March 7, 2023
United States:
Oil Pares Gains as Dollar Rises Ahead of Fed Chair Testimony
Oil dipped ahead of testimony from Federal Reserve Chair Jerome Powell that will provide clues on the path forward for monetary tightening.
West Texas Intermediate traded below $80 a barrel after advancing for five sessions, while the dollar advanced. Powell will begin two days of semiannual testimony before Senate and House committees in Washington later on Tuesday. Traders are predicting a hawkish mantra as inflation has proven to be persistent, increasing the likelihood that rates will be elevated for longer, boosting the dollar and pushing down commodities.
Europe:
EU Seeks to Cut Power Price Volatility in Draft Market Reform
The European Union plans to encourage governments and companies to use more stable, long-term power market contracts to avoid massive price swings as part of a reform demanded by member states following an unprecedented energy crisis.
The EU’s executive arm wants to keep the marginal pricing model and avoid drastic changes to the market design in a bid to ensure predictability and keep electricity flowing freely across the region, according to a draft of the overhaul seen by Bloomberg News on Tuesday. The European Commission’s proposal is due to be unveiled on March 16.
Asia:
Hedge Fund Feud Over China Quant Trader Shows Growing Talent War
Two of China’s best-known quantitative hedge funds are embroiled in a court dispute that centers on the hiring of a trading strategist to a rival firm, a sign of intensifying competition for the industry’s top talent.
Shanghai Ruitian Investment LLC is suing Zhejiang High-Flyer Asset Management and its associated companies over a potential “infringement on technology secrets,” according to court documents.
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