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    Oil prices spiked to their highest levels since 2008 on Monday after Secretary of State Andrew Blinken said the U.S. and its European allies were considering banning imports of Russian oil. The Biden administration has been facing pressure from Congress to impose energy sanctions on Russia, a move that the White House has resisted, citing concerns over their impacts on oil prices.
    That seemed to change over the weekend, when Blinken said on CNN that ...
    A decision by Western allies on Saturday (Feb 26) to block "selected" Russian banks from the SWIFT payments system will inflict a crippling economic blow, but also cause much pain to their own companies and banks. And the allies still have room to do more. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a secure messaging system to ensure rapid cross-border payments which has become the principal mechanism to finance international trade.
    Russian banks ...
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    Geopolitical worries have added another layer of volatility to an already-jumpy market as investors priced in the possibility of escalating conflict between Russia and Ukraine, though some doubted the issue would weigh on U.S. asset prices over the longer term. Reports of rising tensions between the two countries slammed stocks on Friday and lifted prices for Treasuries, the dollar and other safe-haven assets. Investors were already rattled by a hawkish turn from the Federa...
    The consumer price index came in hotter than expected in January, as both the CPI inflation rate and the core rate, excluding food and energy, hit new 39-year highs. Dow Jones industrial average and Nasdaq losses deepened in Thursday afternoon stock market action as Wall Street priced in additional Fed rate hikes. Meanwhile, the 10-year Treasury yield crested 2% for the first time since August 2019 and kept on rising.
    The CPI rose 0.6% from the prior month and 7.5% ...
    The U.S. economy created far more jobs than expected in January but despite the disruption to consumer-facing businesses from a surge in COVID-19 cases, pointing to underlying strength that should sustain the expansion as the Federal Reserve starts to raise interest rates. The Labor Department's closely watched employment report on Friday also showed a whopping 709,000 more jobs were added in November and December than...
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    Federal Reserve Chair Jerome Powell said the central bank was ready to raise interest rates in March and didn’t rule out moving at every meeting to tackle the highest inflation in a generation. “The committee is of a mind to raise the Fed funds rate at the March meeting” if conditions are there to do so, Powell told a virtual press conference on Wednesday, while noting that officials have not made any decisions about the path of policy because it needs to be “nimble.”
    He ...
    China posted a record trade surplus in December and in 2021, as exports outperformed expectations during a global pandemic, but some analysts pointed to a slowdown in international shipments in the coming months. The trade surplus hit $676.43 billion in 2021, the highest since records started in 1950, up from $523.99 bln in 2020, according to data from the statistics bureau.
    China also posted a record trade surplus for the month o...
    Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday. The consumer price index, a metric that measures costs across dozens of items, increased 7%, according to the department’s Bureau of Labor Statistics. On a monthly basis, CPI rose 0.5.
    The annual move was the fastest increase since June 1982 and comes amid a shortage of good...
    Stock markets were deep in the red and some key government bond yields climbed to their highest in years on Thursday after the Federal Reserve signalled the possibility of faster-than-expected U.S. rate hikes and stimulus withdrawal. Both Asia and Europe's bourses fell heavily after Wall Street's tech-heavy Nasdaq plunged more than 3% on Wednesday and 2- and 5-year Treasury yields, important drivers of global borrowing costs, surged to post-COVID pa...
    Many nations are on high alert just days ahead of Christmas and New Year celebrations, as the latest health crisis also takes a toll on financial markets, which fear the impact on the global economic recovery. Omicron infections are multiplying rapidly across Europe, the United States and Asia, including Japan where a single cluster at a military base has grown to at least 180 cases.
    New Zealand Covid-19 Response Minister Chris Hipkins said his country, which imposed some of the world's toughest COVID-19 measures, was delaying the start of a planned staggered reopening of its border until the end of February.
    In India, New Delhi Chief Minister Arvind Kejriwal urged citizens to wear masks and appealed to the federal government to allow booster vaccine doses as the country reported 200 cases of the variant across 12 states.
    In Singapore, the health ministry was carrying out testing to determine whether Omicron was behind a suspected cluster of cases at a gym and warned more cases were likely.
    In the United States, officials said the variant claimed the life on Monday of an unvaccinated man in Texas after becoming the dominant strain in the country. Lines for Covid-19 tests wrapped around the block in New York, Washington and other US cities as people clamoured to find out if they were infected before celebrating the holidays with family.
    South Korea, the Netherlands, Germany and Ireland were among countries to reimpose partial or full lockdowns, or other social distancing measures, in recent days
    British Prime Minister Boris Johnson on Monday said the situation was "extremely difficult" as hospitalisations rose steeply in London. His government was not ruling out any steps, including potentially limiting tourism.
    The Omicron variant was first detected last month in southern Africa and Hong Kong and so far has been reported in at least 89 countries. The severity of illness it causes remains unclear, but the World Health Organization (WHO) warned it is spreading faster than the Delta variant and is causing infections in people already vaccinated or who have recovered from the Covid-19 disease. The rapid spread of the variant has ignited fears that more countries may impose economically disruptive restrictions, impacting markets.
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