1) Oil prices surge ahead of EU decision on banning Russian oil
Oil prices surged above $120 level to a two-month high on Monday as investors are looking forward to the resolution of the European Union on the agreement to ban Russian oil in a two-day meeting on Monday and Tuesday.
The ban would further boost fuel prices that are already high ahead of a driving season in the United States and Europe in which demand for gas would continue to rise.
In the morning session of Asian markets on Monday, the international benchmark Brent crude rose 0.64% to $120.19 per barrel. Meanwhile, the U.S. West Texas Intermediate rose 0.77% to $115.96 per barrel.
2) BOJ to keep powerful monetary easing for economic recovery
Bank of Japan Governor Haruhiko Kuroda said on Monday that the central bank will patiently stick to powerful monetary easing to help in the economic recovery from the Covcid-19-induced stagnations.
The governor also added that the yen was regaining stability from recent falls that was undesirable.
3) Qatar’s GDP in 2022 should grow 3.5%
Qatar’s Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani expected gross domestic product (GDP) to grow 3.5% in 2022, adding that the country is planning to start licensing financial technology companies soon.
In April, Fitch Ratings estimated 3.2% growth for Qatar’s economy in 2022, up from 1.6% in 2021. The support should come from the soccer World Cup that will be hosted in November and December as well as the post-pandemic recovery.
4) Global stocks gain $3.6 trillion in market cap last week
Global stocks built $3.6 trillion in market capitalization last week as investors recovered from inflation fears, abating Fed’s tightening expectations, dropping bond yields, Shanghai reopening optimism and diminishing recession fears.