The stock market had a relatively quiet day. Many investors are awaiting the reaction of Western countries to the news and images of the Russian troops in Ukraine. Gentiloni, EU Commissioner for Economy, announced on Monday that there are many options for new sanctions against Russia including measures against the Russian energy sector. So far, EU countries have imposed little sanctions against the Russian energy sector because of its dependence on Russian gas. However, it is expected that the EU will not ban Russian gas in the short term due to the shortage of alternatives.
After the oil price fell significantly last week, the price rose again on Monday. A barrel of WTI cost USD 103 on Monday, which is 4% higher. This is partly explained by the ongoing conflict between Russia and Ukraine which makes the use of Russian gas and oil increasingly difficult to justify in Western countries.
Despite the rising inflationary pressure in Australia, the Central Bank of Australia has decided to keep the policy rate at 0.10%. Since Australia produces many commodities, the rising commodity prices have a positive effect on national income and economic growth but brought negative consequences for disposable income. Immediately after the policy rate decision was announced, the value of the Australian dollar rose against the U.S. dollar and the euro, among others.
The 6M Euribor increased with 1 basis point to -0.36% compared to previous business day. The 10Y Swap decreased with 3 basis points to 1.17% compared to previous business day.
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