Prices for Brent crude remain at a favorable level - just below $ 70 per barrel. At the same time, perhaps, the first signs of mitigating the anti-Russian position of the West appeared. So, Germany, recognizing that Russia is an integral partner in the settlement of regional conflicts and disarmament, as well as an important participant in economic multilateralism, declared its readiness to work to restore confidence, if Russia is ready for it.
Pragmatism emphasizes the difference in the interests of the EU members in relations with Russia; on the share of Russian gas accounts for about a third of Germany's consumption, and before the imposition of sanctions, Berlin exported goods to Russia worth about EUR 38 billion.
Meanwhile, pressure on investor sentiment will be supported by strong data on US GDP, which play into the hands of supporters of three more Fed rate hikes this year. Macrodata from China turned out to be mixed: the official PMI index exceeded expectations, while the PMI index calculated by Caixin did not reach the forecasts. In addition, the risks of trade wars persist. China imposed additional duties on 128 goods from the United States (totaling about $ 3 billion) in response to rising Washington tariffs on imports of aluminum and steel.
Growth in Asia. American markets were closed on Friday for Easter weekend. Asia (Hang Seng also closed, Shanghai + 0.15%, Nikkei + 0.35%). Brent crude futures are trading at $ 69.71 per barrel. - above the opening.
Oliver Gilbert, analyst of company
Foto: © Reuters. Brent, geopolitics and China