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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessEnergy Prices Soar as Sanctions Create Stagflationary Risks on a Global Scale
- USD/RUB BGN trades -4.89% lower this morning around 132.45 after yet another volatile session in illiquid conditions pushed price action up to an intraday high of 177.26.
- USD/RUB REGN remained closed yesterday as multiple onshore quotes add headwinds to trading in RUB due to Western sanctions and MOEX closure.
- Energy and commodity prices remain in major bull mode with brent up +3.39% this morning just shy of $130/bbl with some analysts forecasting $180-200/bbl levels if the West enacts a Russian oil embargo.
- Natgas & Nickel have also surged, bolstering Russia’s terms of trade significantly, although the impact of a full embargo is expected to drag Russia’s GDP down by ~14% should it be implemented.
- Fighting resumes in key cities as negotiations fail to deliver viable ceasefire prospects with both sides still far apart on issues like the direction of human corridors at the very least.
- Although Markets viewed Putin’s options for de-escalation as mildly positive, it seems unlikely that they would be sufficient as without gaining a greater degree of control over Kyiv – Putin loses the political battle.
- The most likely next steps are increased aerial assaults and continued sieges of key cities to exert maximum pressure over time.
- This could lead to a more protracted conflict, which would likely keep market sentiment extremely weak and create more entrenched stagflationary pressures in global markets.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.