prices

Britain says new gas plants needed to keep the lights on

by
Britain says new gas plants needed to keep the lights on

Britain is proposing to build new gas plants to improve energy security and risks facing blackouts without them. The Department for Energy Security and Net Zero (DESNZ) stated that new gas plants will be needed beyond 2030. Energy Minister Claire Coutinho is expected to outline a new strategy for gas, emphasizing the need for gas to back up renewables to avoid blackouts. Critics argue that this approach could hinder the country’s goal of reaching net zero emissions by 2050 and increase reliance on expensive fossil fuels. Currently, about a third of Britain’s electricity comes from gas plants. DESNZ also proposed a zonal market for electricity pricing, where consumers would pay different rates based on their location relative to power generators. This method is already used in some European countries like Italy, Sweden, and Norway. These announcements are part of a consultation into the Review of Electricity Market Arrangements (REMA) launched in 2022.

EURGBP gains ground following UK jobless, German CPI

by
EURGBP gains ground following UK jobless, German CPI

– Euro-Sterling was trading below the mid-0.8500s during early European trading on Tuesday.
– The EURGBP cross was trading around 0.8540, gaining 0.16% on the day.
– The UK ILO Unemployment Rate increased to 3.9% in the three months to February from 3.8%.
– The number of people claiming jobless benefits in the UK rose by 16,800 in February.
– The UK Employment Change was -21,000 in January.
– The German Consumer Price Index (CPI) for February was 0.4% MoM and 2.5% YoY.
– The German Harmonized Index of Consumer Prices (HICP) for February was 0.6% MoM and 2.7% YoY.
– Upcoming data releases include the UK monthly GDP, Industrial Production, Manufacturing Production, and Trade Balance for January.

Real estate sector depends on outside factors

by
Real estate sector depends on outside factors

The Cyprus economy has shown strong resilience, recording one of the highest growth rates in the European Union, according to Dr. Giorgos Mountis, CEO of Delfi Partners. The Cypriot economy grew by 2.4% in 2023 and is estimated to grow by 2.8% in 2024 and 3% in 2025. Inflation decreased from 8.1% in 2022 to 3.9%, with further reductions expected to 2.4% in 2024 and 2.1% in 2025. Efforts to contain inflation involved decisions that temporarily affected citizens’ incomes, with interest rate increases placing significant pressure on household incomes. However, optimism exists that the European Central Bank’s decisions will start to change in 2024, potentially leading to a decrease in domestic interest rates. Unemployment is at very low levels, approaching full employment, though many sectors face personnel shortages. The government’s strategies to employ and attract foreign labor could lead to an increase in the country’s population and economic development. The real estate sector remained resilient in 2023, with sales contracts increasing by 16% compared to 2022, reaching the highest level since 2008, driven by increased demand from non-European buyers. Apartment prices in 2023 exceeded those of 2010 for the first time, according to the Central Bank of Cyprus, leading to an increase in properties purchased for rental investment.

WTI moves in tight range, hovers around $77.80

by
WTI moves in tight range, hovers around $77.80

– The benchmark West Texas Intermediate (WTI) crude oil price was around .80 per barrel in Asian trading on Tuesday.
– Oil markets are awaiting the release of the Consumer Price Index (CPI) data from the United States, with expectations for a modest uptick in February’s US inflation figures, but the annual index is forecasted to hold steady.
– A strong CPI report could decrease the likelihood of an immediate rate cut by the Federal Reserve, potentially bolstering the US Dollar and challenging crude oil prices.
– The probability of a rate cut in June has slightly decreased to 68.9%, according to the CME FedWatch Tool.
– Market participants are looking forward to monthly market reports from OPEC, the International Energy Agency (IEA), and the Energy Information Administration (EIA) to assess the global demand outlook.
– ANZ analysts expect demand projections from the monthly reports of the three major oil agencies to remain largely unchanged, but any unexpected upward revisions could alleviate demand concerns.
– The US has led global oil production for the sixth consecutive year, with a record-breaking average production of 12.9 million barrels per day (bpd).
– US crude oil production reached a new monthly record high of over 13.3 million bpd in December.

Clos Apalta: fabulous wines from Chile

by
Clos Apalta: fabulous wines from Chile

– Chile is a long country, stretching 4,500km, but not wide.
– It has dry and sunny summers, influenced by the cold south Pacific ocean which brings freshness to many vineyards.
– Colchagua is a warm, sunny wine region in Chile, famous for its red wines, located about a two-hour drive from Santiago de Chile.
– Clos Apalta is a cooler area within the Colchagua region and has a connection with the Grand Marnier brand, created by the Marnier Lapostolle family.
– Alexandra Marnier Lapostolle founded a winery in Apalta in 1994, leading to the creation of Chile’s first icon wine, Clos Apalta, with its first vintage released in 1997.
– Apalta is bordered to the south by the Tinguiririca River and is surrounded by mountains on other sides, known for its beauty and top wineries including Lapostolle, Montes, Las Niñas, and Neyen.
– The region utilizes altitude in vineyard planting, contributing to the complexity of its wines with a mix of granite, alluvial, and organic materials in the soil.
– Clos Apalta primarily uses Bordeaux blend varieties, with Carmenère being the dominant variety at 50% on average, complemented by Cabernet Sauvignon, Merlot, and sometimes Petit Verdot.
– The winery’s design features native red-toned Chilian rauli wood, with 24 slats representing the 24 months required to make Clos Apalta’s signature cuvée.
– Tasting notes for various vintages of Clos Apalta include descriptions of their color, aroma, body, and blend compositions, with prices provided for the 2018, 2019, and 2013 vintages, as well as for the 2019 Le Petit Clos and 2019 Domaine Bournet-Lapostolle, Clos du Lican.

