• Indices from Asia-Pacific traded higher at the start of a new week. Nikkei gained 0.6%, Kospi added 0.4% and indices from China traded up to 2% higher. S&P/ASX 200 was a laggard and dropped 0.5%.
  • DAX futures point to a higher opening of today’s European cash session.
  • Pandemic situation in China continues to improve. Indoor dining will be allowed in Beijing starting from today while traffic bans will be remove in most areas of the city.
  • US President Biden is expected to sign executive order to boost domestic production of solar panels and other clean energy project.
  • Rebels in the Conservative party are expected to launch a no confidence vote in UK Prime Minister Boris Johnson
  • EU is reportedly readying the seventh package of sanctions against Russia.
  • Oil is trading higher at the beginning of a new week after Saudi Aramco increased prices for Asian  delivery by more than expected. Prices for European customers were also increased but in-line with expectations. Prices for US deliveries were left unchanged.
  • United States will allowed Italian Eni and Spanish Repsol to purchase Venezualan oil without breaching sanctions
  • The largest oil field in Libya resumed operations after it was shut down since April due to protests. Oil production at the field is around 300k bpd.
  • EU Commissioner Gentiloni said that EU members will be allowed to use funds from post-pandemic recovery fund to increase their LNG capacity.
  • North Korea fired 8 ballistic missiles into the East Sea on Sunday. South Korea responded by firing 8 of its own ballistic missiles into the East Sea.
  • Cryptocurrencies trade higher. Bitcoin rallies 4% while Ethereum trades 3.2% higher.
  • Precious metals advance. Palladium is a top performer, gaining 3.2%, followed by silver with a 1.4% gain.
  • JPY and EUR are the best performing major currencies while AUD and NZD lag the most.

Oil recovered from a recent pullback and trades at the highest level in almost 3 months. WTI (OIL.WTI) climbed above $120 per barrel but halted advance in the $121 area later on, slightly below the upper limit of the upward channel. Source: xStation5

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