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September 2nd - As tensions escalate again in the Middle East, crude oil shipments to India have been disrupted. At least two refiners have been forced to arrange for more expensive alternative sources due to delayed arrivals of their scheduled cargoes. According to sources, Bharat Oil Corporation, Indias state-owned oil company, had four shipments of crude oil from the Persian Gulf that failed to arrive on schedule in August. They also indicated that some crude oil delivery times for Indian Oil Corporation (INC) have been adjusted. Sources familiar with the transactions revealed that the sudden supply disruptions have forced Indian refiners to seek alternative sources, leading to a surge in recent procurement tenders and inquiries. Of the four delayed shipments for INC, two were from the UAE, one from Saudi Arabia, and one from Kuwait.According to Hong Kong Stock Exchange filings, Standard Chartered (02888.HK) repurchased a total of 370,936 shares on other exchanges on September 1, amounting to £8 million.On September 2nd, at the 4th Cyberspace Security (Tianjin) Forum, Zhou Hongyi, founder of 360 Group, delivered a keynote speech, arguing that AI has changed the landscape of network attack and defense, making traditional solutions unsustainable. He called for the creation of a new automated attack and defense system centered on "using models to control models," using AI capabilities to address AI risks, ensuring the security of the large models themselves, the reliability of generated content, and the credibility of output results; and establishing an auditable, interventionist, and blocking control mechanism for the entire lifecycle management of intelligent agents.September 2 – EU High Representative for Foreign Affairs and Security Policy Maria Callas said on September 2 that the EU had summoned the Russian ambassador to the EU regarding the attempted drone attack on Leipzig airport in Germany. An informal meeting of EU foreign ministers was held that day in Wicklow, Ireland. Callas stated before the meeting that the incident "has all the characteristics of state-sponsored terrorism," and that the EU and many EU member states had separately summoned the Russian ambassadors to the EU and relevant countries. The countries would discuss next steps at the meeting held that day.Israeli Defense Minister Katz: There is still work to be done, but about 70% of the Gaza Strip is abandoned, with no residents, no houses, and no tunnels.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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