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Market News: An official said that Iran told mediators Qatar and Oman that it was unwilling to negotiate a ceasefire with Israel during the Israeli attack.On June 16, Richard Bronzi, head of geopolitics at consulting firm Energy Aspects, said, "Now that Israel has crossed the threshold, the market will question whether it will further strike Irans energy infrastructure. We seem to be caught in a vicious cycle of escalating conflict." Helima Croft, head of global commodity strategy at Royal Bank of Canada Capital Markets and former CIA analyst, said, "If the supply is interrupted, Trump is likely to ask the Saudi-led OPEC+ alliance to use its considerable idle production capacity." Irans current daily output is about 3.4 million barrels, and it is uncertain whether OPEC can make up for its long-term large-scale shutdown gap. This move itself may make Saudi Arabia and the UAEs energy facilities a target of public criticism. Clay Siegel, a senior fellow at the Center for Strategic and International Studies in Washington, analyzed: "Although OPEC can use idle production capacity to replace Iranian crude oil, Saudi Arabia and the UAE will face huge political risks if they profit from it."Israels emergency organization "Red Shield of David": Irans latest round of ballistic missile attacks has injured 8 people in Israel.June 16th news, on June 15th local time, Mustafa Hayari, director of media affairs of the Jordanian Armed Forces, said that the current situation is an attempt by one party to the conflict to drag Jordan into the war, intending to undermine Jordans security and stability. But Jordans national position has been very clear from the beginning, that is, to avoid being involved in the conflict between Iran and Israel. Regarding the measures taken by the Jordanian Armed Forces to deal with this threat, Hayari emphasized that the military has increased the combat readiness level of various combat units and logistics units since the beginning of the conflict, and has placed all combat units and troops on the highest level of alert to ensure effective response to any potential threats. Hayari said that missiles and drones entering Jordanian airspace are extremely dangerous. As military weapons, these devices may have technical deviations for a variety of reasons, making Jordanian territory a potential landing point.According to the Wall Street Journal: The Washington Post suffered a cyber attack, resulting in the compromise of the email accounts of several journalists.

As Japan plans a Cabinet reshuffle, GBP/JPY is aiming for a two-week high near 169.00

Alina Haynes

Nov 22, 2022 15:03

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During the Tokyo trading session, the GBP/JPY pair has extended its recovery and is seeking to cross the 168.00 threshold. As market sentiment improves, the cross approaches a two-week high close to 169.00. Despite projections of a slower pace of rate hikes by the Bank of England, the British pound is expected to continue its upward trajectory (BOE).

 

The public is still arguing if the Autumn Statement has restored confidence and capability in the UK's economic prospects or has worsened the forecasted picture.

 

Shell, a provider of renewable energy and energy solutions, is reconsidering its expansion plans in the British energy market after the incoming UK government announced windfall taxes. Prime Minister Rishi Sunak and Chancellor Jeremy Hunt increased the tax rate from 25% to 35% in the long-awaited "memorial service for Trussonomics."

 

The expanded tax mentioned in the Chancellor's Autumn Statement is leading Shell to reconsider a number of ongoing projects, including North Sea investments and renewable energy programs, according to David Bunch, chairman of Shell UK.

 

UOB economists maintain their prediction of a 50 basis point (bps) change in the United Kingdom's interest rate at its monetary policy meeting in December. They feel the BOE still has work to do, given that Hunt has decided to delay the majority of the severe repercussions of fiscal consolidation, which means fiscal policy will do little to combat inflation."

 

Prime Minister Fumio Kishida of Japan told Mainichi that investors in Tokyo are becoming anxious because the Japanese government expects to reshuffle its Cabinet before the end of the year. This may result in a period of Japanese yen volatility. On the economic front, Thursday's release of the PMI results is anticipated by investors. The Jibun Bank Manufacturing PMI is considered stable at 50.7. While Services PMI is expected to decline significantly to 53.1%, Manufacturing PMI is expected to climb marginally to 54.2%.

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