Wyllian Capucci
01/02/2021
Cut of meat
The world’s largest meat producer said it will have the “vast majority” of its factories inoperation today after a cyber attack shut down all of its operations in the StatesUnited. A notorious Russian-linked hacker group is behind the attack, according tofour people familiar with the attack. The hack also means that none of the dataprices on which agricultural markets depend was available. This only occursa few weeks after the Colonial Pipeline was shut down in a similar attack,showing that hackers are increasingly focusing on the commodity industry.
Rough rallyOPEC and its allies provided an upbeat assessment of oil demand for the restof the year, while the group ratified an increase in production for July. There was also aboost for crude oil bulls with the news that any nuclear deal thatwould allow Iranian barrels to return to market may not happen before August. OneWest Texas Intermediate barrel for July delivery was up $68 this morning.
PeruTurkish President Recep Tayyip Erdogan has again called for interest rate cuts,saying that reducing the interest burden on producers would lead to lower inflationin the future. Your monetary policy suggestion is at odds with economic theoriesand helped push the lira to a new record low against the dollar.this morning. Erdogan is facing a drop in domestic popularity as theunemployment remains very high, a factor that may be influencing your request forflexibility of the central bank.
Calm marketsInvestor sentiment is perfectly balanced between the persistent anguish of theinflation and optimism about the reopening of economies. Overnight, the MSCI Asia indexPacific remained virtually unchanged, while Japan’s Topix index closed 0.8%above. In Europe, the Stoxx 600 Index gained 0.2% at 6:50 am GMT with the datashowing producer price inflation in the region at the highest level since 2008. Futuresof the S&P 500 indicated little change in the opening, the 10-year Treasury yieldit was at 1.606% and gold was down below $1,900 an ounce.
Coming
The ECB is publishing a report on the international role of the euro at 8:00 am. The data ofMay US auto sales were released today. The president of the Chicago Fed,Charles Evans, Atlanta Fed President Raphael Bostic, and Dallas Fed PresidentRobert Kaplan, speak at a forum on racism and economics. The Fed Beige Book is publishedat 2 pm. Splunk Inc., Endeavor Group Holdings Inc. and NetApp Inc. are among the companies thatreport the results
Source: https://wintrademarkets.com/
