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On November 24th, German Chancellor Merz stated on the 23rd that the core elements of the USs proposed "28-point" plan regarding fiscal arrangements were "unacceptable." Speaking after the G20 leaders summit, Merz said the US had no right to use Russian central bank assets frozen within the EU. Furthermore, the demand for an additional $100 billion in funding from Europe was also unacceptable to Germany. Merz stated that the EUs current plan to use frozen Russian assets within the EU to provide loans to Ukraine to support its further arms purchases was also unacceptable.BHP Billiton (BHP.N): The group is no longer considering a merger with Anglo American.November 24th - According to sources familiar with the matter, Anglo American has rejected BHP Billitons (BHP.N) latest acquisition offer. The sources stated that after evaluating the proposal, Anglo American determined it was not superior to its existing merger plan with Teck Resources Ltd. BHP Billiton attempted to acquire Anglo American last year for $49 billion, but was repeatedly rejected and ultimately withdrew from the acquisition. Since then, BHP Billiton has stated it will focus on its own business growth portfolio to avoid repeating the mistakes of overexpansion during the previous merger and acquisition boom.Market news: Anglo American has rejected the latest takeover offer from BHP Billiton (BHP.N).On November 24th, Alexei Pushkov, a member of the Constitutional Committee of the Federation Council of Russia, argued that the EUs plan to mediate the conflict in Ukraine is a carefully crafted scheme to perpetuate the conflict. Pushkov stated, "Europes peace plan is not a genuine peace plan, but a plan to continue the war. And it has been carefully considered and corrected." The supplementary plan on Ukraine proposed by the EU, released on Sunday, includes 28 points, including a suggestion that Ukraine could join NATO, a possibility unacceptable to Russia. The plan suggests that Europe proposes allowing Ukraine to join NATO if NATO member states reach a consensus. The European proposal does not specify a timeframe for holding elections in Ukraine. It also includes a statement that NATO will not deploy troops in Ukraine, though this is stated as "in peacetime." Furthermore, the European proposal does not include recognition that Crimea, Luhansk, and Donetsk are de facto "Russian territory."

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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