- Japan is considering banning imports of Russian oil
- Canada - More on Alberta oil can be a solution to U.S. energy supply crunch
- China January-February exports +13.6% y/y. Imports +12.9% y/y
- ICYMI - Libya has shut down two oil fields, daily production of oil to drop by 330K bbls
- China reported its highest daily tally of COVID-19 infections since the pandemic began
- China's state planner says will widen market access for foreign investors
- More from US' Pelosi on Russian oil ban
- US press report over 17,000 antitank weapons arrived for Ukraine forces in under a week
- Reports of central bank FX intervention in Asia
- Early moves in financial markets keep on keeping on. Gold $2000, AUD up, oil firm ...
- Pelosi says US House is exploring legislation to ban import of Russian oil
- ICYMI - US' Blinken said NATO members have the go-ahead to send fighter jets to Ukraine
- PBOC sets USD/ CNY reference rate for today at 6.3478 (vs. estimate at 6.3442)
- Canada says it has spare pipeline and rail capacity to increase oil sent to the US
- China will aim for economic growth of "around 5.5%" this year
- Australian data - ANZ Job Advertisements (February) +8.4% m/m (prior -0.7%)
- The UK Times reports that Russia's military has been 'decimated' in Ukraine
- Ukraine to ask UN court to issue an emergency rule requiring Russia to stop its invasion
- The UK Defence ministry doubts that Russia has accomplished its objectives yet in Ukraine
- US President Biden is considering a trip to Saudi Arabia to ask for more oil
- Trade ideas thread - Monday 07 March 2022
- Russia has hit Ukraine with 600+ missile launches since it invaded
- Australia data - February services PMI rockets to 60
- Economic calendar due from Asia today ... but eyes are on the headline reel
- Iran nuclear talks "mired in uncertainty"
The reopening on futures trade for the week in Chicago, Sunday evening (US time) Globex, saw equity futures prices drop. Regional equities followed suit as they opened across Asia on the day.
Oil futures skyrocketed higher at the reopen for the week, too:
- The US continues to consider a ban on Russian oil imports (as the session progressed the news on this firmed a little, House Speaker Pelosi says she is readying legislation for the embargo and the latest I have is (rumour that) the US is prepared to go it alone, without its European allies if need be).
- Two oil fields in Libya have been shut down, oil production in the country is down 330K bbls/day
- Iran nuclear talks may have stalled in the face of fresh Russian demands
Oil was not the only commodity to trade higher, the moves were much wider. Nickel futures in Shanghai, for example, hit a record high.
Gold traded above US$2,000 (its dipped back under as I post).
In the forex, AUD and NZD traded up, commodity prices have been, and are, a tailwind. Of note today was EUR/CHF trading under parity for the first time since 2015 (if anyone remembers the 2015 move was on the Swiss National Bank pulling its intervention bid to support EUR/CHF).
Ukraine war developments continued. Over the weekend US Secretary of State Blinken gave the go ahead for US and NATO to send fighter jets to Ukraine. News also that over 17,000 antitank weapons arrived for Ukraine forces in under a week (again, from the US and NATO, over the borders from Poland and Romania).
