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Airlines Forced To Ration Jet Fuel In New Zealand, But Limited Impact Seen

SYDNEY, Dec 7 (Reuters) – Key regional airlines said on Wednesday they expected to continue scheduled flights with New Zealand, which is beginning to ration jet fuel after a recent shipment failed government tests.

Airlines are being told that jet fuel supplies at the country’s largest airport in Auckland will be throttled to 75% of planned allocations, said Cath O’Brien, an official of a national panel of airline representatives.

Full coverage: REUTERS

Russia’s Rosneft Says Net Income Hit By Assets Transfer In Germany

MOSCOW, Dec 7 (Reuters) – Russian largest oil producer Rosneft (ROSN.MM) said on Wednesday its nine-month profit was hit by the transfer of assets in Germany which took control of a major Russia-owned oil refinery.

The company also said it boosted oil sales to Asia amid growing rift with Europe over what Moscow calls a “special military operation” in Ukraine.

Rosneft said nine-month net income was 591 billion roubles ($9.4 billion), without providing comparison. This was down 15% from a record-high 696 billion roubles reported for the same period in 2021.

Full coverage: REUTERS

Inflation Miss Puts Central Bankers On Back Foot

WASHINGTON, Dec 7 (Reuters) – Thomas Barkin, Richmond Federal Reserve President, was poring over the latest inflation-related data one morning this June after breakfast with bank interns when he saw an alarming sign. Prices had surged in May, after a slight drop in April that had raised hopes that a recent uptick in inflation would be short lived.

Barkin said the data, which triggered a U.S. bond market sell-off, prompted him in a call with Federal Reserve chairman Jerome Powell to give his support for a bigger interest rate increase than the one the Fed had all but promised to announce days later. “Move as fast as possible without breaking things,” Barkin said in an interview last month of his message to Powell.

Full coverage: REUTERS

Oil Steady As China Revival Hopes Offset Russia Uncertainty

SINGAPORE, Dec 7 (Reuters) – Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session.

Brent crude futures edged up 3 cents, or 0.04%, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session.

Full coverage: REUTERS

Morning Bid: Hat-Trick

A look at the day ahead in European and global markets from Anshuman Daga.

While European shares ended lower for the third straight session on Tuesday, spooked by recession worries, another hat-trick dominated the World Cup a few hours later.

Three goals by Portugal’s 21-year-old Goncalo Ramos against Switzerland in his first World Cup sent his side through to the quarter-finals for the first time in 16 years. And a 3-0 shootout win by Morocco against former champions Spain meant that Morocco became the first Arab nation ever to qualify for the tournament’s quarter-finals.

Full coverage: REUTERS

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Industry Dynamics

Weekly Economic Calendar For October 1, 2023 – October 6, 2023

Weekly Economic Calendar For October 1, 2023 – October 6, 2023.

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