Bloomberg reporting that Moscow has for the first time ever used Egypt’s El Hamra oil terminal on its Mediterranean coast.
- 700k bbls of oil offloaded on July 24
- Another vessel collected a consignment from the port just a few hours later
- Experts say the highly unusual move makes the cargo’s ultimate destination much harder to track, adding to a trend whereby Russian oil shipments are becoming increasingly obscured since European and western buyers began to shun them following the nation’s invasion of Ukraine.
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Fear has turned into FOMO. Bear market rallies can be intense.
A strong ISM services report healed recession fears while a drop in the prices paid component cooler inflation worries. Add in impressive equity momentum and it was a banner day, led by tech.
- S&P 500 up 64 points, or 1.5%, to 4162
- Nasdaq +2.6%
- Russell 2000 +1.4%
- DJIA +1.4%
- Toronto TSX +0.3%
In terms of levels, the June high of 4177 is important short-term resistance with many eyes on the 200-day moving average beyond that.
Banco Central do Brasil with the as-expected interest rate rise.
- Unanimous vote
- will evaluate the need for another hike of a smaller magnitude at the next meeting
- future policy steps could be adjusted to ensure inflation converges toward its target