AUDJPY pair has stayed firm around 94.00 despite the release of bullish Australian employment data. Compared to the projected 15k and the preceding release of 0.9k, the Australian Bureau of Statistics announces that the economy has added 32,200 new jobs to the payroll market. In addition, the unemployment rate has decreased from 3.6% to 3.5% to 3.4%.

 

Australian employment numbers that surpass expectations will impress the Reserve Bank of Australia (RBA). This will allow RBA Governor Philip Lowe to continue steadily hiking rates. In light of this week's release of the RBA's minutes, the central bank will maintain a rate hike structure of 25 basis points (bps) because policymakers believe the Official Cash Rate (OCR) has already been hiked in a short amount of time.

 

Nevertheless, the inflation rate has not yet reached its high, as a historic increase in price growth observed in the third quarter indicates. The Australian inflation rate increased to 7.3%, exceeding the consensus expectation of 7.0%. This prompted the RBA to hike its projected interest rate to 8%. In addition to producing increasing price pressures, a limited market is responsible for the robust purchasing power of households.

 

As Russia-Poland tensions have largely calmed and no further developments are anticipated, the risk profile is expected to diminish.

 

On the Tokyo front, an unexpected decline in Gross Domestic Product is haunting investors. In contrast to expectations of a 0.3% increase, Japan's gross domestic product decreased 0.3% in the third quarter. We were surprised by the q/q decline in the third quarter because we underestimated the impact of higher inflation, the summer wave of COVID-19 infections, and a significant weakening of the yen, which exacerbated the nation's already soaring import costs.

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