What to watch as commodities traders prepare for Powell
BNN Bloomberg
Jerome Powell takes center stage for commodities this week, with the Federal Reserve chief set to unleash another large rate hike that could pile more pressure on energy, metals and crops.
Markets were in jittery form Monday ahead of the Fed’s big mid-week reveal: crude reversed earlier declines in the day to edge higher, gold is again pushing toward a two-year low and most industrial metals slid. The fear is that stronger anti-inflation medicine from the US and other central banks will not just squeeze demand or even trigger recessions but add to a dollar surge that’s battering commodities.
“A chunky rate hike is now largely priced into markets, but we think it could still keep a lid on prices” during this week, analysts at Capital Economics wrote in a note.
There’s a lot to watch elsewhere too. Europe’s leaders are hatching plans to fight the energy crisis, with Germany mulling nationalizations. The US will offer the latest insight on meat demand, and there’s a clutch of key conferences: on copper in Barcelona, gold in Denver and climate in New York and Pittsburgh. With geopolitical tensions running high, the UN’s General Assembly might also be a focus.
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A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
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Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022.
Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.
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Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.