The market price reflects the uncertainty of the probability of the Fed raising interest rates by 50 points

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European Commission President von der Leyen said EU countries continued to buy Russian oil despite pledges to completely wean themselves off Russia's energy dependence, citing the reasons for preventing Russia from selling crude to other countries at higher prices. Von der Leyen said in the interview that the EU's long-term goal is to stop buying Russian fossil fuels and replace them with renewable energy or liquefied natural gas supplied by the United States. She said Russian President Vladimir Putin had made a mistake in ordering the special military operation against Ukraine because he had "lost his best customer - the European Union".

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Speaking at the World Economic Forum in Davos, the Saudi finance minister said the kingdom plans to use the oil windfall it has made this year to replenish its foreign exchange reserves and strengthen the kingdom's sovereign wealth fund to diversify its economy beyond relying on fossil fuels. Stimulate economic growth. One of the kingdom's key plans is to maintain fiscal discipline and boost foreign exchange reserves, with excess money to be split between the Public Investment Fund and the Public Development Fund. The Saudi Finance Ministry said earlier this month that the budget surplus for the first three months of 2022 was equivalent to $15.3 billion, helped by a 58 percent increase in oil revenue compared with the same period last year.

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The dollar rebounded strongly from yesterday's monthly lows, which in turn was seen as a key factor driving the U.S. and Canada higher for the second day in a row. In addition, the strong intraday gains in the dollar may be further attributed to some repricing ahead of the release of the FOMC minutes. U.S. durable goods orders data may provide some impetus to North American markets early in the session. The underlying bullish sentiment around oil prices may provide support for the Canadian dollar and act as a headwind for the US and Canada. Therefore, before confirming that the US and Canada have bottomed, it would be prudent to wait for strong follow-through buying outside the overnight swing high around 1.2870/75. Subsequent gains could push it to 1.29, where a decisive breakout would set the stage for further appreciation in the near term.

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The international gold price fell, breaking away from the overnight high of $1,869.59 per ounce since May 9, and is expected to end the five-day winning streak, as the U.S. dollar index regained some lost ground and stayed away from the overnight low since April 26. 101.643. But the Fed's aggressive rate hikes sparked fears of a possible hard landing for the economy. The Fed will release the minutes of its May meeting in the early hours of Thursday (May 26) Beijing time. If the minutes of the meeting release a more dovish signal, it will push gold prices to rebound further.

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Tighter central bank policy, recession fears and the economic fallout from the war in Ukraine are all expected to make it difficult for European stocks to rally significantly for the rest of 2022, according to a Reuters poll. In a Reuters poll conducted over the past two weeks, 21 fund managers, strategists and analysts expected the Stoxx Europe 600 to reach 450 points by year-end, up 3.1 percent from Monday's close. European stocks are down more than 10% so far this year, the worst start to 2020 since the coronavirus outbreak and the second-worst start since 2008.

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Fed swaps reflect a slightly less than 100bps premium for rate hikes at the next two meetings, indicating heightened uncertainty about the Fed raising rates by 50bps at each of its June and July meetings. Fed swaps now show that the Fed will raise rates by about 98 basis points in the next two meetings, and 132 basis points by the September meeting, down from 134 basis points expected at Tuesday's close; the rate hike by the December meeting The range is expected to be 182 basis points, compared with 184 basis points at Tuesday's close; the final rate by the middle of next year is expected to be around 2.93%, compared with 2.95% at Tuesday's close.

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The sixth round of sanctions against Russia in the EU's plan has been delayed, and it is still stuck on the oil ban. Hungary's insistence on more exemptions from the oil ban also undermines the harmonious picture of the 27 EU nations advancing and retreating. The EU could reach a consensus within days on an embargo on Russian oil, especially Hungary, with a breakthrough in the next few days. On the same day, France's new foreign minister also said that opponents of sanctions could be persuaded.