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☆ Oil volatility could get more intense as Europe's December deadline approaches
▼ + stars: | 2022-10-26 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

Singh notes there could be a significant drop in Russian oil in coming months as European restrictions on imports of oil and refined products, like diesel, take hold. Barclays expects about 1 million barrels of Russian oil to come off the market, but Singh said his estimate is low compared with others. He noted that China and India have increased their purchases of Russian oil, but so have other countries, like Turkey. We also believed the government in the U.S. was going to put a floor under oil prices by refilling the SPR," said Blanch. There's going to be a very large spread between European energy prices and U.S. energy prices."

☆ European stocks rise as earnings offset economic gloom
▼ + stars: | 2022-10-25 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

SummarySummary Companies SAP earnings boost tech sharesUBS gains on profit beatECB set to raise rates this weekOct 25 (Reuters) - European stocks rose on Tuesday after a slew of better-than-expected earnings reports helped offset worries about fast rising interest rates and a slowing euro zone economy. The pan-European STOXX 600 index (.STOXX) rose 0.3%, with financial services (.SXFP) and technology (.SX8P) stocks countering losses in chemical firms (.SX4P). Boosting financial stocks, UBS (UBSG.S) climbed 5.6% after the Swiss bank beat market expectations for quarterly profit due to a rise in new money inflows. While European corporate earnings are expected to grow 28.4% in the third quarter, it is seen up 18.2% in the fourth quarter and just 3.1% in the first quarter of 2023. read moreGerman sportswear maker Adidas (ADSGn.DE) dropped 3.1% after Morgan Stanley downgraded its stock to "underweight" from "equal weight".

☆ Brian Sullivan's RBI: What's driving down European energy prices
▼ + stars: | 2022-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBrian Sullivan's RBI: What's driving down European energy pricesBrian Sullivan's daily RBI segment on Worldwide Exchange focuses on the two factors driving down costs for energy in Europe.

☆ Rishi Sunak set to become UK PM after meeting King Charles
▼ + stars: | 2022-10-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +5 min

Rishi Sunak has been named as the U.K.'s new prime minister and the country's first leader of color. Jeff J Mitchell | Getty Images News | Getty ImagesLONDON — Rishi Sunak will become the U.K.'s third prime minister of the year Tuesday following a meeting with King Charles III. Sunak was elected party leader by fellow Conservative lawmakers on Monday following the resignation of Liz Truss on Thursday. watch nowThe 42-year-old will be the youngest U.K. prime minister since 1812, and the first person of color to lead the country, which U.S. President Joe Biden said Monday was "a groundbreaking milestone." Sunak's parents are of Indian descent and in the 1960s moved from East Africa to the U.K. Sunak also has the greatest personal wealth of any of his predecessors.

☆ LNG tankers are overwhelming European infrastructure and sinking natural gas prices
▼ + stars: | 2022-10-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLNG tankers are overwhelming European infrastructure and sinking natural gas pricesCNBC's Lori Ann Larocco joins 'The Exchange' to report on the European energy crisis as ships wait offshore.

☆ Wall Street eyes auto industry earnings for signs of 'demand destruction'
▼ + stars: | 2022-10-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

But with interest rates rising, inflation at record highs and recession fears looming, Wall Street is closely watching third-quarter earnings results and guidance for any signs consumer demand might be weakening. Spak said third-quarter earnings "should mostly be fine," with the focus being on company commentary and guidance revisions. DealersCarMax fueled Wall Street's concerns last month after the used car dealer posted one of its biggest earnings misses ever. Citing CarMax's results, J.P. Morgan analyst Rajat Gupta said the sentiment for franchised dealers' third-quarter earnings "is the most negative we have encountered since the pandemic." Other major dealers scheduled to report third-quarter earnings include Group 1 Automotive on Oct. 26, followed by AutoNation , Asbury Automotive Group and Sonic Automotive on Oct. 27.

