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MTrading Team • 2022-03-03

Brent oil steady lift and other market changes on March 3

Brent oil steady lift and other market changes on March 3

Despite the world’s hopes, the Russia-Ukraine conflict has only intensified after the first ceasefire talks with the largest Ukraine cities suffering from heavy bombardment. The World Bank met Russia’s actions with a tough response halting all its programs in Russia and Belarus. 

It’s obvious now that the biggest consequences are yet to come. According to the UK's National Institute for Economic and Social Research estimation, the Ukraine crisis could result in 1% reduction of the global gross domestic product level by 2023 and 3% global inflation increase in the near future. The governor of the Bank of Portugal and European Central Bank Governing Council member Mario Centeno has warned about the stagflation coming in Europe which means high inflation rates and slow economic growth. 

Here’s how the markets are reacting on March 3:

  • OIL prices surge to new highest rates with BRENT OIL going 4.22% up to 117.70 as the post-sanction European oil supply is raising concerns.
  • GOLD does not deviate from the bullish path by going 0.78% up to 1,937.20.
  • USD INDEX loses 0.02% reaching 97.630, showing slight movement yet still sticking to its highest.
  • DOW JONES lifts by 1.79% and lends at the 33,891.35 rate.
  • NASDAQ adds 1.62% going up to 13,752.02.
  • Germany's DAX index keeps going down by losing 0.73% and reaching 13,898.30.
  • FTSE 100 joins the DAX descending movement and goes 0.27% down to 7,409.53.

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