LONDON, Nov 23 (Reuters) – Global shares were little changed on Wednesday as investors kept their eyes peeled for the minutes of a Federal Reserve meeting that could shed light on whether the U.S. central bank was considering moderating interest rate hikes.
The Fed has raised rates significantly in a bid to curb surging inflation, and New Zealand’s central bank earlier increased interest rates by a record 75 basis points to 4.25%, a harbinger of more likely hikes from the Federal Reserve, European Central Bank and Bank of England next month.
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Oil Prices Rise To Near $90/bbl On U.S. Crude Stock Drop
LONDON, Nov 23 (Reuters) – Oil prices rose on Wednesday as data showing a larger-than-expected U.S. crude drawdown last week outweighed concerns about lower demand from China.
Brent crude futures rose $1.03, or 1.17%, to $89.39 a barrel at 0941 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.06%, to $81.81 a barrel.
U.S. crude inventories fell by about 4.8 million barrels for the week ended Nov. 18, data from the American Petroleum Institute showed, according to market sources.
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Russian Oil Price Cap Likely To Divert Trade To Smaller Businesses – Vitol
SINGAPORE, Nov 23 (Reuters) – An imminent price cap on Russian oil by G7 countries is likely to divert trade to smaller companies, the chief executive of Dutch energy and commodity trader Vitol, Russell Hardy, said on Wednesday.
Larger corporates such as Western banks and insurance companies will not participate in the trades unless there is absolute clarity that the price of the contract is below the price cap, Hardy said at the FT Commodities Asia Summit in Singapore.
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Credit Suisse Flags Fourth-Quarter Loss Of Up To $1.58 Bln
ZURICH, Nov 23 (Reuters) – Credit Suisse (CSGN.S) expects to make a pre-tax loss of up to 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter, as the Swiss bank prepares to seek shareholder approval for a $4 billion fundraising.
The bank said on Wednesday “challenging” economic and market environment had had an adverse effect on client activity, while cash outflows across the business had increased at the start of its fourth quarter.
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Elon Musk Names S. Korea Among Top Candidates For EV Investment – Yoon’s Office
SEOUL, Nov 23 (Reuters) – Tesla (TSLA.O) chief executive Elon Musk said on Wednesday that South Korea was among its top candidate locations for a factory it plans to build in Asia for making electric vehicles (EVs), according to South Korea’s presidential office.
Musk had made the remark in a video call with President Yoon Suk-yeol, adding that the company planned to step up cooperation with South Korea on supply chains, Yoon’s office said.
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