Russia Financial News

UEFA said Tuesday it had abandoned plans to re-admit Russian under-17 teams into the youth European Championship next year. «No technical solution to allow Russian teams to play could be found,» UEFA said. In September, UEFA reinstated Russian youth teams to its competitions, having suspended the country's senior sides due to the ongoing war in Ukraine. UEFA argued that youth players should not have to pay the price for the actions of adults. That decision sparked anger in Kyiv, which said in response it would boycott all UEFA competitions featuring Russian teams. On Tuesday, Kyiv thanked UEFA for scrapping the plans.

₹3.3/litre in 2QFY24 from the record high of ₹8.8/litre in 1QFY24. Crude oil prices rose as high as 30 per cent in three months spanning July-September as the production cuts announced by Saudi Arabia and Russia have squeezed the global crude supply.

'Easing prematurely would squander the gains achieved in the past 18 months,' the IMF said.

Investing.com — Oil prices edged lower Tuesday, handing back some of the previous session’s hefty gains as traders digest the possibility of a wider impact from the conflict between Israel and the Palestinian Islamist group Hamas.

Competition Commission of India (CCI) will soon come out with regulations around the proposed leniency-plus regime, which will encourage companies under investigation for cartelisation to report other cartels and get their own penalties reduced, chairperson Ravneet Kaur said on Tuesday. The leniency-plus regime was proposed in the Competition (Amendment) Act 2023. It is aimed at creating a structure that will incentivise companies under scrutiny for spilling secrets of other cartels. The regulator will soon seek stakeholder comments for the regulations and finalise them, Kaur said in her first press conference after taking over as the head of the CCI in May. Kaur said competition authorities of the BRICS grouping will meet this week to deliberate on existing and emerging anti-trust issues, with India hosting the conference after a gap of 10 years.

By Alexander Marrow

U.K. Labour Party leader Keir Starmer is delivering what amounts to a public job interview for the post of prime minister

The International Monetary Fund warns that the world economy has lost momentum from the impact of higher interest rates, the invasion in Ukraine and widening geopolitical rifts

The annual meetings of the International Monetary Fund and World Bank kick off this week against a backdrop of escalating global conflict and debt distress.

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Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL) may remain volatile in the near term looking at uncertainties pertaining to the oil prices amidst geopolitical stress caused by Israel Hamas Conflict, said analysts. Brent that was $70-75 a barrel levels in June had risen to more than $95 a barrel by the end of September.

Russia's economy will grow by 1.1% in 2024, slower than previously forecast, the International Monetary Fund said, after significant spending and resilient consumption in a stretched labour market support growth of 2.2% this year. Moscow plans to allocate almost a third of increased budget spending next year to defence as it diverts more resources towards its invasion of Ukraine. Reuters reported exclusively in August that Russia had doubled its 2023 defence spending target. «The rise in growth reflects a substantial fiscal stimulus, strong investment, and resilient consumption in the context of a tight labour market,» the IMF said on Tuesday in its World Economic Outlook, in reference to this year's forecast. Russia's economy ministry expects gross domestic product (GDP) to expand 2.8% this year, bouncing back from a 2.1% decline in 2022.

United Nations: Russia faces a tough fight to regain a seat in the U.N.'s premiere human rights body in Tuesday's election in the General Assembly, which voted last year to suspend Moscow after its invasion of Ukraine. The 193-member assembly will be electing 15 members to the Geneva-based Human Rights Council, with candidates put forward by the U.N.'s five regional groups.

Geopolitics is often ignored in financial markets. For reasons best known to them, investors and traders don’t think it’s as important as other factors that move markets. The best example of this was the Russia-Ukraine war.

Amit Sachdeva, India Equity Strategist, HSBC Securities, says “there are two vulnerabilities for India; one is obviously a geopolitical crisis. If it spirals out of control, then it might weigh on India's investment case. But US bond yields have also risen quite sharply. That has seen some outflow as well. But if you look at the overall picture for India's Goldilocks scenario, I would hazard a guess that India is in a decisive bull run and we are in the middle of it right now.” What is your take on the Israel-Palestine war? The way both local and global markets have been resilient, it looks like markets are saying this is not Russia and Ukraine. This is very localized and is unlikely to have a financial disruption. Geopolitical situations are always interesting and also hard to predict. One thing can lead to another. I am not going to call that out, to be honest. But the market obviously has taken a view that the situation will be contained. It would not spiral out of control, et cetera. So at least the market has taken that view. My sense is that could probably be the fair view as well. But more importantly, India's context is very interesting because India has been an outperforming region three years in a row. That makes many people wonder whether these rallies can continue. But I think we need to drill down into the entire Goldilocks scenario of India.

The shock attack by Hamas and Israel’s response risk a wider destabilisation of the region – and the global oil market is watching.

Global markets took a hit today as tensions between Israel and Hamas escalated into full-blown warfare over the weekend. The conflict has caused ripples across asset classes, sending emerging stocks and cryptocurrencies on a downward trend while boosting the value of oil and precious metals.

Finland and Estonia say the undersea Balticconnector gas pipeline running between the two countries across the Baltic Sea has been temporarily taken out of service due to a suspected leak

Hopes that oil supply might ease a bit next year, and inflationary pressures with it, are fading after Saturday’s shock attack on Israel. On Monday, Brent crude futures rose about 4% to $88 a barrel as traders sized up the potential impact on global supply of a new war in the Middle East. Neither Israel or Palestine are major oil producers, so there isn’t an immediate effect.

By Alexander Marrow

Atal Bihari Vajpayee in a gathering, dated almost forty six years ago, had stood in support of Palestine and demanded Israel to ‘vacate the land’. The video has resurfaced amid the ongoing war between Israel, and Hamas fighters from Gaza. After Hamas fighters unleashed a multi-pronged surprise attack on Israel on Saturday, the Benjamin Netyanhu government ordered complete blockade and seize of Gaza in retaliation.