☆ EU produces record wind and solar energy as it shirks Russian gas
▼ + stars: | 2022-10-17 | by ( Christian Edwards | ) edition.cnn.com time to read: +4 min

The boost in renewables comes as Europe tries to wean itself off Russian gas, as Moscow reduces, even cuts off, European nations’ energy supplies to gain leverage in the conflict. Wind and solar energy accounted for a quarter of EU electricity since the start of the war. Chris Ratcliffe/Bloomberg/Getty ImagesNineteen of the EU’s 27 member states have achieved record wind and solar generation since March, the report found. Fossil gas still made up around 20% of the EU’s electricity in the same period, at a cost of around €82 billion ($80.7 billion). The report’s key message is simply: “More renewables, less inflation.”Nonetheless, European energy prices are still high.

Europe is as ready as it can be for a winter without Russian natural gas, but there is no margin for error. Storage facilities of gas for heating and power generation are almost full, consumption is down and liquefied-natural gas tankers are steaming in. Europe in a stronger position than feared in recent months, after Moscow slashed gas deliveries in retaliation for Western sanctions over the invasion of Ukraine.

☆ Mercedes-Benz CEO: 'Momentum building' for EVs despite rising cost of electricity
▼ + stars: | 2022-10-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMercedes-Benz CEO: 'Momentum building' for EVs despite rising cost of electricityOla Källenius discusses the launch of Mercedes' new EQE SUV in the latest push toward versatile electric vehicles amid a period marring the auto industry with ongoing challenges in supply chain shortages and a worsening European energy crisis.

☆ All you need to know about the Nord Stream gas leaks — and why Europe suspects 'gross sabotage'
▼ + stars: | 2022-10-11 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

An initial crime scene investigation last week into what caused the gas leaks on the Nord Stream 1 and 2 pipelines reinforced suspicions of "gross sabotage." The explosions triggered four gas leaks at four locations — two in Denmark's exclusive economic zone and two in Sweden's exclusive economic zone. Neither of the Nord Stream pipelines was transporting gas at the time of the blasts, although they both contained pressurized methane — a potent greenhouse gas. A satellite image of the Nord Stream leak in the Baltic Sea, captured on Sept. 26, 2022. Environmental impactThe unexplained Nord Stream gas leaks pose serious questions about the incident's environmental impact.

The debt ceiling is going to be an important tool," Carter told Reuters. "I try not to think about it," he said referring to a possible debt limit battle. 'EXTENDED DEBATE'Debate about the debt ceiling could flare again early next year, after the new Congress is sworn in. "There is likely to be an extended debate" on the debt limit next year no matter who wins the midterms, said Akabas, who has seen several such battles waged. McConnell avoided answering a question about the 2023 debt limit debate, saying: "We haven't even finished 2022 yet."

☆ BASF CFO Faces Wild Swings in Energy Prices as Company Looks to Budget for 2023
▼ + stars: | 2022-10-07 | by ( Nina Trentmann | ) www.wsj.com time to read: +6 min

There are roughly 15,000 people working for Mr. Engel, including in the company’s digital, finance and global shared-service teams. Mr. Engel declined to comment on the financial impact of the cut in production. However, the company expects it will become more difficult to pass on higher costs to customers, Mr. Engel said. Cash flows from operating activities came in at €1.2 billion in the second quarter, down €1.3 billion from the prior-year period. The company is slowing down its hiring and reducing its marketing budget, Mr. Engel said, adding that it hasn’t started cutting jobs.

☆ Russia set to annex Ukraine territory; West warns of new sanctions
▼ + stars: | 2022-09-29 | by ( Jonathan Landay | ) www.reuters.com time to read: +6 min

Register now for FREE unlimited access to Reuters.com RegisterThe Russian-installed administrations of the four provinces have formally asked Putin to incorporate them into Russia, which Russian officials have suggested is a formality. Kremlin spokesman Dmitry Peskov said Russia would need to keep fighting until it had taken control of all of Donetsk. Russia has announced it will mobilise some 300,000 reservists to bolster its forces in Ukraine. On the ground, Ukraine and Russian forces are engaged in heavy fighting in the four disputed provinces. The Nord Stream 1 pipeline, once the main route for Russian gas to Germany, was already shut but cannot now be easily reopened.

