Market News

European Union leaders have agreed on an embargo on Russian oil imports that will commence towards the end of the year and which for now exempts pipeline imports which Hungary and two other central European states depend on.

The German economy grew slightly in the first quarter from the previous one by an adjusted 0.2% quarter on quarter and 3.8% on the year, said the Federal Statistics Office on Wednesday.

US retail sales increased strongly in April as consumers purchased more motor vehicles amid an improvement in supply and increased spending at restaurants…

The UK economy shrank by 0.1% in March whilst it expanded by 0.8% for the first quarter of 2022, showed official figures on Thursday. The decline in GDP occurred by a drop in output by 0.2% mainly from Britain’s dominant services sector.

In a meeting on Wednesday, the FED raised its benchmark overnight interest rate by half a percentage point…

Brent crude rose to near $130 a barrel on Monday, the highest level since 2008, as the US and its European allies consider a Russian oil import embargo, while delays in the probable return of Iranian crude to global markets fuelled supply concerns.

Inflation in the euro zone in March was slightly lower than previously reported but remains at record highs due to rising energy costs, according to EU statistics.

Consumer prices in the US increased by the most in 16 ½ years in March amid Russia’s war against Ukraine that boosted the cost of gasoline to record high. The consumer price index edged higher by 1.2% last month, the biggest monthly gain since September, 2005, said the Labour Department on Tuesday.

German industrial orders dropped more than expected in February amid weaker demand from abroad according to data on Wednesday.

France and Germany’s consumer confidence dropped more than expected this month amid inflationary pressures and the war between Russia and Ukraine, showed a survey on Tuesday.

Inflation in the UK climbed faster than expected last month hitting a new 30-year high. The Office for National Statistics said that consumer prices rose by 6.2% in February after a 5.5% increase in January, its highest rate since March 1992.

On Wednesday the FED raised interest rates for the first time since 2018. It also laid down an aggressive plan to push the borrowing costs to restrictive levels next year to cover the economic risks….