China To Keep Zero-Covid Policy, Geopolitical Tensions Raising The Price Of Oil

A year ago container ship rates were soaring as demand was straining supply chains. But this year, oil shipping rates are soaring as container shipping rates plunge, says Jeffrey Kleintop. He discusses how geopolitical tensions have pushed up the price to book an oil tanker. He also talks about the impact of China's zero-Covid policing noting, that we think it is unlikely China will suddenly and materially step away from its zero-COVID protocols before the end of winter—when respiratory infections typically rise. He then goes over the number of positive trading days during the latest year. Finally, he previews tomorrow's Fed minutes saying, we think the Fed is very likely to follow the lead of the Bank of Canada which stepped down from 75 to 50 basis points at the last meeting. Tune in to find out more about the stock market today.