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The Bank of England will raise interest rates faster than previously thought to tame surging inflation, according to economists polled by Reuters who significantly upgraded their forecasts for consumer price rises. A near 30-year high inflation rate in December pressured Britain’s central bank to raise rates for a second meeting in a row earlier this month, taking Bank Rate to 0.50%. But nearly half of the Monetary Policy Committee (MPC) members voted for a hike to 0.75%, making further tightening next month more likely. As per express news, Nearly two-thirds of respondents in the Feb. 7-11 poll, or 25 of 40, expected a 25 basis points increase in Bank Rate to 0.75% at the conclusion of the next MPC meeting on March 17. That would mark the first time the Bank has raised rates at three meetings in a row since 1997. A slim majority, 21 of 41, forecast a further increase to 1.00% next quarter. That is well behind financial markets, which are pricing in the bank to make a cumulative 75 basis points of increases at its March and May meetings. In a poll taken last month, only one further increase was expected this year - in the third quarter - showing how quickly rate expectations are changing. “A combination of higher inflation, a resilient labour market, and better-than-expected Omicron data warrants a continuation of the hiking cycle that began in December,” said Michal Stelmach, senior economist at KPMG. “We expect the MPC to follow through with rate hikes in March and May, with a potential pause afterwards to allow the new policy direction to get embedded”. Also facing high inflation, now at the highest in four decades at 7.5%, the U.S. Federal Reserve is expected to tighten at its March policy meeting. Persistent global supply chain issues and rising energy prices have pushed this year’s median inflation forecast up for the ninth consecutive survey. Inflation was pegged at 5.7% this quarter on average and seen peaking at 6.6% next quarter, up 0.5 and 1.1 percentage points respectively from January, around treble the BoE’s 2.0% target. Inflation was then expected to ease in the third and fourth quarters to 5.9% and 4.5%. "Inflation will peak at slightly below 7% in April when the effects of the energy price hike are fully captured in the data. The second half of the year should see supply-side inflationary pressures easing," said Stefan Koopman, senior macro strategist at Rabobank. More than 80% of respondents to an extra question, 15 of 18, said it was more likely the BoE increases rates more than they expect rather than less. Britain’s economy shrank 0.2% in December, less than expected, as the Omicron coronavirus variant swept Europe and the loss of momentum is likely to have stretched through this quarter. The economy was predicted to expand 0.4% this quarter and 0.9% next. Growth was then seen slowing to 0.6% in both the third and fourth quarters. Across 2022 annual growth was put at 4.3% and for 2023 it was 2.1%, down from 4.5% and 2.2% predicted a month ago. Amidst calls from BoE officials for wage restraint 85% of respondents, 17 of 20, did not see pay rises keeping up with inflation over the next 12 months. “The UK already has falling real pay, weakening nominal pay growth and a clear risk of stagnating economic growth, so any notion of an impending wage-price spiral seems overdone,” said Koopman.

