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Russian Oil Cap Unlikely To Drastically Affect Economy

Russian Oil Tanker Please Follow us on Gab, Minds, Telegram, Rumble, Gab TV, GETTR, Truth Social The much-anticipated embargo on Russian seaborne oil products to Europe went into effect Monday. Additionally, on Friday evening, the European Union (EU) agreed on a price cap for Russian oil, expanding on the restrictions already in place. Companies in China and India will be expected to honor the price cap if they are to continue working with shipping and insurance services in Europe. According to The Bell, Russia leads the world in oil exports and is third in global oil production. Roughly one-third of the country’s revenue comes from oil and gas sales. Due to Russia’s reliance on revenue from its oil exporting industry, the oil embargo and price cap are seen as essential ways to hinder Putin from financing the war in Ukraine. ‘NO AD’ subscription for CDM!  Sign up here and support real investigative journalism and help save the republic!‘ While the restrictions will limit who Russia can sell oil to and how much it can charge, the rising energy prices caused by the war will allow Russia to easily compensate for any decrease in revenue the embargo causes. Russia’s Finance Ministry released figures showing that the country’s oil and gas revenues have increased 34.2% in the first 10 months of this year. Australia and the G7 countries have agreed to impose a price cap of $60 on Russian oil. However, it will not drastically affect Russia as the budget rules that will take effect next year were already set to cap the price at that exact amount. The cap will be reviewed every 2 months by the G7 countries and Australia and is required to be kept at an amount at least 5% below the average market price for Russian oil. While many Russian observers believe that the country

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Futures Slide As Recession Fears Trump China Reopening

Futures Slide As Recession Fears Trump China Reopening US futures slumped for a fifth day as investors faded the latest China reopening news – which saw Beijing move definitively away from its long-held Covid Zero approach as it eased a range of restrictions – as the latest dismal Chinese trade data reaffirmed the risk of a global recession. Contracts on S&P 500 futures dumped 0.7% at 7:20 a.m. ET with selling picking up US traders came to their desks after trading unchanged for much of the overnight session, and after the underlying gauge fell Tuesday for a fourth straight day and closed at the lowest level in nearly a month. Nasdaq 100 futures were down 0.8%  US futures are weaker as part of a global risk-off tone; MegaCap tech is again driving weakness, with Apple sliding after a key supplier warned of weaker demand. US/Global recession concerns seemingly outweighing the positivity surrounding China’s growth prospects. US lawmakers proposing an easing of restrictions on Chinese-made chips. SPX sits at its 100dma after falling below its 200dma this week; do we see follow-on selling from CTAs? Oil weakness continues and WTI sits ~11% above its 52-week low. EIA increased its 2023 oil production forecast. In politics, Warnock defeated Walker, giving Dems a 51-49 Senate majority; no immediate market impact. Today’s macro data include mortgage applications (-1.9%, vs -0.8% last week), labor costs, nonfarm productivity, and consumer credit. In premarket trading, Apple dropped more than 1% as mobile industry bellwether Murata Manufacturing expects the firm to reduce iPhone 14 production plans further in the coming months because of weak demand with the company’s president saying that handset stock in stores suggests slow demand. Last month, Bloomberg reported that Apple expects to make at least 3 million fewer iPhone 14 handsets than originally expected. Here

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