01 Crude oil prices reached $185 at extremes # Gasoline and diesel prices were raised again #
JPMorgan Chase, the top U.S. investment bank, wrote in a report thursday that oil prices could reach $120 in the short term and last for months. The U.S. released details of a series of latest economic sanctions against Russia and Belarus yesterday, and the White House said in its briefing that the United States and its allies "have a strong interest in weakening Russia's position as a major energy supplier," including restrictions on the sale of oil technology. Analysts at JPMorgan Chase said brent crude could reach $185 a barrel by the end of the year if Supply from Russia continues to be blocked while Iranian crude does not enter the market.
02 Norwegian sovereign wealth fund suffers a hard blow #Norwegian government global pension fund announces last year's holdings #
Norway's sovereign wealth fund warned at a news conference that the value of its Russian asset holdings so far this year has fallen by about 91 percent and that the remaining value of its holdings is "likely to be worthless." Nicolai Tangen, the fund's executive, admitted that even if the shares of these Russian listed companies can be successfully sold, it is difficult to ensure that the funds will be obtained, "the sale is no different from the free gift, and now it is basically equivalent to giving these stocks away in vain and not getting the money back."
03 Sino-Russian trade casts a shadow #China will become a high-income country? CCTV: Soberly look at it #
Sino-Russian trade cast a shadow, with the yuan soaring to record highs against the ruble this week, and some Chinese banks suspended trading in the yuan-ruble pair, with the bid-ask spread the largest ever. China recently concentrated its purchases of U.S. corn and soybeans to mitigate the risks posed by the Russo-Ukrainian War and slowing of the South American harvest to commodity supplies. The AIIB, which china initiated, decided to suspend and evaluate all activities related to Russia and Belarus.
04 ECB interest rate hikes expectations heat up #Trump says the U.S. should "make money" from the Russia-Ukraine conflict #
EcB minutes show that officials see the geopolitical situation as an inflationary threat, and inflation could be higher than expected in the coming months if the spike in energy prices intensifies. Meanwhile, policymakers at the meeting argued that the ECB was close to raising interest rates for the first time in more than 10 years as inflation showed signs of being born of roots. As price pressures rose faster than expected, ECB President Christine Lagarde retracted his previous pledge not to raise rates this year.
05 The Russian-Ukrainian war enters its second week #Russia-Ukraine agrees on a temporary ceasefire #
As the war in Ukraine entered its second week, the Russian offensive showed no signs of abating, with a naval fleet reportedly showing up near the Ukrainian port of Odessa in preparation for an amphibious landing. The second round of russian-Ukrainian talks reached an understanding on issues such as the evacuation of civilians, and the two sides agreed to continue talks. The White House has said it has no intention of banning imports of Russian oil. Investors are looking for Russian assets at extremely low prices.