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Ukrainian forces are preparing for new Russian attacks in the east of the country as Moscow deploys more troops there after suffering setbacks near the capital Kyiv, President Volodymyr Zelensky said on Thursday. Russia's invasion of its neighbor, now in its fifth week, has driven more than 3.5 million people from their homes, killed thousands, sent global oil prices soaring, and brought Russian-Western tensions to their worst point since the Cold War. The United States is considering a massive release of oil reserves to counter rising oil prices which are fuelling inflationary fears around the world. The International Energy Agency (IAE) will hold an emergency meeting on Friday. Tough resistance by Ukrainian forces has prevented Russia from capturing any major city, including Kyiv, where a Russian armed column was held back for weeks. The head of Britain's GCHQ spy service said new intelligence showed some Russian soldiers had refused to carry out orders, sabotaged their own equipment, and accidentally shot down one of their own aircraft. In an early morning video address, Zelenskiy referred to Russian troop movements away from Kyiv and Chernihiv and said that was not a withdrawal but rather "the consequence of our defenders' work." Zelensky added that Ukraine is seeing "a build-up of Russian forces for new strikes on the Donbas and we are preparing for that." According to express news, Russia says its forces are regrouping to focus on "liberating" the breakaway eastern Donbas region. The Donbas region encompasses two self-proclaimed "people's republics" that Russia says it is helping to free from Ukrainian control. The leader of the Donetsk People's Republic, Denis Pushilin, said on Wednesday that offensive operations were intensifying. Donetsk includes the besieged port city of Mariupol, which has seen some of the war's heaviest fighting and bombardment and where about 170,000 people are trapped with scarce food and water. "We cook what we find among neighbors. A bit of cabbage, a bit more of potatoes, we've found tomato paste, some beetroot," said former steelworker Viktor from Mariupol. They cook using a rudimentary barbecue and sleep in a basement, which he termed their "peaceful oasis." Russian forces have taken half of the strategic port city, an adviser to Zelenskiy said on Wednesday. Russia's defense ministry said it was prepared to observe a ceasefire in Mariupol on Thursday, Russian news agencies reported. Kyiv has accused Russia of not fully respecting earlier such commitments. Moscow denies targeting civilians. PEACE TALKS, GAS PRICES Russia says it is carrying out a "special operation" to disarm and "denazify" its neighbor. Western countries say Moscow's invasion, the biggest assault on a European country since World War Two, was entirely unprovoked. Peace talks will resume online on Friday but neither Ukraine nor Russia expects a quick resolution. Ukraine has sought a ceasefire without compromising on territory or sovereignty, though it has proposed adopting a neutral status in exchange for security guarantees. Russia opposes Ukraine joining the U.S.-led NATO military alliance, and has cited its potential membership as a reason for the invasion. Western sanctions imposed on Russia as punishment for its invasion have largely isolated its economy from world trade but Moscow is still the biggest supplier of oil and gas to Europe and the war has seen global oil prices spike. The United States, the world's largest crude producer, is considering releasing up to 180 million barrels of oil over several months from its Strategic Petroleum Reserves (SPR) to ease upward pressure on prices, two U.S. sources said. Oil prices dived more than $5 a barrel on Thursday on the news. The move would mark the third time the United States has tapped its strategic reserves in the past six months and would be the largest release in the nearly 50-year history of the SPR. U.S. President Joe Biden will give remarks later on Thursday on efforts to lower gas prices, the White House said. International Energy Agency (IEA) member countries are set to hold an emergency meeting on Friday at 1200 GMT to decide on a collective oil release, a spokesperson for New Zealand's energy minister said on Thursday. "The amount of the potential collective release has not been decided. That meeting will set a total volume, and per country allocations will follow," the spokesperson for energy minister Megan Woods said.

Attention sweatpants-wearing, meme stock-chasing, amateur retail traders everywhere: Your hours of operation (and, we must add, your availability to receive scary margin calls) are about to expand. On Tuesday, Robinhood announced it is adding four hours of extended trading for its users as it slowly moves to offering 24/7 services. These Are the People in Your Robinhood Amid meme stock mania and the bitcoin blitz, Robinhood had a blockbuster 2021 on the backs of millions of new users. Its revenue jumped nearly 90% to $1.82 billion, it announced in an earnings report in January, while its user base increased from 12.5 million to nearly 23 million. But then a not-so-surprising thing happened for the day trading app: Much of its clientele had day jobs and social lives and family matters to attend to. Growth fell off, with Q4 revenue tied to stock trades dropping 35% YoY. “Our customers often tell us they’re working or preoccupied during regular market hours, limiting their ability to invest on their own schedule or evaluate and react to important market news,” the company explained in a blog post announcing the news. With extended hours, Robinhood hopes to meet its users where they are (presumably on the couch, after work, surfing Reddit for hot tips and new cryptocurrencies): The app is extending its pre-market trading hours to 7 a.m. ET and its after-hours trading availability to 8 p.m. Previously, its extended hours lasted from only a half-hour before open and two hours after close, or from 9 a.m. to 6 p.m. The move brings its operating hours in line with chief rivals. Fidelity and Interactive Brokers are open from 7 a.m. to 8 p.m. for most basic accounts, although Charles Schwab is open virtually 24/7. Robinhood’s stock closed up 24% following the announcement on Tuesday, but it still needs a GameStop-esque run to rise out of the red for the year.

Russian cenbank to restart buying gold from banks, will pay fixed price from March 28 March 25 (Reuters) - The Russian central bank will restart buying gold from banks and will pay a fixed price of 5,000 roubles ($52) per gramme between March 28 and June 30, the bank said on Friday. The central bank, which suspended gold purchases from banks in mid-March to meet increased demand for the precious metal from households, said the resumption of buying would help ensure sustainable supply and the uninterrupted functioning of gold producers. https://www.reuters.com/business/finance/russian-cenbank-restart-buying-gold-banks-will-pay-fixed-price-march-28-2022-03-25/

