Latest news with #AnnaSzymanski
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a day ago
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Morning Bid: Israel strike hits crude market
By Anna Szymanski LONDON (Reuters) -A look at what matters in U.S. and global markets today from Mike Dolan, Editor-At-Large, Finance and Markets Global equity markets were rattled on Friday and oil prices shot higher after Israel conducted a military strike on Iran, pushing investors toward safe havens such as gold and the Swiss franc. Investors have typically shrugged off Middle East tensions in recent years, but this latest move has the potential to be a game changer in the region. I'll provide a quick overview of the market reactions below and then provide some weekend reading suggestions from Mike Dolan. I'm also excited to announce the launch of Reuters Open Interest (ROI), your essential new source for data-driven global financial commentary. Follow ROI on LinkedIn and X. Today's Market Minute * On Friday, after two decades of continually raising the alarm and urging other world leaders to act, Israel's Prime Minister Benjamin Netanyahu finally decided to go it alone, authorising an Israeli air assault aimed, Israel says, at preventing Iran from obtaining weapons of mass destruction. * World stock markets tumbled on Friday and oil prices surged as Israel launched its strikes, sparking a rush into safe havens such as gold, the dollar and Swiss franc. * Rescuers searched for missing people and aircraft debris in charred buildings in Ahmedabad on Friday after more than 240 people were killed in an Air India Boeing 787 crash, and as local media reported that India was considering grounding the airline's 787 fleet for safety checks. * Israel's strikes on Iran have raised the prospect of global oil prices hitting $100 a barrel. If Tehran seeks to escalate the conflict by retaliating beyond Israeli borders, it could seek to choke off the Strait of Hormuz, the world's most important gateway for oil shipping, writes ROI Energy Columnist Ron Bousso. ISRAELI STRIKE HITS CRUDE MARKET Israel launched widescale strikes against Iran on Friday, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon. Alongside extensive air strikes, Israel's Mossad spy agency led a series of covert sabotage operations inside Iran, Axios reported, citing a senior Israeli official. These operations were aimed at damaging Iran's strategic missile sites and its air defence capabilities. Iran launched about 100 drones towards Israeli territory in retaliation, many of which have already been intercepted, according to an Israeli military official. Iran denied it had launched drones, the Fars news agency said. U.S. Secretary of State Marco Rubio called the Israeli offensive a "unilateral action" and said that Washington was not involved. Market reaction was swift. Crude prices jumped on Friday, amid fears that Israel's strike could spark additional Iranian retaliation that could disrupt oil supplies. Brent crude futures hit an intraday high of $78.50 per barrel, the highest since January 27, before settling back down around $74. Meanwhile, U.S. West Texas Intermediate crude reached a high of $77.62, its highest level since January 21, before settling back above $73 a barrel. A key investor concern now will be whether the latest developments will cause Iran to disrupt transit in the Strait of Hormuz. About a fifth of the world's total oil consumption passes through the strait, or some 18 to 19 million barrels per day (bpd) of oil, condensate and fuel. As geopolitical tensions rose, Gold climbed as high as $3,444.06 per ounce, bringing it close to the record high of $3,500.05 from April. "Traders are now on edge over the prospects of a full-blown Middle East conflict," said Matt Simpson, a senior market analyst at City Index. "That will keep uncertainty high and volatility elevated." WEEKEND READING SUGGESTIONS Here are some articles away from the day-to-day headlines that you may find interesting. 1. FED FOOTNOTE: Speculation about President Trump's willingness and ability to remove Federal Reserve Chair Jerome Powell has stoked concerns about Fed independence all year, though a recent Supreme Court ruling seemed to clear up the issue. But writing on the Project Syndicate site, Professor Barry Eichengreen argues that the footnote in the court ruling that supposedly protects the Fed came with no legal basis. "The note reads like a ChatGPT hallucination," he wrote, adding "arbitrarily exempting the Fed opens the door to arbitrarily not exempting the Fed." Advocates of Fed independence should be worried, he concluded. 2. G6 RUSSIAN SANCTIONS: Most G7 countries look set to tighten sanctions on Russia and push for a lower Russian oil price cap at next week's summit in Canada regardless of U.S. objections, according to Reuters' sources. Earlier this month, Brookings economists Robin Brooks and Ben Harris published a detailed analysis of why this approach was workable and makes sense. 