Russia on the move, talks with Iran paused, Rivian collapses

© . By Geoffrey Smith — Russian troops are back on the road in Ukraine after being held for a week. The humanitarian disaster there is escalating, the number of refugees is now estimated at more than 2.4 million. Oil is skyrocketing as talks to lift sanctions against Iran have stalled, thwarting hopes of a rapid increase in Iranian crude oil supplies. Rivian stumbles after reviewing production guidelines for this year. Chinese tech stocks are on track for their worst week in a year on a resurgence of fears of forced cuts from US markets, and the company behind Nickel’s large short position says it wants to keep the position open. Here’s what you need to know in the financial markets on Friday, March 11. Top “Possible” But Russian War Machine Is Turning Back On The Kremlin said a meeting between President Vladimir Putin and Ukrainian President Volodymyr Zelensky is possible, raising hopes of a diplomatic solution to a war now in its third week . Those hopes had been dashed on Thursday after a meeting between the two countries’ foreign ministers broke down with no visible progress. Elsewhere, EU leaders called for a complete withdrawal of Russian troops from Ukraine and set a high bar on anything that appeared to be a release of economic pressure on Russia. It also pledged another 500 million euros ($555 million) in military aid to Ukraine. On the battlefield, Russia stepped up airstrikes against western Ukraine, and the country that had been trapped north of Kiev for the past week began to move again, split in two in what analysts say could be a prelude to an attack on the capital. Putin said he would deploy volunteers from Syria to fight in response to reports of foreign civilians seeking to join Ukrainian forces. The humanitarian disaster in Ukraine’s other cities continued, with residents of Mariupol having to dispose of their dead in mass graves, while Russian artillery — which targeted a maternity ward earlier this week — struck a psychiatric hospital, Ukrainian officials said. The UNHCR estimates that some 2.4 million refugees have now fled the country, the largest move in Europe since World War II. Oil rises as talks with Iran stalled Oil prices rose as talks on lifting sanctions against Iran Iran was interrupted, followed by concerns about Western capitals, especially Washington, that the concessions being offered for its nuclear program are too high a price to pay for an increase in the supply of Iranian oil to world markets. The Biden administration also surveyed Venezuela this week about ways to increase supplies. A more immediate concern is the unwillingness — or inability — of US shale companies to increase production despite record prices. Baker Hughes’ , which measures drilling activity in the US, is expected later. At 6:30 a.m. ET (1130 GMT), futures were up 2.0% to $108.43 a barrel, while futures were up 2.3% to $111.84 a barrel. 3. Shares will open higher; Rivian Spotlight US stock markets are set to open higher Friday, in line with gains made in Europe on renewed hopes for diplomatic progress in the conflict. By 6:15 AM ET, they were up 387 points, or 1.2%, as they were up 1.4% and up 1.6%. Stocks likely to come into the picture later include EV maker Rivian, which announced a bigger loss in the fourth quarter and was late for the year on Thursday. Oracle (NYSE:) stocks are also lower in premarket after third quarter gains due to higher operating expenses and weak equity investment performance. Also, attention will be drawn to Meta Platforms (NASDAQ:) following news suggesting it will allow incitement to violence against Russian officials and armed forces on its social media platforms, in violation of its usual policies. 4. China tech stock sell-off picks up after SEC warning to delete. The SEC said that ACM Research (NASDAQ:), fast food giant Yum China, BeiGene (NASDAQ:), Zai Lab (NASDAQ:) and HutchMed were all at risk of being delisted in early 2024 unless they submit appropriate audit documents that show their support financial statements. The index, which tracks Chinese ADRs, fell 10% on Thursday, with individual names like Nio (NYSE:), Alibaba (NYSE:) and Pinduoduo (NASDAQ:) losing between 8% and 20%. The index is now about 68% lower than its highest point in February last year. Meanwhile, officially registered new cases of Covid-19 in China have surpassed 1,000 for the first time in two years. Chinese Prime Minister Li Keqiang also reiterated his concern over Western sanctions against Russia, which are increasingly likely to cause a sharp slowdown in the global economy. 5. Nickel’s Big Short Wants To Keep Its Position Open Said nickel trading will be suspended until the end of the week as it struggles to withstand the backlash against its actions to protect its members. Tsangshin, the Chinese company whose massive short position was the cause of the spike that forced the LME to suspend trading, said it wants to keep the position open, which could be just as well as there’s no agreement on what price it can close. to be. Other base metals continued to rise Friday amid lingering uncertainty over the status of Russia’s supply. The chairman of mining giant Norilsk Nickel, Vladimir Potanin, warned that Russia’s current policies would go back to 1917 – the year of the Bolshevik revolution.

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