Financial Breakfast July 25: EU adjusts sanctions against Russia to ease global energy security risks, focus on Fed resolution this week

By    25 Jul,2022

Monday (July 25) early Asian market, the dollar traded near 106.54, gold prices rose more than 1% last week, the first weekly rise in six weeks, benefiting from the Fed's 100 basis point rate hike is expected to cool; crude oil fell more than 1.6% on Friday, the EU on Russia sanctions adjustment, will allow Russian state-owned companies to pay oil to a third country, the move will ease global energy security risks; this week's market Focus on the Federal Reserve resolution.


In the commodities close, U.S. crude oil futures closed down 1.7 percent at $94.70 a barrel. Brent crude futures fell 0.64 percent to close at $103.20 per barrel. U.S. gold futures settled up 0.8% at $1,727.40 per ounce.

U.S. stocks closed with the Dow Jones Industrial Average down 0.43 percent to 31,899.29, the S&P 500 Index down 0.93 percent to 3,961.63 and the Nasdaq down 1.87 percent to 11,834.11.

Monday Outlook

Market Highlights

EU countries seek exemption from Brussels' plan to cut gas demand

Diplomats from the EU's 27 member states have been in talks since the European Commission last week proposed measures that would require countries to cut their gas use by 15 percent starting next month. The plan has sparked debate over the size of the target and whether Brussels has the power to make the plan binding. The plan needs to be approved by member states at a meeting of energy ministers this week. EU countries have suggested that while voluntary targets could be standardized across the EU, mandatory targets should take into account the extent to which countries rely on Russian gas and the amount of gas that countries have managed to store, according to a draft proposal obtained by the media.

White House Doctor: U.S. President Biden's Recovery Encouraging

U.S. President Joe Biden's new crown of symptoms is improving, with encouraging signs that he is beating the virus, according to White House doctors. "His symptoms continue to improve significantly," White House physician Kevin O'Connor wrote in a daily update. "His main symptom now is a sore throat. This is most likely the result of lymphatic activation as his body is clearing the virus, so that is an encouraging sign."

Russian government adds two British dependencies to list of 'unfriendly countries and territories'

The Russian government released a statement saying it has added the British dependencies of Guernsey and the Isle of Man to its list of "unfriendly countries and territories" because of their support for British sanctions against Russia, its citizens and businesses.