3. SELF DRIVERS: Reuters' Norihiko Shirouzu shows how BYD shook up China's smart-EV industry earlier this year by offering its "God's Eye" driver-assistance package for free, undercutting Tesla's more expensive technology. 4. SPIES AND CRYPTO: At a time when Europe is in a heightened state of alarm over Russia's "hybrid war" of sabotage and espionage, Reuters found that Moscow is increasingly recruiting teenagers and complete novices in its efforts. A Special Report by Reuters' Mari Saito, Anna Koper, Anton Zverev, Filipp Lebedev and Polina Nikolskaya details the case of Canadian teenager Laken Pavan. 5. COAL AND WATER: April marks the start of the cruelest months for residents of Solapur, a hot and dry district in western India. In peak summer, the wait for water taps to flow can stretch to a week or more. Reuters Krishna N. Das and Sarita Chaganti Singh show that since 2017 a new 1,320-megawatt coal-fired power plant run by state-controlled NTPC has started to compete with residents and businesses for water from the same reservoir. Chart of the day Friday's gains for Brent crude and WTI futures were the largest intraday moves for both contracts since 2022, when Russia's invasion of Ukraine caused a spike in energy prices. "A key question is whether the Iranian retaliation will be limited to Israel or if the leadership will seek to internationalize the cost of tonight's action by targeting bases and critical economic infrastructure across the wider region," RBC Capital analyst Helima Croft said in a note. TODAY'S EVENTS TO WATCH * University of Michigan June consumer survey (10:00 AM EDT); Canada April manufacturing sales * European Central Bank board member Frank Elderson speaks at IMF-WB annual conference for senior supervisors Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Mike Dolan) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
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Israel strike hits crude market
By Anna Szymanski LONDON (Reuters) -A look at what matters in U.S. and global markets today from Mike Dolan, Editor-At-Large, Finance and Markets Global equity markets were rattled on Friday and oil prices shot higher after Israel conducted a military strike on Iran, pushing investors toward safe havens such as gold and the Swiss franc. Investors have typically shrugged off Middle East tensions in recent years, but this latest move has the potential to be a game changer in the region. I'll provide a quick overview of the market reactions below and then provide some weekend reading suggestions from Mike Dolan. I'm also excited to announce the launch of Reuters Open Interest (ROI), your essential new source for data-driven global financial commentary. Follow ROI on LinkedIn and X. Today's Market Minute * On Friday, after two decades of continually raising the alarm and urging other world leaders to act, Israel's Prime Minister Benjamin Netanyahu finally decided to go it alone, authorising an Israeli air assault aimed, Israel says, at preventing Iran from obtaining weapons of mass destruction. * World stock markets tumbled on Friday and oil prices surged as Israel launched its strikes, sparking a rush into safe havens such as gold, the dollar and Swiss franc. * Rescuers searched for missing people and aircraft debris in charred buildings in Ahmedabad on Friday after more than 240 people were killed in an Air India Boeing 787 crash, and as local media reported that India was considering grounding the airline's 787 fleet for safety checks. * Israel's strikes on Iran have raised the prospect of global oil prices hitting $100 a barrel. If Tehran seeks to escalate the conflict by retaliating beyond Israeli borders, it could seek to choke off the Strait of Hormuz, the world's most important gateway for oil shipping, writes ROI Energy Columnist Ron Bousso. ISRAELI STRIKE HITS CRUDE MARKET Israel launched widescale strikes against Iran on Friday, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon. Alongside extensive air strikes, Israel's Mossad spy agency led a series of covert sabotage operations inside Iran, Axios reported, citing a senior Israeli official. These operations were aimed at damaging Iran's strategic missile sites and its air defence capabilities. Iran launched about 100 drones towards Israeli territory in retaliation, many of which have already been intercepted, according to an Israeli military official. Iran denied it had launched drones, the Fars news agency said. U.S. Secretary of State Marco Rubio called the Israeli offensive a "unilateral action" and said that Washington was not involved. Market reaction was swift. Crude prices jumped on Friday, amid fears that Israel's strike could spark additional Iranian retaliation that could disrupt oil supplies. Brent crude futures hit an intraday high of $78.50 per