Ukraine Financial News

Nilesh Shah while underscoring India's favourable economic situation due to cheaper oil prices and strong GDP despite geopolitical tensions. To prove that “god exists upstairs and is an Indian", Nilesh Shah, referred to double-digit oil prices in India despite the Israel-Hamas war, Red Sea disturbance and other geopolitical tensions. He also mentioned US Fed hints on rate cuts, and strong GDP growth rate numbers.

As the Magnificent Seven are downgraded to the Fab Four, perhaps the list of leading tech stocks should include an old-school name: Exxon Mobil. The oil company’s shares would come in fourth in the septet this year with a rise of 21%, after Nvidia and Meta and very close to Amazon. Behind Exxon’s surge to a new high on Friday is an important shift in the market, a new narrative that investors would be wise to pay close attention to—in case it changes again.

Southest Asian finance ministers and central bank governors have ended meetings in the Laotian city of Luang Prabang citing progress in building stronger regional institutions, but also noting serious challenges due to geopolitical tensions and volatil...

Russia is renewing its strikes on Ukraine's energy system

Also Read: Expert View | Oil market oversupplied with high US output, Brent seen at $87-$92 for 2024: ShareKhan's Mohammed Imran The JMMC of the OPEC+ cartel, met online on Wednesday, April 3, to review the market and members' implementation of output cuts. In a statement following the meeting, OPEC+ said some member countries had promised to improve their adherence to supply targets.

Oil prices extended gains on Friday and were on course for a second weekly gain, supported by geopolitical tensions in the Middle East, concerns over tightening supply and expectations about demand growth as economies improve. Brent crude was up 26 cents, or 0.3%, to $90.91 a barrel by 1252 GMT. U.S. West Texas Intermediate crude was at $86.65 a barrel, up 6 cents, or 0.1%.

The OPEC+ alliance may be risking a repeat of last year’s oil market boom and bust.

Russia must remain open despite its attack on Ukraine, Italy's defence minister said on Friday, commenting on recent talks between his French and Russian counterparts. On Wednesday, French Armed Forces Minister Sebastien Lecornu had a phone conversation with Russia's Sergei Shoigu — the first since October 2022 — during the course of which France condemned Russia's «war of aggression» in Ukraine. France later denied Russian claims that it expressed willingness to hold dialogue on Ukraine or discuss possible peace negotiations when the two countries' defence ministers spoke on Wednesday.

drones to destroy at least six military aircraft and badly damage eight others at an airfield in Russia's Rostov region, while Russian defense officials claimed they intercepted 44 Ukrainian drones and that only a power substation was damaged in the attack. The assault appeared to be one of Kyiv's biggest air attacks in the war, coming as its forces step up their assaults on Russian soil. The Associated Press could not independently verify either side's claims. Russia has escalated attacks on civilian infrastructure, including Ukraine's power plants, in recent weeks, signaling a new and potentially dangerous phase in the conflict as both sides struggle to achieve significant advances on the ground.

drone attack overnight damaged equipment at energy facilities in Ukraine's southern Odesa region, the national grid company Ukrenergo said on Friday via the Telegram messaging app. Separately, the Ukrainian military said its air defence had shot down four drones used overnight in attacks targeting the region's energy infrastructure. Ukraine's air force said it also shot down nine Russian drones overnight targeting the Zaporizhzhia and Dnipropetrovsk regions. Russia also used two S-300/S-400 missiles and three Iskander-M ballistic missiles in its attack, it said.

Ukraine fired dozens of drones at Russia's southern Rostov region, home to its army headquarters for the military offensive, in the early hours of Friday, Russian officials said. Russia's defence ministry said it downed 53 Ukrainian drones overnight — 44 over the Rostov region — while the governor said a power station was damaged in the attack. Rostov-on-Don, the capital of the region that sits just across the border from Ukraine, is the command headquarters for Russia's military campaign and home to a swathe of Russian military sites.

Norway plans to raise its military spending by an accumulated 600 billion crowns ($56 billion) through 2036 to bolster its defence against Russia and other security challenges, the NATO member country's government said on Friday. Overall military spending for the next 12 years is expected to amount to 1.62 trillion crowns, it said. «This plan represents a historic boost in defence spending, and involves a significant strengthening of all branches of the armed forces,» Prime Minister Jonas Gahr Stoere told a press conference.

One ship is likely to be handed to the Indians in September, with another being delivered early next year. The delivery of the ships are two years behind schedule due to the war in Ukraine, the officials said, asking not to be named because of the sensitivity around the issue. The two frigates are part of a four-ship deal that the Indians signed with the Russians back in 2018. The other two ships are being built in India, in collaboration with Russia, but are also behind schedule due to war-related supply chain issues, the officials said.

According to the US Treasury Department, the fintechs, along with two individuals, have "either helped build or operate blockchain-based services or enabled virtual currency payments in the Russian financial sector, thus enabling potential sanctions evasion".

When President John F. Kennedy met his French counterpart during the Berlin crisis of 1961, he found himself having to offer reassurances. With Moscow demanding that NATO withdraw its forces from the divided city, President Charles de Gaulle cast doubt on America’s determination to protect Europe.

Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve. Brent crude climbed 49 cents, or 0.5%, to $91.14 a barrel by 0108 GMT. U.S. West Texas Intermediate crude was at $86.96 a barrel, up 37 cents, or 0.4%.

Also Read: FY24 Review | Brent rises 9% in last 12 months on OPEC cuts, Middle-East tensions; Will crude oil hit $100 in FY25? Both benchmarks closed on Wednesday at their highest levels since October, having received support in recent days from the heightened geopolitical tensions and potential supply risks. Back home, crude oil futures last traded 0.94 per cent lower at ₹7,095 per barrel against a previous close of ₹7,162 per barrel on the multi commodity exchange (MCX).

J P Nadda Thursday asked the people of Uttarakhand to again give all the five Lok Sabha seats in the state to the BJP to help Narendra Modi return as prime minister for a third term and make India the third biggest economy in the world. «It is your national responsibility,» Nadda told his first election meeting at Pithoragarh in the state in support of Ajay Tamta, the BJP candidate from the reserved Almora Lok Sabha seat. Prime Minister Modi made the country the fifth biggest economy in the world despite the challenges of the Covid pandemic and the Russia-Ukraine war, he said. «If you help him get a third term as PM by ensuring the BJP's victory in all the five seats, he will make India the third biggest economy,» Nadda said.

Oil prices reached their highest levels in five months this week, and economists say that could make the Bank of Canada a “little concerned” as it figures out the right time to cut interest rates.

Gold set another record above $2,300 an ounce on the likelihood the Federal Reserve will cut interest rates this year and sustained demand from central banks.

Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand are travelling to New Delhi and Mumbai from April 2-5 to meet with government and private sector counterparts, the Treasury said in a statement on Wednesday. «They will discuss key bilateral issues, including cooperation on anti-money laundering and countering the financing of terrorism, other illicit finance issues, and continued implementation of the price cap, which seeks to further limit the profits Russia receives to fund its illegal invasion while promoting stable global energy markets,» it said. Following Russia's February 2022 invasion of Ukraine, the G7 nations, the European Union, and Australia jointly implemented a price cap. This cap prohibits the utilisation of Western maritime services, including insurance, flagging, and transportation, for tankers transporting Russian oil priced at or above USD 60 per barrel.