Author: Steven Sahiounie

Russia became China’s largest oil supplier in the first two months of 2023, overtaking Saudi Arabia, Reuters reported on Tuesday, citing data from China’s General Administration of Customs. Crude deliveries from Russia amounted to 15.68 million tons in January-February, roughly 1.94 million barrels per day (bpd). It marked a 23.8% increase compared to the same period in 2022. Imports from Saudi Arabia, China’s top supplier last year, totaled 13.92 million tons in the reporting period, or 1.72 million bpd, down from 1.81 million bpd during the same period last year. In response to Western sanctions and the G7 price cap…

World Council of Churches general secretary Jerry Pillay today condemned an attack by Jewish extremists that took place in the Church of Gethsemane, also known as Church of All Nations, in occupied East Jerusalem and expressed solidarity with the Patriarchate of Jerusalem in calling for international protection of holy sites. “This terrible attack – which appears to have purposely targeted religious leaders – is an egregious violation of international law,” he said. “We stand in solidarity with the Patriarchate of Jerusalem and all those calling for protection of holy sites, and we reiterate our calls for such protection during Christian holidays…

Cargo traffic via a new rail bridge has been growing since its opening, according to Moscow The volume of cargo transported via a new rail bridge across the Amur River linking Russia and China exceeded 540,000 tons during the first four months of its operation, according to the Russian Direct Investment Fund (RDIF). “Since the [bridge’s] launch in November 2022, traffic has increased more than five times, with over 130 trains having passed across the bridge” the RDIF said in a statement on Tuesday. It noted that checkpoints on the bridge will be switched to round-the-clock operation during the next two…

Markets have yet to price in a recession, and that could mean stocks take a big leg lower from here, according to Cantor Fitzgerald’s Eric Johnston. “I think almost no chance has been priced in, and I say that based on the numbers,” the head of equity derivatives and cross asset told CNBC’s “Closing Bell: Overtime” on Monday. “Right now the market is trading at 18 times the earnings estimates that we see in print, which if we were to have a recession, the numbers would be far lower …” The rate market, he added, appears to be signaling that…

Hungary’s government said after the start of the conflict in Ukraine that it would not send weapons to Kiev, and also called for resolving the issue solely by peaceful means Hungarian Foreign Minister Peter Szijjarto has warned NATO countries against engaging in a direct conflict with Russia following a meeting with the bloc’s Secretary General Jens Stoltenberg in Brussels on Tuesday. “According to the current arrangement, NATO is not engaged in the war in our vicinity. This is how it is now. A direct conflict between NATO and Russia would lead to another world war,” Szijjarto wrote on Facebook (banned…

Taiwanese President Tsai Ing-wen will stop over in the US for a few meetings as part of her Central America trip. Taiwan President Tsai Ing-wen will visit Central America in the coming days which, according to Reuters, will include making sensitive stopovers in the US. The visits of the Taiwanese President to the US will likely deepen the conflict between the US and China, however, US House Speaker Kevin McCarthy has not yet confirmed any meeting with the Taiwanese leader. While on diplomatic visits to Latin America, the Caribbean, and the Pacific, Taiwanese presidents usually stop over in the US. These trips are…

Moody’s Investors Services affirmed its ratings of UBS Group AG while changing its outlook on the long term deposit and senior unsecured ratings from stable to negative. The action comes after UBS agreed to acquire Credit Suisse for $3.2 billion as regulators look to shore up confidence in the global banking system. “Despite the eventual franchise benefits, Moody’s also notes that the transaction poses significant financial, cultural and franchise related integration challenges for UBSG,” it said in the note. Moody’s listed the need to retain Credit Suisse personnel in the process of the deal, working on minimizing losses on overlaps in clients…

Stock futures rose Tuesday as traders tried to add to a rally from the previous session that was sparked by hope that the banking turmoil would be contained. Futures on the Dow Jones Industrial Average gained 382 points, or 1.2%. S&P 500 futures also climbed 0.9%, while Nasdaq-100 futures were up 0.3%. Regional banks surged in early trading, led by First Republic. The beaten-down bank jumped 21.9%, a day after losing 47%. The SPDR Regional Banking ETF (KRE)gained 3%. Regionals got a boost after Treasury Secretary Janet Yellen said Tuesday morning that the government is ready to provide further guarantees…

The International Monetary Fund has finally approved a $3 billion bailout for Sri Lanka, paving the way for the country to restructure its debt and for the economy to improve in 2024. The South Asian country is grappling with its worst financial crisis in decades and the IMF’s decision will allow an immediate disbursement of a $333 million loan over four years. Sri Lanka has been “hit hard by catastrophic economic and humanitarian crisis,” Krishna Srinivasan, director of the IMF’s Asia and Pacific department, told CNBC. “This you can trace back to three factors: One is pre-existing vulnerabilities, policy missteps, and…

The demise of banking giant Credit Suisse sent shockwaves through financial markets and appears to have dealt a blow to Switzerland’s reputation for stability, with one executive suggesting investors will now look at the mountainous central European country as “a financial banana republic.” UBS, Switzerland’s largest bank, agreed on Sunday to buy its embattled domestic rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) as part of a government-backed, cut-price deal. Swiss authorities and regulators helped to regulate the agreement, which came amid fears of contagion to the global banking system after two smaller U.S. banks collapsed in recent weeks. The rescue deal…