barrel, the highest since January 27, before settling back down around $74. Meanwhile, U.S. West Texas Intermediate crude reached a high of $77.62, its highest level since January 21, before settling back above $73 a barrel. A key investor concern now will be whether the latest developments will cause Iran to disrupt transit in the Strait of Hormuz. About a fifth of the world's total oil consumption passes through the strait, or some 18 to 19 million barrels per day (bpd) of oil, condensate and fuel. As geopolitical tensions rose, Gold climbed as high as $3,444.06 per ounce, bringing it close to the record high of $3,500.05 from April. "Traders are now on edge over the prospects of a full-blown Middle East conflict," said Matt Simpson, a senior market analyst at City Index. "That will keep uncertainty high and volatility elevated." WEEKEND READING SUGGESTIONS Here are some articles away from the day-to-day headlines that you may find interesting. 1. FED FOOTNOTE: Speculation about President Trump's willingness and ability to remove Federal Reserve Chair Jerome Powell has stoked concerns about Fed independence all year, though a recent Supreme Court ruling seemed to clear up the issue. But writing on the Project Syndicate site, Professor Barry Eichengreen argues that the footnote in the court ruling that supposedly protects the Fed came with no legal basis. "The note reads like a ChatGPT hallucination," he wrote, adding "arbitrarily exempting the Fed opens the door to arbitrarily not exempting the Fed." Advocates of Fed independence should be worried, he concluded. 2. G6 RUSSIAN SANCTIONS: Most G7 countries look set to tighten sanctions on Russia and push for a lower Russian oil price cap at next week's summit in Canada regardless of U.S. objections, according to Reuters' sources. Earlier this month, Brookings economists Robin Brooks and Ben Harris published a detailed analysis of why this approach was workable and makes sense. 3. SELF DRIVERS: Reuters' Norihiko Shirouzu shows how BYD shook up China's smart-EV industry earlier this year by offering its "God's Eye" driver-assistance package for free, undercutting Tesla's more expensive technology. 4. SPIES AND CRYPTO: At a time when Europe is in a heightened state of alarm over Russia's "hybrid war" of sabotage and espionage, Reuters found that Moscow is increasingly recruiting teenagers and complete novices in its efforts. A Special Report by Reuters' Mari Saito, Anna Koper, Anton Zverev, Filipp Lebedev and Polina Nikolskaya details the case of Canadian teenager Laken Pavan. 5. COAL AND WATER: April marks the start of the cruelest months for residents of Solapur, a hot and dry district in western India. In peak summer, the wait for water taps to flow can stretch to a week or more. Reuters Krishna N. Das and Sarita Chaganti Singh show that since 2017 a new 1,320-megawatt coal-fired power plant run by state-controlled NTPC has started to compete with residents and businesses for water from the same reservoir. Chart of the day Friday's gains for Brent crude and WTI futures were the largest intraday moves for both contracts since 2022, when Russia's invasion of Ukraine caused a spike in energy prices. "A key question is whether the Iranian retaliation will be limited to Israel or if the leadership will seek to internationalize the cost of tonight's action by targeting bases and critical economic infrastructure across the wider region," RBC Capital analyst Helima Croft said in a note. TODAY'S EVENTS TO WATCH * University of Michigan June consumer survey (10:00 AM EDT); Canada April manufacturing sales * European Central Bank board member Frank Elderson speaks at IMF-WB annual conference for senior supervisors Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Mike Dolan) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Morning Bid: Israel strike hits crude market
By Anna Szymanski LONDON (Reuters) -A look at what matters in U.S. and global markets today from Mike Dolan, Editor-At-Large, Finance and Markets Global equity markets were rattled on Friday and oil prices shot higher after Israel conducted a military strike on Iran, pushing investors toward safe havens such as gold and the Swiss franc. Investors have typically shrugged off Middle East tensions in recent years, but this latest move has the potential to be a game changer in the region. I'll provide a quick overview of the market reactions below and then provide some weekend reading suggestions from Mike Dolan. I'm also excited to announce the launch of Reuters Open Interest (ROI), your essential new source for data-driven global financial commentary. Follow ROI on LinkedIn and X. Today's Market Minute * On Friday, after two decades of continually raising the alarm and urging other world leaders to act, Israel's Prime Minister Benjamin Netanyahu finally decided to go it alone, authorising an Israeli air assault aimed, Israel says, at preventing