Nickel Suspension – The London Metals Exchange took a rare step and suspended trading in Nickel this week after a violent short squeeze pushed prices to a level more than double their previous record highs 15 years ago, peaking at $101,365 a ton.
Oil Plunges – After huge gains over the past few weeks, reaching highs of $150USD a barrel, Oil plunged more than 12% after the UAE call for faster oil output from OPEC+ members.
Uber – US based ride sharing company Uber launched its “fast fashion” arm this week. Partnering with logistics company Shippit t o allow some retailers such as CUE, Kathmandu, Big W and Target to deliver within the hour. The deal comes as Ubers delivery business overtakes its ridesharing platform.
Dow Correction – Heavy loses in New York to start the week cause the Dow Jones Industrial Average to close 10% below is January 4 closing high. A correction is confirmed when an index closes 10% or more below its record closing high.
LNG Growth – Australian LNG exports are expected to grow with increased chances of securing new contracts to export to Europe as the region seeks to source new supplies to avoid such a heavy dependence on Russia. LNG prices have recently hit a 6 month high.
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