EUR/USD 1.14218
-0.776%
Gold 5016.12
-1.248%
Oil 96.467
1.332%
USD/JPY 159.671
0.208%
GBP/USD 1.32265
-0.866%
GBP/JPY 211.193
-0.611%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 15th, Matt Reed, Vice President of the geopolitical and energy consultancy Foreign Reports, stated that an attack on Kharg Island could trigger Iranian retaliation against Gulf oil-producing countries. He said, "Iran will retaliate in kind." The United States warned on Friday that if Iran continues to block the Strait of Hormuz, Kharg Islands oil facilities could become the next target. Reed warned that the longer the conflict continues, the harder it will be to find alternative energy supplies. "At least 10 million barrels of oil are trapped in the Gulf every day, plus more than 4 million barrels of refined petroleum products and tens of billions of cubic feet of liquefied natural gas, with no easy alternatives." The International Energy Agency has announced the largest emergency oil reserve release in history, with 32 member countries planning to release approximately 400 million barrels of oil. However, Reed believes this measure will have limited effect, stating, "By the time the oil gets to the market, it may be too little, too late." He described it as nothing more than a "band-aid."On March 15th, local time, the Iranian Islamic Revolutionary Guard Corps issued a statement saying that in the past 48 hours, the US and Israel had launched attacks on several civilian industrial facilities in Iran, resulting in the deaths of several workers. The statement said that after setbacks in its confrontation with Iran, the US and Israel have turned to attacking non-military industrial facilities. Iran warned that US companies in the region should withdraw from their facilities and urged nearby residents to stay away from industrial areas with US capital involvement to avoid potential attacks.The Swiss government has discussed the US request for military overflight. In accordance with the principle of neutrality, the Federal Council rejected two requests related to the war with Iran.Local officials said operations at the Lanaz refinery in Iraq’s Erbil province have been suspended until the fire is extinguished and the damage is assessed.On March 15th, Colombian Energy Minister Edwin Palma posted on the X platform that Venezuelas state-owned oil company PDVSA intends to terminate its contract with Colombias state-owned oil company Ecopetrol regarding the Antonio Ricardo pipeline, citing insufficient investment in its maintenance. Palma stated that the Colombian government plans to meet with the US government next Monday to discuss lifting sanctions in an effort to normalize commercial relations with Venezuela. Palma also indicated that Colombia has approved a license to resume imports of liquefied petroleum gas (LPG) from Venezuela at a rate of 1.26 million gallons per month.

Asian Stocks Fall as Economic Recession Concerns Persist

Aria Thomas

Jun 20, 2022 11:01

16.png


The majority of Asia-Pacific equities were trading in the red on Monday morning, as investors fretted about a potential economic downturn brought on by major central banks' tightening monetary policies.


The Nikkei 225 dropped 1.72 percent on 10:24 PM ET (2:24 AM GMT).


The KOSPI decreased by 2.36 percent.


The Australian ASX 200 index fell 1.03 percent.


The Hang Seng index declined 0.74 percent.


The Shanghai Composite fell 0.38 percent, while the Shenzhen Composite rose 0.42 percent.


Last week, major central banks increased interest rates, heightening investors' fears of a recession. Wednesday, the U.S. Federal Reserve announced a 75 basis point increase in interest rates, the largest increase since 1994. The Swiss National Bank unexpectedly increased interest rates by 50 basis points on Thursday, the same day that the Bank of England lifted its rates to 1.25 percent.


"Market volatility has remained elevated, with the VIX index posting its highest weekly finish since late April," NAB analyst Rodrigo Catril told Reuters. "This pattern extends beyond stocks, with an increase in FX and rates volatility as well as wider credit spreads."


"At this juncture, it is difficult to foresee a turnaround in fortunes unless there is evidence of a significant reduction in inflationary pressures."


Wednesday and Thursday, Fed Chair Jerome Powell will speak before the House of Representatives. The Fed said last week that its commitment to taming inflation was "unconditional," and Fed Governor Christopher Waller stated on Saturday that he would back a 75-basis-point rate rise in July.


In an effort to combat inflation, U.S. President Joe Biden said on Saturday that he was contemplating eliminating certain tariffs on China and pausing the federal gas tax.


Suggestion