Iran from obtaining weapons of mass destruction. * World stock markets tumbled on Friday and oil prices surged as Israel launched its strikes, sparking a rush into safe havens such as gold, the dollar and Swiss franc. * Rescuers searched for missing people and aircraft debris in charred buildings in Ahmedabad on Friday after more than 240 people were killed in an Air India Boeing 787 crash, and as local media reported that India was considering grounding the airline's 787 fleet for safety checks. * Israel's strikes on Iran have raised the prospect of global oil prices hitting $100 a barrel. If Tehran seeks to escalate the conflict by retaliating beyond Israeli borders, it could seek to choke off the Strait of Hormuz, the world's most important gateway for oil shipping, writes ROI Energy Columnist Ron Bousso. ISRAELI STRIKE HITS CRUDE MARKET Israel launched widescale strikes against Iran on Friday, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon. Alongside extensive air strikes, Israel's Mossad spy agency led a series of covert sabotage operations inside Iran, Axios reported, citing a senior Israeli official. These operations were aimed at damaging Iran's strategic missile sites and its air defence capabilities. Iran launched about 100 drones towards Israeli territory in retaliation, many of which have already been intercepted, according to an Israeli military official. Iran denied it had launched drones, the Fars news agency said. U.S. Secretary of State Marco Rubio called the Israeli offensive a "unilateral action" and said that Washington was not involved. Market reaction was swift. Crude prices jumped on Friday, amid fears that Israel's strike could spark additional Iranian retaliation that could disrupt oil supplies. Brent crude futures hit an intraday high of $78.50 per barrel, the highest since January 27, before settling back down around $74. Meanwhile, U.S. West Texas Intermediate crude reached a high of $77.62, its highest level since January 21, before settling back above $73 a barrel. A key investor concern now will be whether the latest developments will cause Iran to disrupt transit in the Strait of Hormuz. About a fifth of the world's total oil consumption passes through the strait, or some 18 to 19 million barrels per day (bpd) of oil, condensate and fuel. As geopolitical tensions rose, Gold climbed as high as $3,444.06 per ounce, bringing it close to the record high of $3,500.05 from April. "Traders are now on edge over the prospects of a full-blown Middle East conflict," said Matt Simpson, a senior market analyst at City Index. "That will keep uncertainty high and volatility elevated." WEEKEND READING SUGGESTIONS Here are some articles away from the day-to-day headlines that you may find interesting. 1. FED FOOTNOTE: Speculation about President Trump's willingness and ability to remove Federal Reserve Chair Jerome Powell has stoked concerns about Fed independence all year, though a recent Supreme Court ruling seemed to clear up the issue. But writing on the Project Syndicate site, Professor Barry Eichengreen argues that the footnote in the court ruling that supposedly protects the Fed came with no legal basis. "The note reads like a ChatGPT hallucination," he wrote, adding "arbitrarily exempting the Fed opens the door to arbitrarily not exempting the Fed." Advocates of Fed independence should be worried, he concluded. 2. G6 RUSSIAN SANCTIONS: Most G7 countries look set to tighten sanctions on Russia and push for a lower Russian oil price cap at next week's summit in Canada regardless of U.S. objections, according to Reuters' sources. Earlier this month, Brookings economists Robin Brooks and Ben Harris published a detailed analysis of why this approach was workable and makes sense. 3. SELF DRIVERS: Reuters' Norihiko Shirouzu shows how BYD shook up China's smart-EV industry earlier this year by offering its "God's Eye" driver-assistance package for free, undercutting Tesla's more expensive technology. 4. SPIES AND CRYPTO: At a time when Europe is in a heightened state of alarm over Russia's "hybrid war" of sabotage and espionage, Reuters found that Moscow is increasingly recruiting teenagers and complete novices in its efforts. A Special Report by Reuters' Mari Saito, Anna Koper, Anton Zverev, Filipp Lebedev and Polina Nikolskaya details the case of Canadian teenager Laken Pavan. 5. COAL AND WATER: April marks the start of the cruelest months for residents of Solapur, a hot and dry district in western India. In peak summer, the wait for water taps to flow can stretch to a week or more. Reuters Krishna N. Das and Sarita Chaganti Singh show that since 2017 a new 1,320-megawatt coal-fired power plant run by state-controlled NTPC has started to compete with residents and businesses for water from the same reservoir. Chart of the day Friday's gains for Brent crude and WTI futures were the largest intraday moves for both contracts since 2022, when Russia's invasion of Ukraine caused a spike in energy prices. "A key question is whether the Iranian retaliation will be limited to Israel or if the leadership will seek to internationalize the cost of tonight's action by targeting bases and critical economic infrastructure across the wider region," RBC Capital analyst Helima Croft said in a note. TODAY'S EVENTS TO WATCH * University of Michigan June consumer survey (10:00 AM EDT); Canada April manufacturing sales * European Central Bank board member Frank Elderson speaks at IMF-WB annual conference for senior supervisors Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Mike Dolan)
