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The UK Rightmove average house asking price index rose by 0.3% year-on-year in August, compared with 0.10% in the previous month.The UK Rightmove average house asking price index fell by -1.3% month-on-month in August, compared with -1.20% in the previous month.Oil prices fell on August 18 as traders turned their attention to the meeting between Trump and Zelensky on Monday. The Ukrainian leader is under pressure from the United States to reach a peace agreement with Russia that involves ceding territory. Last Friday, Trump hinted that he was not in a hurry to implement punitive measures against Russian oil buyers. So far, Trump has unilaterally named India as a buyer of Russian crude oil and imposed high tariffs on it. In addition to the oil price fluctuations caused by the Russia-Ukraine talks, oil prices have fallen by more than 10% this year due to concerns about the consequences of Trumps trade policies and the rapid increase in production by OPEC+. Last week, the International Energy Agency said that the market is expected to have a record surplus in 2026 due to increased supply and slowing demand.On August 18, Putin and his Russian delegation may have been welcomed on American soil, but due to sanctions, they had to pay in cash when refueling their planes. Speaking about the Alaska semi-summit and the current state of negotiations, U.S. Secretary of State Rubio defended Trumps decision not to impose further sanctions on Russia. Rubio said: "Every sanction imposed on the day Trump took office still exists, and the impact of all sanctions still exists. When the Russians landed in Alaska... they had to pay in cash to refuel their planes because they could not use our banking system." Zelensky and European leaders have urged the United States to consider further sanctions on Russia, but Rubio said that this is not the current strategy, "The choice is still in the hands of the president. Once he takes these measures, all dialogue will stop, and no one in the world will negotiate with the Russians."On August 18th, the annual salaries of CEOs of FTSE 100 companies hit a record high for the third consecutive year. According to research by the think tank High Pay Centre, the median pay for CEOs of the 100 largest companies listed on the London Stock Exchange reached £4.6 million (US$6.2 million), 122 times that of a full-time UK employee. However, these figures pale in comparison to the median pay of CEOs of S&P 500 companies, which stands at US$16.8 million. Luke Hildyard, director of the High Pay Centre, said: "These figures will fuel a growing feeling that low- and middle-income earners are not getting a fair share of the wealth their work creates."

Oil Prices Rise As The IEA Forecasts A Rebound in Chinese Demand

Haiden Holmes

Feb 06, 2023 10:45

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Gold prices were subdued on Monday following their worst week in seven months, with attention now shifting to a talk with Federal Reserve Chair Jerome Powell after stronger-than-anticipated U.S. job statistics stoked fears of additional monetary tightening.


The price of gold fell by 2.5% on Friday and more than 3% in the previous week after U.S. employment data for January was significantly stronger than anticipated. The readings sparked concerns that the Fed has sufficient economic room to continue raising interest rates, resulting in a dollar and Treasury yields recovery rally.


This dragged on most metal prices, with gold- which had a good run-up to Friday’s data- suffering substantial losses. For the first time in nearly a month, the price of gold went below the important $1,900 support level.


Spot gold was steady at $1,864.93 an ounce, while gold futures expiring in April slid 0.2% to $1,876.40 an ounce by 18:50 ET (23:50 GMT) (23:50 GMT).


Tuesday's discussion with Chairman Jerome Powell at the Economic Club of Washington, D.C. will provide additional economic guidance. Any remarks on the current employment numbers and inflation trajectory will be attentively monitored.


As anticipated, the Fed hiked interest rates last week and hinted that it will continue to do so in the near future. This sparked greater bets that the central bank could swing away from its hawkish posture by the year-end.


However, these wagers were quickly reversed by Friday's strong employment figures, which also fueled fears that U.S. inflation may remain rising for a longer period of time than anticipated.


Additionally, other precious metals declined on Friday and were trading in a range on Monday. After plunging below $1000 per ounce, platinum futures climbed 0.2%, while silver futures resumed losses, sliding 0.4% to $22.340 per ounce.


Copper prices recovered marginally this week after falling nearly 4% the previous week, as markets balanced a potential demand resurgence in China against rising fears of a worldwide recession. Rising interest rates and soaring inflation are projected to severely weigh on the global economy this year.


High-grade copper futures increased 0.4% to $4.0475 a pound.


This week, the focus is on additional economic indicators from the world's largest copper importer, China, as well as social upheaval in the world's second-largest copper exporter, Peru.

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