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Commodity and Rate Snapshot

_{As at Dec 18, 06:00ET -Data is illustrative, not for decision-making.}

Financial data via Bloomberg, Freightos and AlphaVantage

Europe Stability Ratings and News Summary

More Unstable

🇦🇱 Albania, 🇧🇾 Belarus, 🇧🇪 Belgium, 🇧🇦 Bosnia And Herzegovina, 🇨🇾 Cyprus, 🇫🇷 France, 🇩🇪 Germany, 🇬🇷 Greece, 🇭🇺 Hungary, 🇮🇪 Ireland, 🇮🇹 Italy, 🇱🇻 Latvia, 🇲🇰 Macedonia, 🇲🇹 Malta, 🇲🇩 Moldova, 🇲🇪 Montenegro, 🇳🇱 Netherlands, 🇵🇱 Poland, 🇷🇺 Russia, 🇷🇸 Serbia, 🇸🇰 Slovakia, 🇪🇸 Spain, 🇸🇪 Sweden, 🇨🇭 Switzerland, 🇹🇷 Turkey, 🇺🇦 Ukraine, 🇬🇧 United Kingdom

More Stable

No countries were more stable over this period

Unchanged

🇦🇩 Andorra, 🇦🇹 Austria, 🇭🇷 Croatia, 🇨🇿 Czech Republic, 🇩🇰 Denmark, 🇪🇪 Estonia, 🇫🇮 Finland, 🇮🇸 Iceland, 🇱🇮 Liechtenstein, 🇱🇹 Lithuania, 🇱🇺 Luxembourg, 🇲🇨 Monaco, 🇳🇴 Norway, 🇵🇹 Portugal, 🇷🇴 Romania, 🇸🇲 San Marino, 🇸🇮 Slovenia

Regional News Summary

Switzerland is making strides in its negotiations with the European Union, with discussions nearing conclusion amid intense dialogue. The outcome of these negotiations will be pivotal for Switzerland's future relationship with the EU [SOURCE - Swissinfo]. Additionally, Switzerland has taken a firm stance on global issues, freezing CHF 99 million in Syrian funds and supporting the UN's ceasefire resolution in Gaza [SOURCE - Swissinfo].

In the realm of finance, the Swiss National Bank has responded to economic pressures by lowering its key interest rate by 0.5%, raising concerns that it may edge towards a zero-interest rate in its ongoing tussle with speculators [SOURCE - Swissinfo]. This decision reflects a broader trend as central banks globally consider rate cuts amid economic uncertainty, which could have significant repercussions for international trade agreements [SOURCE - Investing.com].

Meanwhile, France is grappling with a political crisis that has led to a loss of confidence in President Emmanuel Macron's government. The recent cabinet reshuffle and the appointment of a new prime minister come as the country faces a downgraded credit rating from Moody's due to ongoing political fragmentation [SOURCE - Financial Times]. Business leaders in France are expressing concerns over the uncertainty that this political turmoil brings, particularly as the new prime minister prepares to navigate a complex budget landscape [SOURCE - France 24].

In the context of international relations, the European Union has agreed on full Schengen accession for Bulgaria and Romania, marking a significant step in the region's integration [SOURCE - The Hindu]. This decision is expected to enhance cooperation and facilitate travel within the EU, further solidifying the bloc's unity.

As the geopolitical landscape evolves, the ongoing conflict in Ukraine remains a focal point. The U.S. has announced a substantial aid package to Ukraine, including $20 billion funded by seized Russian assets, amidst a backdrop of escalating missile attacks from Russia [SOURCE - India Today]. This situation underscores the urgent need for a diplomatic resolution, as international efforts to stabilize the region continue.

MENA Stability Ratings and News Summary

More Unstable

🇮🇶 Iraq, 🇮🇱 Israel, 🇯🇴 Jordan, 🇱🇧 Lebanon, 🇱🇾 Libya, 🇸🇾 Syria, 🇹🇳 Tunisia, 🇾🇪 Yemen

More Stable

No countries were more stable over this period

Unchanged

🇪🇬 Egypt, 🇸🇦 Saudi Arabia

Regional News Summary

In Syria, Israel intensified its military operations following the fall of Bashar al-Assad. Reports indicate that Israel has conducted over 350 airstrikes, claiming to have destroyed significant military assets, including the Syrian navy. This escalation has drawn international concern, with the UN calling for an end to the bombardment and the US facing scrutiny for allegedly enabling Israel's actions in the region [SOURCE - The Hindu]. The humanitarian situation remains dire, with thousands displaced and struggling for basic necessities, prompting calls for an inclusive transition to a new government that protects minority rights [SOURCE - The Hindu].

Turkey's involvement in Syria is also noteworthy, as President Recep Tayyip Erdogan has advocated for a greater Turkish presence, which has led to tensions with the US, particularly regarding support for the Syrian Democratic Forces in the fight against ISIS [SOURCE - Hurriyet Daily News]. Meanwhile, France has pledged to send a diplomatic mission to address the humanitarian crisis and encourage inclusive governance [SOURCE - RT].

In Yemen, the civil war is intensifying, with regional and global powers influencing the conflict. Recent Houthi attacks have raised concerns about global trade security, particularly in the Red Sea, where shipping costs have surged due to escalating tensions [SOURCE - The Conversation]. The US and UK have conducted airstrikes against Houthi targets, reflecting the international community's growing concern over the situation [SOURCE - RT].

Meanwhile, in Libya, ongoing instability is marked by clashes and the shutdown of a major oil refinery amid attempts by the UN to resolve the electoral impasse [SOURCE - Investing]. The situation has implications for global oil supply, with rising production in Libya contributing to a surplus, as the International Energy Agency revises its demand forecasts downward for 2024 [SOURCE - TASS].

As the region grapples with these challenges, the potential for peace remains tenuous. The fall of Assad in Syria has created a new reality for Hezbollah and Lebanon, as the group reevaluates its strategy amidst disrupted supply routes [SOURCE - Business Mirror]. The international community's focus on humanitarian aid and diplomatic solutions is critical as the MENA region navigates these turbulent waters.

Carpe tomorrow!