Akel demands cheaper electricity

by
Akel demands cheaper electricity

The opposition party Akel in Cyprus, led by Stefanos Stefanou, has urged the government to reduce electricity costs for households and businesses and has demanded an investigation into the liquefied natural gas (LNG) terminal project at Vasiliko. Stefanou emphasized the need for Cyprus to transition to natural gas for electricity generation to avoid the high costs associated with burning heavy fuel oil, highlighting that Cyprus paid about €350 million in greenhouse gas emissions allowances last year. Akel has proposed several measures to alleviate high electricity prices, including reducing VAT on electricity from 19% to 9%, taxing windfall profits of banks and energy companies, promoting competitive tenders for renewables, and extending electricity subsidies.

Legendary singer Tom Jones coming to Cyprus this summer

by
Legendary singer Tom Jones coming to Cyprus this summer

– Tom Jones will perform in Larnaca Marina, Cyprus, on July 18 as part of his “Ages & Stages” Tour 2024.
– The concert will feature hits from his career.
– Tom Jones has sold over 100 million records, has 36 Top 40 hits, and has won multiple Grammys and the Music Industry Trust Award.
– The “Ages & Stages” tour will cover various aspects of Jones’ musical career.
– Ticket prices for the concert range from 85€ to 240€, with VIP options available.
– Tickets are available at www.ticketmaster.cy.

Gold rally could extend beyond recent highs

by
Gold rally could extend beyond recent highs

Gold has increased by nearly 19% since a low in October and about 7% in the past month. UBS strategists suggest there might be a short-term pullback in gold prices, but the rally could continue over the year. Factors supporting gold include potential Federal Reserve rate cuts, central banks and investors buying gold, and increased geopolitical risks. Gold prices have surpassed ,180, reaching near ,200 highs in Asian trading. The Federal Reserve’s potential rate cuts this year and ongoing geopolitical tensions are supporting gold’s value. Fed Chair Jerome Powell indicated the U.S. economy is healthy, and rate cuts could begin once there is confidence in inflation’s downward trajectory. Futures markets anticipate a 70% chance of the Fed cutting rates by mid-June, with a total of one percentage point reduction by year-end. U.S. Nonfarm Payrolls (NFP) data for February showed 275,000 jobs added, exceeding expectations and potentially influencing Fed rate decisions. China’s inflation data for February indicates a return to normal consumption levels, positively affecting gold prices as China is a major consumer of gold. The Chinese Consumer Price Index (CPI) increased by 0.7% year-over-year in February, and the Producer Price Index (PPI) declined by 2.7% year-over-year in the same month. Upcoming U.S. CPI and Retail Sales data for February are awaited for further market direction, with CPI expected to increase by 0.4% month-over-month and Retail Sales projected to rise by 0.7% month-over-month.

How to use charts with automated trading platforms

by
How to use charts with automated trading platforms

Charting tools are essential for traders, providing graphical representations of an instrument’s price movement over time to help visualize information and identify market patterns and trends. Trading charts are sequences of price movements depicted graphically over specific time frames, with the Y-axis representing the price scale and the Z-axis the time scale. These charts are crucial for technical analysis and can also aid in fundamental research by showing the effects of economic and non-economic events on prices and indicating when an instrument is trading at high or low extremes. Types of trading charts include candlestick charts, which show open, close, high, and low prices along with market direction; line charts, which connect closing prices over time to identify long-term trends; bar charts, which use high, low, and closing prices (and optionally opening prices) to represent trading information; and tick charts, which represent intraday trading activity based on a specific number of trades, helping to reduce market noise.

Gold extends rally above $2,160 ahead of US NFP

by
Gold extends rally above $2,160 ahead of US NFP

The price of gold reached a new all-time high above ,160, influenced by a weaker US Dollar, a decline in US Treasury bond yields, and expectations for a rate cut by the Federal Reserve in June. Dovish commentary from central bank policymakers, including Fed Chair Jerome Powell and European Central Bank chief Christine Lagarde, also supported gold prices. Powell indicated the Fed is close to being confident enough to cut rates, while Lagarde suggested the ECB might ease policy in June. Additionally, geopolitical tensions and safe haven buying, particularly following a Houthi attack in the Red Sea, contributed to the demand for gold. Despite investors pulling metal out of Gold-backed ETFs, central banks remain strong buyers of gold.