MARKET UPDATE

Dollar Edges Lower; Euro Above Parity Ahead of ECB Meeting

The U.S. dollar edged lower in early European trade Monday, nudging down from multi-year highs, while the euro climbed away from parity ahead of the week’s European Central Bank meeting.

The dollar index soared to its highest level since September 2002 last week following the release of consumer price data on Wednesday showing inflation racing at the fastest pace in four decades.

 

Wheat Climbs After Five-Day Slump with Rising Supply in Focus

Wheat snapped a run of declines with investors assessing a broader rise in commodities against the outlook for increasing supply.

Futures climbed as much as 2.5% in Chicago after a five-day slump last week, which eroded gains following Russia’s invasion of Ukraine. Data show Crimea is shipping 50 times the normal volume of food for this time of year, likely signalling that stolen Ukraine grains are moving on to importing countries.

 

Blockchain firm executes Russia’s first digital asset deal with palladium

Russian blockchain firm Atomyze has launched the first digital token backed by palladium produced by Nornickel, it said on Monday.

Atomyze was the first Russian firm to receive approval to exchange digital assets in February, while the central bank has long voiced scepticism about cryptocurrencies.

“The emergence of Russia’s first industrial token marks the entry of the Russian economy into a new period – the era of tokenization,” businessman Vladimir Potanin said in a statement of his Interros Holding, one of Atomyze’s investors and the largest shareholder at metals producer Nornickel.

 

South Korea central bank vows to strengthen monitoring of financial stability risks

South Korea’s central bank said on Monday it will step up monitoring of the impact of higher interest rates on the stability of the financial system.

The Bank of Korea will cooperate with regulators for policy efforts on easing debt burdens for those facing difficulties, it said in a statement after a meeting by Governor Rhee Chang-yong and Financial Services Commission chairman Kim Joo-hyun.

 

European Stock Futures Higher; ECB Meeting Looms Large

European stock markets are expected to open higher Monday, helped by a bounce on Wall Street, but investors will be on edge ahead of a key meeting of the European Central Bank later in the week.

At 02:00 AM ET (0600 GMT), the DAX futures contract in Germany traded 0.9% higher, CAC 40 futures in France climbed 1%, and the FTSE 100 futures contract in the U.K. rose 0.6%.

The main U.S. indices closed sharply higher on Friday, with the blue-chip Dow Jones Industrial Average gaining over 650 points, or 2.2%, as investors bet that the Federal Reserve will be less aggressive at its upcoming meeting, potentially lifting interest rates by the 75 basis points it hiked in June and not by the 100 basis points that looked likely after consumer inflation soared to 9.1% in June.

 

 

 

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