Loss in oil, bitcoin and wall street

2022-04-25T18:18:17
bitcoin Oil News Wall Street
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Loss in oil, bitcoin and wall street Oil declines, Bitcoin falls and Wall Street in Red Zone

Politico reported on Friday that the sixth package of EU sanctions against Russia could be submitted to countries for consideration early this week, and could include a partial embargo on oil imports, and the removal of a number of banks from Swift

Evest follows market developments in the following report

 

topic

New European sanctions against Russia could include the oil sector

Wall Street declined on expectations for tighter monetary policy

Negative dynamics in Asia

Oil prices decline as concern grows over falling demand

Bitcoin Incurs New Losses

 

 

New European sanctions against Russia could include the oil sector

Citing unnamed diplomats, Politico explained that the new package could include a form of an embargo on Russian oil imports, affecting more Russian banks, which could be removed from Swift’s international system

In addition, senior US officials have again called for sanctions against businessman Roman Abramovich in the absence of progress in Russian-Ukrainian negotiations after his recent visit to Kyiv, Bloomberg reported Friday, citing sources

 

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Wall Street declined on expectations for tighter monetary policy

In the United States, stock indexes fell 2.6-2.8% on Friday as US Treasury yields jumped
and the Dow fell by the largest percentage since October 2020
At the end of the week, the Dow lost 3.9%, the S&P 500– 2.7%, and the Nasdaq 1.9%

Growing expectations that the Fed will quickly tighten monetary policy continue to squeeze financial markets
worsening investor mood, already concerned about the Russian-Ukrainian conflict
accelerated persistent inflation and the COVID-19 situation in China

Traders are increasingly concerned that the Fed’s prime rate hike session will lead to a recession in the US economy

Federal Reserve Chairman Jerome Powell, speaking at an event on Thursday during the spring meetings of the International Monetary Fund and the World Bank, said the Fed might need to “move a little faster” on the rate hikes
This was Powell’s last public appearance before the next FOMC meeting on May 3-4
At the Federal Committee’s previous open market session, it raised the interest rate by 25 basis points to 0.25 – 0.5%

Based on price-level futures, the market is almost certain that the Fed will increase the cost
of borrowing by at least 50 basis points at each of the next two meetings – in May and June
In the meantime, traders estimate the likelihood that the base rate will increase by 75 basis points
at once at 94% in June, according to CME Group data

 

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Negative dynamics in Asia

In Asia, negative dynamics of stock markets also dominated on Monday (Japan’s Nikkei index fell by 1.9%
China’s Shanghai Composite Index fell by 4.8%, and Hong Kong’s Hang Seng index fell by 3.8%)
due to coronavirus concerns and tight monetary policy expectations globally

China’s surge in COVID-19 infections has raised concerns about new lockdowns
given the Chinese government’s preferred austerity in dealing with the pandemic
While other Asian countries also face rising infection rates, experts expect governments to take no serious action
such as the quarantine decision, which could lead to an economic downturn, according to MarketWatch

Investors are also watching the comments of the world’s largest central bank heads to understand their intentions regarding the future of monetary policy

ECB President Christine Lagarde told CNBC on Friday that the ECB is likely to complete asset
buybacks in July or August and begin raising interest rates later this year

 

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Oil prices decline as concern grows over falling demand

In the oil market, prices fell on Monday morning, with growing concern over declining demand for China’s energy resources, as coronavirus infections surge

Brent crude futures’ cost for June were $102.58 per barrel (-3.8% and -1.6% on Friday), and West Texas Intermediate crude for June was $98.16 per barrel (-3.8% and + -1.7% on Friday)

Shanghai reported a record number of new COVID-19 infections in the city over the weekend, while Beijing authorities said the coronavirus continued to spread rapidly
Demand for gasoline, diesel and aviation fuel in China is likely to fall by 20% in April compared to the same month last year, about 1.2 million barrels per day, Bloomberg reported, citing sources
This decline will be the most severe since the start of the COVID-19 pandemic in Wuhan, China, more than two years ago

As a result last week, the price of Brent crude fell by 4.5%, that of West Texas Intermediate – by 4.1%

 

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Bitcoin Incurs New Losses

Bitcoin losses increased this month in Monday trading as investors moved away from risk
assets amid tighter expectations for tighter Fed policy

The largest cryptocurrency fell by 3.2% to $38,236, the lowest since March 15
and was down more than 20% from last month’s high
The second-largest currency, Ethereum, fell as much as 4.8% to $2,799, a level not seen since March 18

With the Fed expected to raise interest rates by 50 key steps in the coming months to combat inflation
some factors that have supported premium gains for cryptocurrencies in the past two years are heading in the opposite direction

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