NEW DELHI/LONDON, March 8 (Reuters) – U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies.
The dollar’s pre-eminence has periodically been called into question and yet it has continued because of the overwhelming advantages of using the most widely-accepted currency for business.
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Credit Suisse Equities Business Under Microscope After Revenue Crash
LONDON, March 8 (Reuters) – At the grandiose Fontainebleau Miami Beach hotel, Credit Suisse hosted its top clients in October amid growing doubts it was still in the securities trading game after a series of high-profile blunders.
From BlackRock (BLK.N) to CBOE Global Markets (CBOE.Z), investors and trading firms were treated to fireside chats with guests such as former U.S. President George W. Bush, networking by the lavish hotel’s beachside pools, and fine dining. But it wasn’t long before the mood turned sour, according to an executive at the three-day conference.
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Switzerland Joins Global Cartel Probe Into $5-Bln Fragrance Market
March 8 (Reuters) – Shares in Givaudan (GIVN.S) and Symrise (SY1G.DE) took a beating on Wednesday after the Swiss antitrust agency named them as part of a quartet of companies in the crosshairs of international competition watchdogs.
Swiss competition commission COMCO said its probe was targeting market leaders Givaudan, domestic rival Firmenich, which is merging with Dutch chemicals group DSM (DSMN.AS), U.S.-based International Flavors & Fragrances (IFF.N) and Germany’s Symrise (SY1G.DE).
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Stocks Slump, Dollar Flies On Hawkish Powell
LONDON, SINGAPORE March 8 (Reuters) – Stocks fell, the dollar hit multi-month highs and U.S. and German short-term bond yields were parked at their highest levels since at least 2008 as Federal Reserve chair Jerome Powell put big rate hikes back on the table to tame inflation.
Ahead of crucial U.S. jobs data on Friday, MSCI’s broad index of global stocks (.MIWO00000PUS) fell 0.3%. Europe’s Stoxx 600 share index slipped 0.3% lower and futures markets indicated a steady start on Wall Street after the S&P 500 index dropped 1.5% on Wednesday.
Full coverage: REUTERS
Oil Steadies After Rate Hike Concerns Spur Sell-Off
LONDON, March 8 (Reuters) – Oil prices steadied after earlier losses on Wednesday, driven by fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories.
Brent crude futures climbed 11 cents, or 0.1%, to $83.40 per barrel by 1103 GMT. U.S. West Texas Intermediate (WTI) crude futures eased 9 cents, or 0.1%, to $77.49 a barrel.
Both Brent and WTI fell by more than 3% on Tuesday after comments by U.S. Federal Reserve Chair Jerome Powell that the central bank would likely need to raise interest rates more than expected in response to recent strong data.
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