EU oil sanctions will delay euro zone inflation decline
High inflation in the euro zone continues as energy markets continue to fluctuate due to sanctions against Russia and soaring food prices. Core inflation in the euro zone has picked up, with headline inflation hitting a record high of 8.1% in May. Oil prices continued to rise in May, while EU sanctions on Russian seaborne oil announced on Monday intensified expectations that oil prices will remain high, which will delay the decline in headline inflation in the euro zone, especially as food and core inflation are also on the rise. Down.
Euro zone inflation hits record high again in May
Inflation in the euro zone hit a record high again in May, adding to the case for the European Central Bank to raise interest rates sharply. The euro zone's preliminary annual CPI accelerated to 8.1% in May, beating expectations for a 7.7% annual rate, as price gains continued to widen, suggesting that energy is no longer just driving the headline data. Prices have risen sharply across Europe over the past year, initially due to post-pandemic supply chain problems and later to the Russian-Ukrainian conflict, suggesting a new era of rapid price growth is wiping out a decade of ultra-low inflation.
The attitude of the Bank of England will determine the next rise and fall of the pound
At present, when it comes to trading the pound, the most important thing is the attitude of the Bank of England. At this juncture, whether to change the original cautious attitude and choose a policy of tough interest rate hikes to control the increasingly high inflation; The rise and fall can only be regarded as a rise boosted by the US dollar at present, and it can't be said to be very strong by itself.
OPEC: OPEC will stick to its oil production plans despite EU sanctions on Russia
OPEC+ is likely to stick to its oil production plans this week despite EU sanctions on OPEC member Russia, foreign media reported. Delegates said global oil supply and demand levels remained stable and Russian exports had not been seriously disrupted, so little action from the alliance was not required. The OPEC decision has become largely symbolic at a time when most members except Saudi Arabia and its neighbors are struggling to increase output.
Birol: Germany tackles motorway speed limits to ease energy crisis
"We are in a time of war, in an energy crisis, and we better prepare for more difficult times," said Birol, the head of the International Energy Agency, in an interview with Germany's Der Spiegel on Tuesday. , Germany should impose temporary speed limits on motorways, at least during the Russian-Ukrainian conflict, to help ease the energy crisis. "This does not mean a major change in people's daily lives," he added. The International Energy Agency had previously called for a reduction in speed limits on motorways by at least 10 kilometers (6.2 miles) an hour as part of a broader effort to curb oil demand.
Russian rubles are officially in full circulation in Ukraine's Kherson Oblast
On May 31, local time, Stremousov, deputy chairman of the military-civilian government of Ukraine's Kherson region, said that the Russian ruble has been officially circulated in the region since the 30th. According to the regulations, all business establishments in the region must accept both Russian rubles and Ukrainian hryvnia for transactions.
When the dollar strengthened in May, the price of gold showed weakness for the first time
The overall performance of gold in May was disappointing. When the U.S. dollar strengthens, gold prices show weakness for the first time; however, when the U.S. dollar weakens or U.S. bond yields fall, the gold market cannot deliver substantial benefits. Gold is at risk of further weakness if U.S. and U.S. bond yields return to strength. Gold's downside correction looks likely to continue in June unless tensions in Eastern Europe escalate sharply.
Russia cuts gas supply to Netherlands
After Finland, Poland and Bulgaria, the Netherlands has become the latest European country to be cut off from gas supplies by Russia. On Monday (May 30), local time, Gazprom, a Russian gas company, announced that it has notified the Dutch GasTerra company that it will suspend gas supply from May 31 because it has not yet received the payment owed by the Dutch company GasTerra in April. GasTerra also responded to this, Gazprom will stop supplying gas to it on Tuesday (May 31), so the former GasTerra rejected Putin's ruble settlement of gas terms.
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2022-06-01
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