Author: Steven Sahiounie

The decline in prices for export goods affected revenues, according to the central bank Russia’s current-account surplus shrank by a whopping 73% over the first quarter of this year compared to the same period last year, according to central bank data released on Tuesday. The surplus in January-March of this year stood at $18.6 billion, which is $51 billion less than in 2022, the regulator said in a statement published on its website. The central bank attributed the drop to a “significant decrease in the value of exports mainly due to the drop in prices,” and a “decrease in the amount of dividends declared by…

Over a hundred cargo ships are reportedly set to be constructed in the next three years The Russian government is planning to have about 150 cargo ships built by 2027 as part of a preferential leasing project, Deputy Prime Minister Denis Manturov has revealed. “Another area that has been given particular attention under the sanctions regime is cargo ships for various purposes and deadweight,” Manturov told the Federation Council on Wednesday. Those will include tankers, grain carriers, container ships, barges, tugboats and dry cargo ships, including icebreaking Arctic class ships, according to the official. “This will contribute to the reorientation of…

Steven Sahiounie, journalist and political commentator The shifting sands of the Middle East were caught up in a whirlwind last month, as the deal between Saudi Arabia and Iran in China was announced. The two rival powerhouses of the region have decided to work towards peace and prosperity for both nations. How will this new relationship affect Syria, the US, Israel, Turkey and the Arab League? To gain insight into this surprising development in the region, Steven Sahiounie of MidEastDiscourse interviewed Elijah J. Magnier, a veteran war-zone correspondent and political analyst with over 35 years of experience covering the Middle…

Today, Qatar Energy signed a partnership agreement with China Petrochemical Corporation (Sinopec) in the Northeast Field Expansion Project, which is the largest single project in the history of the LNG industry. Under this agreement, Qatar Energy will transfer to Sinopec a 5 percent stake in the equivalent of one production line of the project with a capacity of 8 million tons per year, while maintaining the shares of other partners unchanged. This agreement represents a milestone in the entry of “Sinopec” as a partner in one of the joint venture companies that own the North East Field Development Project, which…

Traders are likely taking profits ahead of Wednesday’s CPI report and Ethereum’s Shapella upgrade. Bitcoin (BTC) slipped under the crucial $30,000 level in early European hours on Wednesday, with overall market capitalization falling 1.2% in the past 24 hours. Ether (ETH) traded just over $1,860, leading the drop among major tokens. Solana’s SOL remained in the green, while BNB, Cardano’s ADA and XRP gave up gains from Monday night. The so-called Liquid Staking tokens slumped. Lido’s LDO governance tokens fell as much as 10%, while Rocket Pool’s RPL dropped 8%. Both protocols lock billions of dollars to provide yields on…

The upgrade, scheduled for later Wednesday, will enable validators to withdraw staked ether. Analysts differ on the amount of ether (ETH) selling pressure that could result from the Ethereum blockchain’s Shanghai upgrade, scheduled for later Wednesday. The Shanghai upgrade (aka Shapella), will enable validators to withdraw staked ether and rewards that have been locked up. JPMorgan (JPM) says ether will likely face some selling pressure from the upgrade as more than one million ether staking rewards become instantly available this week. If you add potential additional selling from staked ether balances that belong to “troubled entities,” then the selling pressure may…

Credit impulse, an indicator introduced by former Deutsche Bank economist Michael Biggs, measures the change in new credit issued as a percentage of the gross domestic product. While the U.S. Federal Reserve maintains its anti-liquidity stance, China no longer seems hesitant to expand credit in a positive sign for risk assets, including cryptocurrencies. Per data source MacroMicro, China’s credit impulse index, which measures the change in new credit or bank lending as a percentage of the gross domestic product, has bounced from 24% to 26% this year, indicating a renewed credit expansion relative to the growth rate. A continued rise in China’s…

Markets in the Asia-Pacific were mostly higher on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve’s path forward in its tightening cycle. Economists polled by Dow Jones expect a 6% year-over-year increase in the U.S. consumer price index. Currently, the Fed is expected to raise rates by 25 basis points next month. In Japan, the Nikkei 225 rose 0.57% to 28,082.7 and the Topix gained 0.76% to 2,006.92 as traders further digested Japan’s producer price index and machinery orders report. Marine transportation, wholesale, and mining led gains while banks and transportation equipment saw moderate gains. South…

Wall Street is wrong about the Federal Reserve’s interest rate path, according to former Pimco chief economist Paul McCulley. Barring a surprise jump in inflation, he believes mounting economic pressures will convince the Fed to stop hiking rates next month. “It would be a pause and then a pivot [later this year],” McCulley told CNBC’s “Fast Money” on Tuesday. McCulley delivered his latest forecast less than 24 hours before the government releases the March consumer price index. According to Dow Jones estimates, Wall Street expects a 5.1% year-over-year increase versus 6% in February. “They’re [Fed officials] going to look at the…

Bitcoin is nearly a year away from a key technical event — which might be the catalyst for a prolonged climb in the cryptocurrency’s value. In April or May 2024, bitcoin is expected to undergo its next so-called “halving,” though the exact date is not yet known. Bitcoin has been rising in the past few weeks in anticipation of the halving, as a potential U.S. Federal Reserve interest rate cut contends with the prospect of sluggish growth and tightening credit conditions resulting from woes in the banking sector. One bitcoin was worth roughly $30,000 as of Wednesday morning, according to data from CoinGecko.…