Tuesday's US CPI, market bulls expect negative MoM core CPI numbers. Maybe since core CPI excludes foods and energy. The below is this weekend's headline news on food and energy :
1) Energy (oil and gas):
US warns of sanctions for buyers that ignore price cap on Russian oil ( Financial Times Sept. 9, 2022, NY)
In guidance issued on Friday, the US Treasury department said individuals making “significant purchases of oil above the price cap” as well as those who provide false information about those purchases, “may be a target for a sanctions enforcement action”. “Our approach to implementation is guided by the principle that Russian oil should continue to reach the global market, provided purchasers and service providers abide by the price cap in good faith,” Wally Adeyemo, the deputy Treasury secretary, said in a speech at the Brookings Institution on Friday.
On Wednesday, Russia’s president Vladimir Putin warned Moscow would halt energy exports if western countries proceeded with plans to cap prices for its oil and gas. “We will not supply gas, oil, coal, heating oil — we will not supply anything,” he said in Vladivostok. Earlier in the week, Moscow said it would not reopen the Nord Stream 1 natural gas pipeline to Europe unless sanctions were lifted. US officials have discounted the threat that it will do the same with oil exports, arguing that Russia would be compelled to keep selling oil rather than shut ageing fields that may prove costly to restart later.
2) Agricultural Commodity
Top Rice Exporter India Curbs Shipments in Threat to Inflation (Bloomberg Sept. 9 2022)
India, the world’s biggest rice shipper, restricted exports of key varieties that mainly go toward feeding Asia and Africa, threatening to rattle global crop markets and exacerbate food inflation and hunger.
The government has imposed a 20% duty on shipments of white and brown rice, and banned broken rice sales abroad. The curbs apply to roughly 60% of India’s overall rice exports, according to Bloomberg calculations. The moves by India, which accounts for 40% of the global rice trade, will put further pressure on countries that are struggling with worsening hunger and soaring food inflation.
Addressing the plenary assembly of the Eastern Economic Forum in Vladivostok, Russia, Putin accused Western countries of taking the bulk of Ukraine's grain being exported via the Black Sea, and added that he will raise this issue with Turkish President Recep Tayyip Erdoğan, who mediated the deal along with the U.N.
"We should probably think about limiting the destinations for grain exports, and I'm going to discuss that with Mr. Erdoğan, president of Turkey, because it was he and I who came up with this plan," he added.
1) Energy (oil and gas):
US warns of sanctions for buyers that ignore price cap on Russian oil ( Financial Times Sept. 9, 2022, NY)
In guidance issued on Friday, the US Treasury department said individuals making “significant purchases of oil above the price cap” as well as those who provide false information about those purchases, “may be a target for a sanctions enforcement action”. “Our approach to implementation is guided by the principle that Russian oil should continue to reach the global market, provided purchasers and service providers abide by the price cap in good faith,” Wally Adeyemo, the deputy Treasury secretary, said in a speech at the Brookings Institution on Friday.
On Wednesday, Russia’s president Vladimir Putin warned Moscow would halt energy exports if western countries proceeded with plans to cap prices for its oil and gas. “We will not supply gas, oil, coal, heating oil — we will not supply anything,” he said in Vladivostok. Earlier in the week, Moscow said it would not reopen the Nord Stream 1 natural gas pipeline to Europe unless sanctions were lifted. US officials have discounted the threat that it will do the same with oil exports, arguing that Russia would be compelled to keep selling oil rather than shut ageing fields that may prove costly to restart later.
2) Agricultural Commodity
Top Rice Exporter India Curbs Shipments in Threat to Inflation (Bloomberg Sept. 9 2022)
India, the world’s biggest rice shipper, restricted exports of key varieties that mainly go toward feeding Asia and Africa, threatening to rattle global crop markets and exacerbate food inflation and hunger.
The government has imposed a 20% duty on shipments of white and brown rice, and banned broken rice sales abroad. The curbs apply to roughly 60% of India’s overall rice exports, according to Bloomberg calculations. The moves by India, which accounts for 40% of the global rice trade, will put further pressure on countries that are struggling with worsening hunger and soaring food inflation.
Putin threatens to limit Ukraine’s Black Sea grain exports (Politico Sept. 7, 2022)
Russian President Vladimir Putin Wednesday accused EU countries of diverting all Black Sea grain to themselves, and called to limit the export of grain from Ukraine.Addressing the plenary assembly of the Eastern Economic Forum in Vladivostok, Russia, Putin accused Western countries of taking the bulk of Ukraine's grain being exported via the Black Sea, and added that he will raise this issue with Turkish President Recep Tayyip Erdoğan, who mediated the deal along with the U.N.
"We should probably think about limiting the destinations for grain exports, and I'm going to discuss that with Mr. Erdoğan, president of Turkey, because it was he and I who came up with this plan," he added.