The European Parliament plans to expand AML procedures to all cryptocurrency transactions, as well as restrict or prohibit transfers in crypto from the EU to places considered a tax haven. The current FATF recommendations on the regulation of cryptocurrencies and the activities of operators of crypto-currency services oblige companies to identify the recipient of a payment in excess of €1,000. The national governments of the European Union have proposed to abandon the lower limit when extending the rules to crypto assets, since large transactions can be broken down into smaller ones - a practice that known as "smurfing". Officials propose to verify the identities of participants in transactions and deanonymize all cryptocurrency transactions, regardless of their size. Internal parliamentary documents seen by CoinDesk show a high likelihood that members of the European Parliament’s Economic Affairs Committee will support the amendment and vote to end the anonymity of even small cryptocurrency transactions. Lawmakers are poised to include in anti-money laundering (AML) regulations the movement of crypto assets between non-hosted cryptocurrency wallets, despite uncertainty over how this procedure can be enforced. MPs will also require cryptocurrency service providers to refrain from making or facilitating any transfers that carry the risk of money laundering or crime. It is proposed to limit or prohibit the transfer of cryptocurrencies from the EU to any place that is subject to EU sanctions or is considered a tax haven, for example, offshore in the United States, the Virgin Islands, Turkey, Russia or Hong Kong. Recall that on March 15, amendments to the law on strengthening measures to prevent money laundering and terrorist financing came into force in Estonia. The update makes the Estonian regulatory regime for digital asset platforms even stricter than the general EU rules.

On March 23, during a meeting with the Government of the Russian Federation, Russian President Vladimir Putin announced the decision to sell gas, to what Russia deems to be ‘unfriendly’ countries, for Russian roubles. At the same time, countries that are considered ‘friendly’ for Russia, could also be allowed to pay in Bitcoin or in their local currencies. Mr. Zavalny, who heads Russia’s State Duma committee on energy, said on Thursday that the country has been exploring alternative ways to receive payment for energy exports. Russia considers China and Turkey as ‘friendly’. Western countries such as the UK, the US, and the European Union are considered ‘únfriendly’. Russia has lost over 20% of its value in the last month since the country started the war in Ukraine. The move to receive payments for oil in gas in Bitcoin could be aimed at boosting the Russian economy which is spiraling towards a $210bn default nightmare. Sanctions imposed by the UK, the US, and the European Union, following the invasion of Ukraine, have put a strain on Russia’s rouble and raised its cost of living. However, Russia is still the world’s biggest exporter of natural gas and the second-largest supplier of oil. Russian media are suggesting that there have already been meetings in Russia discussing EU plans to get rid of Russian energy dependence. In those meetings, questions were raised like what will happen if Western countries will be able to completely abandon the import of energy resources from Russia? And what consequences await Russia if that happens? In early March, the US administration imposed an embargo on Russian oil imports and banned new investment in the Russian energy sector, following Russia’s invasion of Ukraine territories. Source: https://www.the-blockchain.com/2022/03/25/russia-is-considering-accepting-bitcoin-as-payment-for-its-oil-and-gas-exports-by-china-and-turkey/

Binance, the well known chinese cryptocurrency exchange has launched the Binance Learn and Earn educational initiative, through which users will be able to earn cryptocurrencies by completing tasks on the topic of blockchain and cryptocurrencies. The Binance website states that starting March 25, this feature will be available to exchange customers who have completed the KYC (“Know Your Customer”) procedure. They will be able to read articles about cryptocurrencies, watch educational videos and take quizzes. Depending on the successful completion of the course or completion of the test, they can receive a certain amount of crypto assets as a reward. Rewards will be given out to "students" who pass the quiz within two hours. The platform’s statement states that the number of crypto assets is limited, and they will be distributed on a first-come, first-served basis. Zhao previously stated that even billionaire Warren Buffett lacks the knowledge and skills to safely invest in crypto assets. Binance Smart Chain (BSC) Ecosystem Coordinator Samy Karim also believes that increasing the literacy of users in the field of cryptocurrencies will protect them from making erroneous transactions and hacks, as people will pay more attention to the security of their funds. Other organizations are also talking about the need to study the digital asset industry. For example, last year the Ethereum Foundation announced the creation of a $1 million fund to support educational programs and developers.

The price of gold hit an intra-day record high of $2,078.80/oz two weeks ago. Though the price has since retreated to $1,925/oz, GoldSilver.com's precious metals analyst Jeff Clark says that's just a healthy retracement and that he expects new record highs ahead. One reason for that is because M&A activity is finally heating back up in the gold mining sector. After many years of underinvestment, available supply is tightening right as demand is rising. It takes a long time for the "major" mining companies to bring new mines into production, so it's much faster for them to simply purchase smaller players with proven projects already underway. Even non-mining companies are getting into the action, as evidenced by the recent surprise purchase of Hycroft Mining by meme stock darling AMC Theaters. To hear Jeff's latest outlook for both gold and his custom "GDXJeff" basket of favored mining stocks, watch this new video with Jeff Clark.

