Author: Steven Sahiounie

On the evening of April 2, Russian flag was raised over the building of the city administration in the center of Bakhmut. De jure, the city came under Russian control. However, the clashes are ongoing. The Ukrainian military was forced to retreat to the western outskirts of Bakhmut. The head of the Wagner PMC published his video appeal from the center of Bakhmut, showing the Wagner fighters raising the flags of the Russian Federation and of the Wagner PMC on the ruins of the city administration building. “April 2, 2023, 23:00. We hoisted the Russian flag with the inscription “Memory…

As we embark on a pivotal week for the cryptocurrency market, both Bitcoin and Ethereum prices are in the spotlight, with the US Nonfarm Payroll report serving as a key focus for investors.  The potential impact of this economic data release could influence the trajectory of the leading cryptocurrencies, as market participants closely monitor the unfolding events. Crypto Fundamental Outlook Bitcoin, the world’s largest cryptocurrency, along with Ethereum, has been unable to sustain its upward rally and has lost some of its value, falling below $28k and $1,800 levels. Investors eagerly await the release of two significant economic indicators in the United States –…

HSBC’s top brass defended their strategy Monday to frustrated shareholders in the lender’s largest market, as Europe’s biggest bank continued to face calls to be split up. At an informal shareholder meeting in Hong Kong, Chairman Mark Tucker and CEO Noel Quinn took questions from investors on issues ranging from how the bank was approaching demands for an overhaul of its business to its purchase of Silicon Valley Bank’s UK arm. In prepared remarks, Tucker and Quinn each reiterated the board’s recommendation that shareholders vote against a resolution on the docket for its annual general meeting in May that would force the bank…

Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output. Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83. Both were the sharpest price rises in almost a year. The oil prices sunk as low as $73 and $67 a barrel respectively in the week following the collapse of Silicon Valley Bank in the United States on March 10, as the turmoil spread to the wider banking sector, raising fears of a global recession. With oil prices now rising, inflation could remain higher for longer,…

Russia and eight “OPEC” + countries announced simultaneously and unexpectedly to reduce oil production by about 1.65 million barrels per day, starting from next month, to achieve stability in the global energy market. Voluntary reductions will begin next May and will continue until the end of 2023. The move led to an immediate rise in the price of black gold by about 5%. The discounts were distributed as follows: 1. Russia – 500 thousand barrels per day. 2. Saudi Arabia – 500 thousand barrels per day. 3. Iraq – 211 thousand barrels per day. 4. UAE – 144 thousand barrels…

A European-American working group reported that the United States and the European Union intend to maintain high levels of US LNG supplies to Europe. The group said in a joint statement that the US-EU Working Group on Energy Security agreed to continue working to maintain high levels of US LNG supplies to Europe in 2023. According to the joint statement, the group described its priorities for 2023 as the continuous assessment of LNG markets, the supply of at least 50 billion cubic meters of US gas to Europe, the reduction of methane emissions, and the provision of energy. “In the…

Russian Deputy Prime Minister Alexander Novak stated that the Ministerial Monitoring Committee of “OPEC +” agreed to the additional reduction in oil production announced yesterday by countries in the group, considering that this is an important measure. Novak said in a television interview today, commenting on the decision of countries in “OPEC +” to implement a voluntary cut starting next month: “I would especially like to point out that this is an additional voluntary cut, and this cut comes in addition to the measures that were taken in October of the year.” The past has cut production by two million…

Standard & Poor’s (S&P) affirmed Turkey’s long-term sovereign credit rating at “B”, while adjusting its outlook to negative from stable. The agency said in a statement, “The high Turkish current account deficit, limited usable reserves and high inflation make the outlook for the exchange rate vague.” According to the agency, Turkey’s GDP will grow at the end of the year by just over 2%, compared to an increase of 5.6% last year. The agency also expects inflation in the country to remain high at 45% (average) this year. She indicated that Turkey’s credit rating may be downgraded if pressure increases on…

The President of Banque Misr and the President of the Federation of Egyptian Banks, Mohamed El-Etribi, said that Banque Misr and Al-Ahly Bank offered two certificates for a period of 3 years, one with an interest of 19% per month, and the other with a decreasing interest of 22%. He confirmed that the proceeds of Banque Misr in issuing the new certificates on the first day amounted to 19 billion pounds. Al-Etribi explained, during a phone call to the Al-Hekaya program broadcast on MBC Egypt, and presented by the journalist Amr Adeeb, that a certificate of diminishing interest was offered…

A representative of the National Security Council at the White House stated that the US administration intends to interact with energy producers and consumers in order to influence the market, after a number of countries announced a reduction in oil production. “We don’t think a [production] cut is desirable now, given the uncertainty in the market,” he was quoted as saying by Reuters. The representative emphasized that the US authorities are “focusing on prices for American consumers” and noted that gasoline prices in the country have fallen significantly over the past year. “We will continue to work with all producers…