US stocks rebound in their recent trading while the dollar declines and new US decisions on oil

Wall Street posted its first weekly gain since mid-August while the dollar declined and Bitcoin surpassed $21000

The US Department of the Treasury announced a set of new guidance on the oil price cap,
while US stocks rebounded on Friday,
and the US dollar fell against a basket of six currencies in its latest trading.

topic’s

US Treasury releases oil price cap remarks

Wall Street records first weekly gain since mid-August

Bitcoin exceeds the US $ 21 thousand and the dollar falls sharply

US Treasury releases oil price cap remarks

The US Treasury Department on Friday issued new guidance on
the Western oil price cap proposed for Russian oil exports,
saying that offshore service providers would not be responsible for false pricing
information provided by Russian crude buyers and sellers.

The Treasury Department said in the directive that
those who buy Russian crude at prices above the limit and
who knowingly provide false documents may be investigated for sanctions violations,
and said that governments participating in the cap would
exchange such information to assist the police.

The price cap plan approved by the Group of Seven wealthy
(G-7) calls on participating countries to reject insurance,
finance, brokering, navigation and other services for oil shipments priced
above the unresolved price cap on crude oil and petroleum products.

The Treasury said these service providers must keep
records of Russian oil shipments for five years.

However, the Treasury warned these companies not to be
“vigilant” about red flags suggesting potential evasion or fraud,
including evidence of deceptive shipping practices,
refusal to provide required price information,
and unusually favorable conditions that could indicate a
back arrangement to evade the price cap, or expensive service costs.

She said

any signs of document manipulation,
newly formed companies and abnormal shipping
methods should also raise concerns.

The Treasury Department added that the countries participating in the price cap
will work together to determine the Russian crude oil cap levels and shipments
of large and low-volume petroleum products.

The ministry said that consensus would be reached
on price cap levels with the help of a
“rotating main coordinator”, indicating that the Alliance states
would have an interim leadership role as the plan progressed.

The Assistant Secretary of the Treasury for Economic Policy, Ben Harris,
spoke on Friday, saying it would be a few weeks
before the full price cap plan was developed,
including setting the cap level.

Western sanctions imposed on Russia for its invasion
of Ukraine led to a sharp collapse in Russian imports,
severely slumping its domestic production,
while foreign companies left the country in large numbers.

In the meantime, the Russian oil industry benefited from a 60 percent
increase in oil prices, which better offset the decline in export volumes.

Wall Street records first weekly gain since mid-August

US stocks jumped on Friday,
and major indexes posted their first weekly gain
in four weeks as investors headed to buy,
ignoring concerns about the economic outlook.

The gains followed a sharp sell-off that began in mid-August,
raised by concerns about the impact of tight monetary policies
and signs of an economic slowdown in Europe and China.

Analysts said that the market’s recovery this week
was more linked to the previous over-selling,
as uncertainty remained high over inflation
and the Fed’s aggressiveness in raising interest rates.

Investors are awaiting the August Consumer Price Report on Tuesday,
seeking any signs of declining inflation,
and prices are expected to rise by 8.1 percent over the year in August,
compared with 8.5 percent in July.

Economists expect significant inflation to register

its biggest monthly
decline since the peak of the pandemic in April 2020,
boosted by declining gas prices.

All 11 major S&P sectors traded higher on Friday, with telecom, t
echnology, energy and consumer appreciation services advancing.

Stocks with high growth rose in the week after being hit since
the beginning of the year by concerns about higher interest rates.

Investors are concerned about the prospects o
f the Federal Reserve raising massive interest rates again.

Fed Governor Christopher Waller said on Friday that
the Fed should be more aggressive in raising interest
rates given the potential for the economy to take a hit,
while Kansas City Fed President Esther George said
taming inflation could be a difficult task.

The remarks come after Federal Reserve Chairman Jerome Powell said on Thursday
that the US central bank was “strongly committed” to controlling inflation.

The CBOE, a measure of investor concern, closed to a two-week low of 22.79
but remained above its long-term average of about 20.

The Dow Jones Industrial Index rose by 377.19 points, 1.19 percent, to 32151.71,
the S&P rose by 61.18 points, 1.53 percent, to 4067.36,
and the Nasdaq Composite rose by 250.18 points, 2.11 percent, to 12112.31.

Over the week, the Dow advanced by 2.7 percent,
the S&P 500 rose by 3.6 percent and the Nasdaq rose by 4.1 percent.

artical name US stocks rebound in their recent trading

Bitcoin exceeds the US $ 21 thousand and the dollar falls sharply

The price of the cryptocurrency “Bitcoin” reached $21000,
on September 9 on Wall Street as the recent gains continued, meanwhile,
the total market value of cryptocurrencies exceeded the $1 billion mark.

On Friday, the dollar index,
which measures the greenback against a basket of six other currencies,
fell by 1.1 percent to 108.585, heading for a weekly decline
of 0.6 percent after rising to a 20-year high.

The euro-against-US dollar pair rose 1 percent to 1.0091,
rising strongly toward parity after reaching
a 20-year low of 0.9863 earlier in the week.

artical name US stocks rebound in their recent trading

US stocks rebound in their recent trading

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