Russia intends to call a United Nations Security Council meeting over damage to the gas pipelines, Foreign Ministry spokeswoman Maria Zakharova said in a statement on Telegram. In the Baltic Sea, gas was still bubbling from the Nord Stream 1 pipeline, the Swedish Coast Guard said in an email. "There are good teams in place to handle pipeline accidents, there are emergency pipe inventories and experts for onshore and offshore," Jens Schumann, managing director of gas pipeline grid company Gasunie Deutschland, said. European gas prices rose following news of the leaks. The new Nord Stream 2 pipeline had yet to enter commercial operations.

"Any deliberate disruption of European energy infrastructure is utterly unacceptable and will be met with a robust and united response," Borrell said. A statement issued by Russia's embassy in Denmark said that any sabotage on Nord Stream's pipelines was an attack on both Russia's and Europe's energy security. Map of Nord Stream pipelines and locations of reported leaksGAS FLOWSOperator Nord Stream has called the damage "unprecedented", while Gazprom (GAZP.MM), the Russian-controlled company with a monopoly on its gas exports by pipeline, declined to comment. Russia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.

☆ Europe blames sabotage for Russian pipeline explosions
▼ + stars: | 2022-09-28 | by ( Rhoda Kwan | Rhoda Kwan Is A Taipei-Based Journalist. | ) www.nbcnews.com time to read: +5 min

Sabotage was behind underwater explosions that sent gas spewing from two major pipelines connecting Europe and Russia, Western leaders concurred Wednesday. NATO Secretary General Jens Stoltenberg said he discussed the “sabotage” of the pipelines at a meeting with Denmark’s defense minister in Brussels. The incident has put the region on edge, months after fears of a Russian military threat to the Baltics dissipated in the wake of its military’s struggles in Ukraine. A new Baltic pipeline allowing gas to be delivered from Norway through Denmark to Poland was inaugurated Tuesday. In recent weeks, Moscow has increasingly framed the war as not just with Ukraine but its Western backers, too.

☆ Explosions at Nord Stream gas pipelines signal escalation to 'hybrid war' as Russia weaponizes energy, analyst says
▼ + stars: | 2022-09-28 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

The Nord Stream pipeline explosions are a major escalation of the energy crisis, according to analyst Simone Tagliapietra. "Today, Russia brought its energy weaponisation against Europe to the next level: from economic to hybrid war," tweeted the senior fellow at the think tank Bruegel. The US is supporting efforts to investigate the "apparent sabotage" of the Nord Stream pipelines, a national security advisor said, while two senior German lawmakers have pointed the finger at Russia. The US Central Intelligence Agency warned Germany weeks ago about potential attacks on Nord Stream, German magazine Der Spiegel reported Tuesday. While the Nord Stream 1 and Nord Stream 2 are shuttered and not delivering gas to Europe, European natural gas futures jumped 11% Wednesday as investors assessed the new risks to pipelines.

CNN —Leaders of several Western countries have said leaks in two Russian gas pipelines are likely the result of sabotage, vowing a strong response as investigations continue. “The destruction that occurred on the same day simultaneously on three strings of the offshore gas pipelines of the Nord Stream system is unprecedented,” said the pipeline’s operator Nord Stream AG. The incident has sank any remaining expectations that Europe could receive gas via Nord Stream 1 before the winter, as gas prices soar and countries hunt for alternative energy supplies. Russia halted all gas supplies to Europe via Nord Stream 1 in August, blaming Western sanctions for causing technical difficulties – which European politicians say is just a pretext to stop supplying gas. The new Nord Stream 2 pipeline had not yet entered commercial operation.

Gas bubbles from the Nord Stream 2 leak reaching surface of the Baltic Sea in the area shows disturbance of well over one kilometre diameter near Bornholm, Denmark, September 27, 2022. NATO Secretary-General Jens Stoltenberg said he discussed the "sabotage" of the pipelines at a meeting with Danish Defence Minister Morten Bødskov in Brussels. "We addressed the protection of critical infrastructure in NATO countries," the chief of the Western military alliance that also includes most EU countries said on Twitter. The EU, meanwhile, issued a strong warning to anybody attempting to attack the energy backbones of the 27-nation bloc. Borrell announced the bloc would step up the protection of its energy infrastructure following the incidents.

