Nov 29 (Reuters) – The export arm of Russia’s Gazprom (GAZP.MM) said on Tuesday that gas prices in Europe could surpass $3,000 per thousand cubic metres, the Interfax news agency reported.
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The Yuan’s The New Dollar As Russia Rides On The Redback
MOSCOW/SHANGHAI, Nov 29 (Reuters) – Chinese entrepreneur Wang Min is delighted about Russia’s embrace of the yuan. His LED lights company can price contracts to Russian customers in yuan rather than dollars or euros, and they can pay him in yuan. It’s “win-win”, he says.
Wang’s plans have been transformed by the conflict in Ukraine and the subsequent Western sanctions on Moscow that have shut Russia’s banks and many of its companies out of the dollar and euro payment systems.
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Asia Shares, Oil Prices Rally As China Speculation Swirls
SYDNEY, Nov 29 (Reuters) – Asian shares rallied on Tuesday as Beijing’s latest move to support developers boosted the property sector and rumours swirled that recent public unrest might prompt an earlier loosening in COVID-19 restrictions.
The speculation was stoked by reports Chinese health officials would hold a news conference later on Tuesday to discuss coronavirus control measures.
“News of the press conference at 3pm (0700 GMT) came out, and I think that has gotten the market excited over the possibility that we could see China continue to ease up,” said Khoon Goh, head of Asia research at ANZ.
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Exclusive: South Korea’s Yoon Urges Attention To Any ‘Financial Instability’ As Money Market Jolted
SEOUL, Nov 29 (Reuters) – South Korea’s government and the central bank should pay greater attention to addressing any financial instability, President Yoon Suk-yeol told Reuters, as the money market grapples with a steep selloff amid rising interest rates and a property slump.
“There are increasing opinions that inflation has passed its peak and it’s time to slow down the speed and reduce the breadth of the rate hikes. However we must still continue to closely monitor any possible financial instability,” Yoon said during a broader interview in his office on Monday, when asked if it is time for the Bank of Korea to slow monetary tightening.
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Nearing The Top?
A look at the day ahead in European and global markets from Anshuman Daga
Support for weary Chinese property developers boosted Chinese and Asian stocks on Tuesday but inflation clearly tops the agenda for European investors this session.
German and Spanish consumer prices will set the tone for markets ahead of Wednesday’s preliminary reading of euro zone inflation for November.
Though the numbers are set to show a slight cooling from the record levels hit in October, it might take a lot more to convince the European Central Bank that it can slow the pace of rate hikes.
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