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March 2nd - U.S. stock index futures opened lower on Monday, with Nasdaq and Dow futures falling more than 1%, and S&P 500 futures falling more than 0.9%.March 2 - International oil prices surged $8 at the open on Monday as escalating tensions between the US and Iran disrupted oil shipments. Brent crude reached a high of $82.37 per barrel, while WTI crude jumped to $75.33 per barrel.Goldman Sachs estimates that if the supply disruption in the Strait of Hormuz lasts for six weeks, there is a time risk premium of $18 per barrel for crude oil prices; if only 50% of the supply is disrupted for one month, the premium will decrease to $4.According to a U.S. official, the United States and Israel have launched attacks on more than 2,000 targets inside Iran to date.1. Monday: ① Data: UK February Nationwide House Price Index (MoM); Switzerland January Retail Sales (YoY); France, Germany, Eurozone, and UK February Manufacturing PMI (Final); UK January Bank of England Mortgage Approvals; US February S&P Global Manufacturing PMI (Final); US February ISM Manufacturing PMI. ② Holiday: Seoul Stock Exchange closed. 2. Tuesday: ① Data: Japan January Unemployment Rate; Eurozone February CPI (YoY, Preliminary); Eurozone February CPI (MoM, Preliminary). ② Events: Bank of Japan Governor Kazuo Ueda speaks at a fintech seminar; FOMC permanent voting member and New York Fed President Williams speaks. ③ Holiday: National Stock Exchange of India closed. 3. Wednesday: ① Data: US API and EIA crude oil inventory data for the week ending February 27; Australias Q4 GDP annual rate; Chinas official manufacturing PMI, RatingDog manufacturing PMI, and RatingDog services PMI for February; Switzerlands CPI month-on-month rate for February; final readings of services PMI for February in France, Germany, the Eurozone, and the UK; Eurozones PPI month-on-month rate and unemployment rate for January; US ADP employment change for February; final reading of the S&P Global Services PMI for February; and US ISM non-manufacturing PMI for February. ② Events: The Fourth Session of the 14th National Committee of the Chinese Peoples Political Consultative Conference (CPPCC) convenes in Beijing; Minneapolis Fed President Neel Kashkari, a 2026 FOMC voting member, delivers a speech; Bank of Canada Governor Macklem participates in a fireside chat. 4. Thursday: ① Data: French January industrial production month-on-month; Swiss February seasonally adjusted unemployment rate; Eurozone January retail sales month-on-month; US February Challenger job cuts; US initial jobless claims for the week ending February 28; US January import price index month-on-month; US February global supply chain stress index; US EIA natural gas storage for the week ending February 27. ② Events: The Fourth Session of the 14th National Peoples Congress convenes in Beijing; Saudi Aramco announces its official crude oil prices around the 5th of each month; the Federal Reserve releases its Beige Book on economic conditions. ③ Earnings reports: JD.com, Bilibili. 5. Friday: ① Data: UK February Halifax seasonally adjusted house price index month-on-month; Eurozone Q4 GDP annual rate revised; Eurozone Q4 seasonally adjusted employment quarter-on-quarter final; US February unemployment rate; US February seasonally adjusted non-farm payrolls; US January retail sales month-on-month; US February average hourly earnings year-on-year; US February average hourly earnings month-on-month; US December business inventories month-on-month. 6. Saturday: ① Data: Total number of US oil rigs for the week ending March 6; Chinas foreign exchange reserves in February. ② Event: Speech by Cleveland Fed President Hamak, a 2026 FOMC voting member, on the safe-haven status of the US dollar.

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.