☆ EU sees sabotage of Nord Stream, warns against attacks on 'active infrastructure'
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, Sept 27 (Reuters) - European Commission chief Ursula von der Leyen on Tuesday said the leaks of the Nord Stream pipelines were caused by sabotage, and warned of the "strongest possible response" should active European energy infrastructure be attacked. "Spoke to (Danish Prime Minister Mette) Frederiksen on the sabotage action Nordstream," von der Leyen said on Twitter, adding it was paramount now to investigate the incidents to get full clarity on the "events and why." "Any deliberate disruption of active European energy infrastructure is unacceptable and will lead to the strongest possible response," she warned. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sabine Siebold Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Crowd of dollar bulls raises risk of violent pullback
▼ + stars: | 2022-09-26 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

Some investors worry the dollar trade has become excessively crowded, raising the risk of a sharp unwind if the case for owning the currency changes and investors try to exit their positions all at once. International Monetary Market speculators held a net long U.S. dollar position of $10.23 billion for the week ended Sept. 20. Barring a brief period of peak pandemic-related uncertainty, broad net options positioning data going back to 2014 shows U.S. dollar long positions are the most stretched ever, according to Morgan Stanley. While a hotter-than-expected u.s. inflation report in August dashed those hopes and sent the dollar higher, the dangers stemming from the crowded dollar trade have only grown, investors said. But with the dollar scaling new multi-decade highs, positioning for a pullback can be painful.

The main challenge the Russian military faces after almost seven months at war looks likely to remain a basic one: manpower. Russia had about 1 million active personnel at the start, according to the institute’s estimates, though it did not dedicate all its troops to Ukraine. Both of these have made it hard to identify how the new additions to the Russian military could be trained or used effectively in this war. ‘New territory takes time’The “partial mobilization” comes after Ukraine’s successful counteroffensive broke through Russian lines outside Kharkiv, Ukraine’s second most populous city. The military support of mobilization and the veneer of territorial security that annexation could provide will likely take a while, however.

☆ Citi says sterling-dollar parity is possible as UK risks currency crisis
▼ + stars: | 2022-09-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

A trader, center, wears a Citigroup jacket while working on the floor of the New York Stock Exchange. LONDON — The U.K. risks a currency crisis that could see sterling reach parity with the dollar, according to analysts at Citi. British economic growth has been sluggish in recent years, and the Bank of England on Thursday said it was likely in a recession. By 4 p.m. London time Friday, the pound had lost more than 3% against the dollar, marking a fresh 37-year low of $1.0915. It was last at this level briefly in 1985, when it weakened on the back of interest rate hikes in the U.S.

☆ Bank of England raises rates by 50 basis points, in seventh consecutive hike
▼ + stars: | 2022-09-22 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The Bank of England warned that the U.K. will enter recession later this year. The BOE dropped its key rate, known as the Bank Rate, down to 0.1% in March 2020 in an attempt to prop up growth and spending at the onset of the coronavirus pandemic. This is its seventh consecutive rise and takes U.K. interest rates to a level last seen in 2008. Five members of its Monetary Policy Committee voted for the 0.5 percentage point rise, while three voted for a higher 0.75 percentage point rise that had been expected by some analysts. One member voted for a 0.25 percentage point rise.

☆ Putin's self-sanctioning of Russian energy supplies will be absorbed by Europe, but Moscow will never be able to replace those customers, Kremlin critic Bill Browder says
▼ + stars: | 2022-09-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Vladimir Putin is only hurting himself by slashing gas supplies to Europe, Russian-American financier Bill Browder said. That's because Europe will be be able to absorb the pain of the energy crisis, but Russia can't easily replace those customers. "But Putin is not going to be able to replace the customers for all the gas he's selling into Europe." He said 90% of Russian gas exports were sold to European customers before Putin ordered the invasion of Ukraine. He's ready to cause himself pain, to cause his enemies pain … This is [sic] the actions of a man who is desperate," he said.

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