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Bets on oil prices moving up from here are at their highest level since Russia's 2022 invasion of Ukraine, CME options market volatility data shows. Average daily volumes in energy options of the CME exchange overall are the highest since an all-time record in 2018. "The aftermath of the attacks and rising Middle East tensions did not impact oil prices as many investors expected, including ourselves," Unigestion multi-asset portfolio manager Sandrine Perret said. Reuters Graphics3/ DEFENCE STOCKSA gauge of defence stocks compiled by index provider MarketVector (.MVDEF) is 8% higher in the four weeks since the conflict began. It's also near eight-year highs versus the euro and therefore another asset class attracting questions about how it would perform if Middle East tensions are resolved.

Persons: Abdel Hadi Ramahi, Israel, Sandrine Perret, Derek Sammann, Gold, Jeff, Mikhail Zverev, Ron Temple, It's, Francesca Fornasari, Fornasari, Elisa Belgacem, Brent, Naomi Rovnick, Marc Jones, Dhara Ranasinghe, David Evans Organizations: United Arab Emirates, REUTERS, U.S White, Aegon, Reuters, Global, Defence, Lazard Asset Management, Swiss, Insight Investment, Generali Investments, Thomson Locations: Dubai, United Arab, Hamas, Israel, Gaza, Ukraine, Jordan, Egypt, China, Taiwan, Europe

☆ Analysis: Rate rises pile pain on SME firms in U.S. and Europe
▼ + stars: | 2023-03-30 | by ( Chiara Elisei | ) www.reuters.com time to read: +6 min

Summary SME vulnerability to rate hikes gone under radarUS, European credit conditions tighteningUK SMEs especially vulnerable -analystsLONDON, March 30 (Reuters) - U.S. and European small and medium-sized (SME) firms may be next to feel the pain of rapid interest rate rises, with analysts and investors warily watching for the impact of tighter credit conditions exacerbated by recent banking turmoil. In the U.S. the average rate that small businesses pay on bank loans rose from around 5% to 7.6% in 2022, and is likely to hit about 9.5% by mid-year, Jefferies analysts estimate. British SMEs, hurt by weak growth, double digit inflation and rising Bank of England rates, are seen as particularly vulnerable. "The Government needs to demonstrate that it is on the side of small businesses who are feeling stressed and under huge margin pressure," McTague added. HARD TIMESMeanwhile the rate of small business loan approval at big U.S. banks meanwhile fell in February for nine straight months and business loan approvals at small banks has also fallen, said online financing platform for small businesses Biz2Credit.

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