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ECB Governing Council member Simkus: The new forecasts may lead to a slight upward adjustment in the interest rate path.The Federal Aviation Administration has proposed imposing flight restrictions around Palm Beach Airport because of its proximity to President Trumps winter residence.On September 1st, Federal Reserve Governor Michael Barr stated that the Fed should be prepared to raise interest rates if inflation fails to subside. He warned that inflation has been consistently above target for over five years, and there is a deep-seated risk of entrenched price pressures. Barr indicated that policymakers can remain patient if upcoming data shows inflation is cooling. In prepared remarks at an event in Washington on Tuesday, Barr said, "If the data trends give me confidence that inflation is moderating and moving toward the 2% target, then I think we can take more time to assess the policy stance. But if inflation doesnt appear to be cooling by a sufficient margin, then I think we should act decisively and raise interest rates."On September 1st, NIOs Chief Financial Officer, Qu Yu, stated at the companys interim results conference that the company is facing significant cost pressures this year. Starting in March, the costs of memory, bulk materials, and batteries have all increased, with the average cost per vehicle in the second quarter rising by approximately 14,000 yuan compared to the end of last year. There is a risk that material costs will continue to rise in the second half of the year, expected to be between 2,000 and 3,000 yuan. "NIOs goal is to maintain the gross profit per vehicle at the level of the second quarter in the third and fourth quarters."Federal Reserve Governor Barr: Persistent inflation above target poses risks.

Jane Street Global Sues The LME For $15.3 Million Due to The Cancellation of Nickel Deals

Aria Thomas

Jun 07, 2022 11:02

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Jane Street Global Trading, located in the United States, has sued the London Metal Exchange for $15,3 million due to the cancellation of nickel deals in March. This is the second lawsuit the London Metal Exchange has faced this week.


The LME, which is controlled by Hong Kong Exchanges and Clearing, is being investigated by authorities after it paused operations and canceled nickel contracts on March 8 owing to volatility that caused prices to double within hours to more than $100,000 per tonne.


A Jane Street official stated in a statement that the move to cancel nickel deals "during a moment of heightened volatility seriously undermines the integrity of the markets and establishes a hazardous precedent that throws future contracts into doubt."


The Hong Kong bourse said in a statement that the LME viewed the U.S. quantitative fund and market maker's allegation to be "without merit and that the LME would fiercely oppose it."


Monday, the LME said it was being sued for $456 million by hedge fund Elliott Associates for canceling nickel deals.


HKEX issued a similar statement in response to the Elliott lawsuit, asserting that the LME had to intervene to safeguard the whole market when trading got chaotic.

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