Tensions escalate as China bans chip metal exports to the West | MarketTalk: What’s up today? | Swissquote

Show notes

Saudi Arabia and Russia couldn’t wait the next OPEC meeting to announce further production cuts. Saudi announced that it will extend the 1mbpd cut into August – and maybe further – while Russia said it will reduce its production by half a million.
China imposed restrictions on exports of two chipmaking metals, gallium and germanium, that are used in EVs, defense and displays.
Geopolitical tensions barely boosted gold, or weighed on stock valuations, though the US 2-year yield flirted with the 5% mark.
Elsewhere, the Reserve Bank of Australia (RBA) kept rates unchanged at today’s monetary policy meeting, a no action that could give a certain relief to the Fed hawks as well, only, but if only the US jobs data shows signs of loosening.
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