Issue link: https://maltatoday.uberflip.com/i/1485686
Name Current Change %Change Open High Low Prev. Value Close US MARKETS NASDAQ 13,037.49 -344.03 -2.57 13511.75 13533.78 13032.17 13381.52 EUROPEAN MARKETS FTSE 7,251.31 -246.87 -3.29 7498.18 7498.18 7243.44 7498.18 CAC 6,451.79 -328.88 -4.85 6496.25 6617.09 6433.51 6780.67 DAX 13,854.52 -776.84 -5.31 13989.41 14221.71 13826.70 14631.36 ASIAN MARKETS SGX Nifty 16,141.00 -109.00 -0.67 17052.50 17115.00 15500.50 17063.00 Nikkei 225 25,970.82 -478.79 -1.81 26281.35 26357.58 25775.64 26449.61 Straits Times 3,276.06 -116.94 -3.45 3351.24 3363.17 3248.93 3393.00 Hang Seng 22,901.56 -758.72 -3.21 23268.03 23376.37 22786.39 23660.28 Taiwan Weighted 17,594.55 -461.18 -2.55 17939.53 17939.53 17561.07 18055.73 KOSPI 2,648.80 -70.73 -2.60 2689.28 2694.55 2642.63 2719.53 SET Composite 1,662.72 -33.73 -1.99 1683.92 1690.50 1656.62 1696.45 Jakarta Composite 6,817.82 -102.24 -1.48 6912.48 6929.91 6758.86 6920.06 Shanghai Composite 3,429.96 -59.19 -1.70 3474.37 3486.98 3400.21 3489.15 24.11.2022 7 MARKETS International Markets Global Indices Trading Date: 23 Nov 2022 EU considers imposing price cap of $65-$70 on Russian oil THE European Union is discussing a price cap on Russian oil between $65 and $70 a barrel, according to people famil- iar with the matter, a level that would be more generous to Moscow than many expected when the Group of Seven first proposed the idea. e range is well above Russia's cost of production and higher than some countries had been pushing for. As Russia is already selling its crude at discounts, a high cap may have minimal impact on trading. After months of discussion on the cap plan, which was first pushed by the US, G-7 nations are expected to settle on a figure from within the $65-$70 range, some of the people said. But several EU diplomats said the proposed level was too high. e range is in line with the historical average from before the invasion. EU ambassadors are meeting on Wednesday with the aim of approving the cap mechanism and a proposed price level. If they do, the EU and G-7 could announce the price cap level later Wednesday, the people said. e cap needs the backing of all member states to be approved. Oil prices fell after Bloomberg reported the proposed price range. One reason traders appear to be shrugging it off is that insurers and shippers will simply have to make sure the cargoes they carry were sold below the cap price. If the cap comes in close to existing discount levels, Russia could claim it's conducting business as usual. "Russian oil currently trades at a significant discount com- pared to Brent, around $65 per barrel," said Simone Taglia- pietra, a senior fellow at the Bruegel think tank in Brussels. "Should the G-7 price cap for Russian oil be set at a similar level, it wouldn't do much harm to Russia." e aims of the price cap were always ambiguous: e US wanted to make sure Russian oil kept flowing while also trimming Moscow's revenue. e EU sanctions initially were more focused on reducing revenue for Vladimir Putin's war machine. e result of the hard-negotiated cap has been to soften the impact of the impending EU sanctions. To compensate for the watered-down plan, a group of EU countries including Poland and the Baltic states are pushing for a new EU sanctions package on Russia as soon as possi- ble. e price cap would ban companies from providing ship- ping and services, such as insurance, brokering and financial assistance, needed to transport Russian oil anywhere in the world unless the oil is sold below the agreed threshold. e cap plan, which is being driven by the G-7, has two aims: keeping Russian oil flowing in order to avoid global price spikes, while at the same time limiting Moscow's revenues. The European Union is discussing a price cap on Russian oil between $65 and $70 a barrel