Kaohoon Morning Brief – 25 March 2022

1) US jobless claims fell to 1969 low

The number of Americans filing for unemployment benefits fell 28,000 to just 187,000 for the week ending March 19, the lowest since September of 1969, according to the Labor Department.

Meanwhile, the four-week average for unemployment claims, which compensates for weekly volatility, fell to 211,750 from the previous week of 223,250.


2) Russia may consider accepting Bitcoin as payment for oil and gas

Russia might consider accepting fiat currency or Bitcoin as payment for oil and gas as western sanctions continue to pressure Moscow economically and financially. 

The chair of Russia’s Duma committee on energy said that when it comes to friendly nations such as China or Turkey, the Kremlin will be more flexible on the payment options. 


3) Biden says US will respond if Russia uses chemical weapons

The U.S. President Joe Biden said in the meeting with the European Union, G-7 partners and NATO allies that Washington will respond if Russia uses chemical weapons against Ukraine. 

The European leaders urged China to stop Russia, while Biden said that China’s economic futures are tied to the west more than Russia, but declined to say if he has evidence against China that it is helping Russia.


4) 15 years of Russian economic growth to disappear if sanctions continue

As western nations continue to impose sanctions after sanctions on Russia for its war against Ukraine, the Institute of International Finance stated that these are expected to contribute to a 15% contraction for the Russian economy this year and another 3% next year, which would wipe out 15 years of economic growth.