Analytical Reviews

Get the latest economic news from ForexMart, including updates on the financial market, central bank policy announcements, financial indicators, and other relevant news which can impact the industry.

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The main events by the morning: May 3


May, 03 2024
watermark Economic news

  • Turkey has stopped all trade with Israel in protest. The restrictive measures will last until Israel declares a cease-fire in the Gaza Strip. In 2023, the trade turnover between the countries amounted to $6.8 billion, of which 76% is accounted for by Turkish exports. Turkey exported the most iron and steel to Israel. Imports mainly consisted of refined petroleum products.


  • The growth rate of the e-commerce market is slowing down. According to Data Insight estimates, Internet sales increased by 48% in 2023, and by the end of 2024 they will grow by only 36%. In 2026, growth is expected to be only 18%.


  • Kazakhstan is becoming an increasingly important buyer of electricity from Russia in the context of reduced supplies to China. In January-March, supplies to the republic increased by 29%y/y, to 977.2 million kWh, which accounted for almost 50% of all exports from the Russian Federation.


  • Putin and Xi will discuss in May the replacement of SWIFT for the BRICS countries. The leaders will discuss a solution to the problem of bank payments. Business hopes that after Putin's trip to Beijing, problems with payments will be resolved.


  • «The Metallurgists case» is almost closed. The dispute between the Federal Antimonopoly Service (FAS) and the largest metallurgical companies over rental prices, which has been ongoing since 2021, is nearing completion. Following the example of Severstal, NLMK and MMK proposed a settlement agreement in the case. 


  • Raiffeisen Bank will start shutting down its business in Russia in the third quarter of this year. New loans will be stopped, and the old ones will be returned. Earlier, the Austrian bank received a notification from the ECB demanding to stop operations in the Russian Federation.

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.