Weekly Market Update - 7 March 2022
Russia and Ukranie Conflict
Ukrainian and Russian officials are meeting again for a third round of talks. But with Russian leader Vladimir Putin saying Kyiv must agree to his demands if fighting is to end, hopes for progress in the meeting Monday are low. Commodities markets saw record volatility on Monday.
Oil nearly touched $140 after the White House said it was considering an embargo on Russian supplies, before pulling back when German Chancellor Olaf Scholz poured cold water on the idea. European energy prices climbed to new highs with benchmark gas increasing 79% to 345 euros ($374.79) a megawatt-hour, before settling lower.
Source: Bloomberg
UAE ‘Gray List’ Status
The United Arab Emirates’ addition to a global watchdog’s list of countries subject to greater monitoring for shortcomings in tackling illicit finance is “unlikely to be a significant blow” to its economy, according to S&P Global Ratings.
“The placement means the country has committed to swiftly resolve strategic deficiencies in its regimes to prevent money laundering, terrorist financing, and proliferation financing, within agreed timeframes, and is subject to increased FATF monitoring,” according to a report.
Source: Bloomberg
‘Neom’ Megaproject Woos Wall Street
Executives from the Saudi crown prince’s “Neom” megaproject have invited bankers and investors to a meeting in New York next month as they try to drum up international interest in their $500 billion plan to build a high-tech hub from scratch.
Neom’s chief executive Nadhmi Al-Nasr and finance sector head Layth Al-Shaiban are scheduled to attend the event in early April, according to people familiar with the matter. Invitations were sent to private equity firms, bankers and construction suppliers for the gathering, which aims to gauge interest in the project, one of the people said. It’s potentially one of a series of events in multiple American cities, and follows a similar event in London last year, another person said.
Source: Bloomberg