European natural gas dropped again

European natural gas prices fell by 11% to around 219 € per megawatt hour, below a record peak of almost 350 € from August. This is taking place as European governments intensify their efforts to control prices and as recent data revealed that natural gas storage facilities were filling up more quickly than anticipated.

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Lumber is down 70% in 6 months

The housing sector is witnessing a dramatic slowdown and rising rates. As a result, lumber futures fell by 7% to $450, a level last seen in September 2021 and down nearly 70% from their March peak. In addition, August saw the seventh straight month of existing house sales declines, reaching their lowest level since May 2020.

EU natural gas rises repeatedly

On Wednesday, EU natural gas increased to over €200/MWh after falling by 50% in the last month to 170€/MWh. This might be because traders try to evaluate the forecast for gas supplies in winter. At the same time, President Putin signaled an expansion of the war in Ukraine by announcing a partial military mobilization in Russia.

EU natural gas continues to fall

Following a 9% fall last week—the third straight week of declines—EU natural gas prices dropped to €170 per megawatt hour, down 50% from its peak. Due to increased gas inventories and a high supply, natural gas prices have been on a downward trend since reaching record high levels in August.

EU natural gas continues to fall

EU natural gas futures are approaching their third straight week of declines after dropping 12% to 187 € per megawatt hour on Friday. Investors keep an eye on whether the European Commission’s intervention plan will lower the skyrocketing energy prices.

Gold showing strength

Just like silver, gold is also showing signs of strength in the current market conditions. Amid the growing expectation of inflation peak and its possible retracement, gold is moving higher and attacking $1735 mark. Today’s inflation data release can have a significant impact on the price, which means that volatility can be expected.

Silver at 3-weeks high

Silver futures suddenly jumped 5% above the $19 per ounce level, which is the highest in three weeks. Investors eye bullion assets amid a significant retreat for the US dollar and continue to assess the extent to which the Federal Reserve will tighten policy, which may send Silver and other metals higher.

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European stock indices tumble

The sell-off on major European markets continues on Friday as investors fear the tightening wave of monetary policy would harm global growth. After dropping below 400 points on Thursday for the first time since January 2021, the STOXX 600 is down approximately 0.7%. DAX 40 is down 0.8%, setting a new two-month low.

PMI falls in several countries

Eurozone Purchasing Managers’ Index (PMI) fell to 48.9 in September of 2022 from 49.8 in August, and Germany Services PMI also dropped to 45.4 from 47.7. UK Services PMI also falls from 50.9 to 49.2, but France surprises with a rebound from 51.2 to 53.

Lumber is down 70% in 6 months

The housing sector is witnessing a dramatic slowdown and rising rates. As a result, lumber futures fell by 7% to $450, a level last seen in September 2021 and down nearly 70% from their March peak. In addition, August saw the seventh straight month of existing house sales declines, reaching their lowest level since May 2020.

EUR/USD below 0.98

The eurodollar fell under $0.98 for the first time in 20 years. This is just two days after Fed increased its interest rates by 75 bps and strengthened the dollar.

Binance creates Global Advisory Board

Binance announced the creation of its new Global Advisory Board. Its purpose will be to advise Binance on some of the most complex regulatory, political, and social issues the cryptocurrency industry faces amid the rapid growth and evolution of the ecosystem.

BoE raised rates by 50 bps

The Bank of England joined Federal Reserve and raised interest rates as expected by 50 bps to fight high inflation. This marks the 7th consecutive rate hike, pushing borrowing costs to the highest since 2008.

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Russia's wheat harvest may reach a historic level of 100 million tonnes this year, but not all of it will be exported.
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