ExxonMobil is suing the European Union over its new windfall tax on oil companies, alleging that the EU overstepped its legal boundaries in enacting the levies and that the tax is destructive, demotivates investment, and undermines investor confidence, potentially costing the company at least $2 billion through 2023 and having an impact on its future multibillion-euro investments in Europe's energy supply and transition.
Starting January 5, all air travellers from China, Hong Kong, or Macao will have to present a negative COVID-19 test taken two days before boarding their flight. This new measure is being implemented out of caution and a lack of information on the various strains of the SARS-CoV-2 virus, and out of fears that the rising number of COVID-19 cases in China could lead to the development of new variants.
EQUITY
US main boards continue to suffer as big tech continues its devaluation, which mimics the days after the dot-com bubble burst. The big three indexes closed lower by approximately 1.2% on average, while the Asian market held steady as China prepares to open its border on January 8th next year.
GOLD
The precious metal fell 0.53% lower after the price tested resistance level at 1830 area, a sign of strengthening as Russia largest bank, Sber, issued a gold-backed digital financial assets (DFAs) in response to Western sanctions. However, the market is uncertain about the move and probably has not priced it in properly yet.
OIL
Oil prices fell 1.42% on Thursday due to concerns about fuel demand in China amid a surge in COVID-19 cases and new travel restrictions on Chinese visitors. The market was also influenced by a blizzard that hindered refinery operations and the restart of the Keystone pipeline.
CURRENCY
The dollar index stabilised at 104 level as year-end approaches, and Asian currencies were mixed on Thursday amid concerns about a resurgence of COVID-19 in China and uncertainty about the global economic outlook. Bitcoin is on its second red day as more crypto exchanges went belly up on a weak crypto market that struggles with regulations and fraud.