Midway through trading Friday, the Dow traded up 0.39% to 35,029.73 while the NASDAQ rose 1.02% to 14,689.65. The S&P also rose, gaining 0.57% to 4,431.01. The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 37,296,810 cases with around 625,180 deaths. India confirmed a total of at least 32,358,820 cases and 433,580 deaths, while Brazil reported over 20,494,210 COVID-19 cases with 572,640 deaths. In total, there were at least 210,073,340 cases of COVID-19 worldwide with more than 4,404,570 deaths, according to data compiled by Johns Hopkins University. Leading and Lagging Sectors Information technology shares rose 1.3% on Friday. Meanwhile, top gainers in the sector included Pixelworks, Inc. PXLW 21.06%, up 18% and VirnetX Holding Corp VHC 11.2% up 13%.In trading on Friday, energy fell 0.5%. Top Headline Deere & Company DE 1.82% reported better-than-expected results for its third quarter on Friday. Deere reported quarterly adjusted earnings of $5.32 per share, surpassing analysts’ expectations of $4.57 per share. The company’s quarterly sales came in at $11.53 billion, versus estimates of $10.30 billion. Deere raised its FY21 net income guidance from $5.3 billion -$5.7 billion to $5.7 billion -$5.9 billion. Equities Trading UP GeoVax Labs, Inc. GOVX 53% shares shot up 42% to $6.12 after the company presented data from ongoing studies of its preventive vaccine against COVID-19, showing its modified virus Ankara - virus like particle platform, has a design strategy for vaccines that is expected to induce broader immunity through inclusion of multiple structural and nonstructural proteins from the target pathogen. Shares of Flora Growth Corp. FLGC 26.22% got a boost, shooting 26% to $11.09 after the company reported its financial and operating results for the six months ending June 30, 2021, revealing revenues of over $2 million, compared to revenues of approximately $100 000 in the same period of last year.360 DigiTech, Inc. QFIN 15.3% shares werealso up, gaining 14% to $19.32 after the company posted a rise in Q2 sales Check out these big movers of the day Equities Trading DOWN Sonnet BioTherapeutics Holdings, Inc. SONN 50.28% shares tumbled 48% to $0.6321 after the company priced a 35.29 million share offering of common stock and warrants at $0.85 per unit.Shares of HEXO Corp. HEXO 27.66% were down 25% to $2.4017 after the company reported a $140 million public offering.Progenity, Inc. PROG 55.46% was down, falling 54% to $0.6800 after the company reported pricing of $40 million public offering of common stock and warrants. Commodities In commodity news, oil traded down 0.7% to $63.23, while gold traded down 0.1% to $1,780.90.Silver traded down 1.3% Friday to $22.93 while copper rose 1.8% to $4.1150. Euro zone European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.38%, the Spanish Ibex Index gained 0.38% and the German DAX 30 gained 0.17%. Meanwhile, the London’s FTSE 100 gained 0.45%, French CAC 40 rose 0.33% and Italy’s FTSE MIB slipped 0.04%.German producer prices jumped 10.4% year-over-year in July following an 8.5% increase in the previous month. Retail sales volumes in the UK declined 2.5% in July, while the GfK consumer confidence index declined to -8 in August. Economics The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

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The best performing currency during Thursday’s Asian session was the Australian dollar which jumped against its US counterpart after strong Australian business spending data. Private Capital Expenditure increased by 3.6% quarter-on-quarter despite expectations for a decline by 1.1%. AUDUSD rallied to a high of $0.9139 after the data from $0.9076 beforehand, and ended the session with a 0.5% gain at 0.9120. The yen remained weak in the Asian session while the dollar consolidated gains. Yen is under pressure due to the Bank of Japan’s monetary easing policies. On Wednesday, Bank of Japan board member Sayuri Shirai said the BOJ should consider expanding monetary stimulus even further. The dollar on the other hand is stronger due to tapering expectations, especially after a strong of positive US data. On Wednesday the Chicago PMI data beat forecasts while the University of Michigan consumer sentiment index also showed an improvement in November. The dollar hit a fresh six-month high against the yen today, touching 102.26 yen. The pair ended the session with a 0.06% gain at 102.21. The euro had a quiet session ending in Asia at 1.3576, almost flat from the US session. Against the yen, the euro hovered near a four-year high, ending at 138.76, up 0.05%. Upcoming European session data to watch for are German employment data and Eurozone reports on economic sentiment. The US is closed due to the Thanksgiving holiday.