Yahoo
5 days ago
- Business
- Yahoo
Reuters unveils Reuters Open Interest, a new data-driven market and finance commentary product
By Anna Szymanski -Reuters on Monday announced the launch of Reuters Open Interest (ROI), a new source for data-driven, expert commentary on market and economic trends for financial professionals. Drawing on Reuters footprint in 200 locations around the world, ROI provides a global perspective on the biggest financial and economic topics of the day. ROI is available to LSEG customers via Workspace and to Reuters users via and Reuters newsletters. In a time of great uncertainty in the global economy and financial markets, ROI helps readers make sense of the news with a panel of experienced in-house columnists and outside experts from the financial industry and academia. Their blend of subject matter expertise, analytical capabilities and use of data visualizations will provide readers with a deeper understanding of the trends driving capital allocation decisions worldwide. New formats and offerings will continue to be added as ROI grows. ROI expands on the authoritative fact-based coverage that Reuters is known for, with distinctive takes on financial and economic topics. The new offering builds on Reuters track record of delivering incisive commentary through Breakingviews, which provides agenda-setting financial insight in real time to corporate boardrooms, investors and policymakers. Breakingviews, which celebrates its 25th anniversary this year, has continued to innovate for subscribers via new features like 'The Big View' and a newly relaunched podcast. ROI's commentary covers a range of topics, including macroeconomics, foreign exchange markets, commodities, equities, bonds and emerging markets. Columnists bring more than 150 years of combined experience and include Ron Bousso on energy, Karen Braun on agriculture, Mike Dolan on markets, Andy Home on metals, Gavin Maguire on renewables, Jamie McGeever on markets and Clyde Russell on Asia commodities. Some external experts featured on the site in recent months include sovereign debt experts Lee Buchheit and Mitu Gulati; financial author Marty Fridson; Stephanie Guild, CIO of Robinhood Markets; Eurizon SLJ CEO Stephen Jen; investment strategist Joachim Klement; Mike Peacock, former Reuters Senior Editor; Jay Pelosky, founder of TPW Advisory; Manishi Raychaudhuri, CEO of Emmer Capital Partners Limited; and Fidelity International portfolio manager Taosha Wang. For more information on ROI, search ROI on Workspace or on here. (Anna Szymanski) Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Reuters
05-05-2025
- Business
- Reuters
Morning Bid: Crude awakening
May 5 - What matters in U.S. and global markets today By Anna Szymanski, Editor-in-Charge, Reuters Commentary Trading in global markets was fairly quiet at the start of this central bank-packed week, with holidays today in Britain, Hong Kong, China, Japan and South Korea. But the oil market has garnered headlines, with prices falling more than 2% on Monday, opens new tab after oil producing group OPEC+ agreed to accelerate oil production hikes. Mike is off for the UK bank holiday, but check out his latest column about the deep gulf in Federal Reserve rate forecasts, which are clouding an already uncertain U.S. economic outlook. Today's Market Minute * Oil prices fell more than $1 a barrel on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market struggling with an unclear demand outlook. For more on this story, check out Reuters' columnist Clyde Russell's piece on why the OPEC+ group's stated reasons for supply increase are likely not the real reasons. * Berkshire Hathaway shareholders mourning the departure of legendary investor Warren Buffett anticipate the conglomerate he built over 60 years will retain its long-term focus and culture but worry about the loss of Buffett's vision and star power. * U.S. President Donald Trump on Sunday announced a 100% tariff on movies produced outside the country, saying the American movie industry was dying a "very fast death" due to the incentives that other countries were offering to lure filmmakers. * President Trump said he will not remove Jerome Powell as Federal Reserve Board Chairman before his term ends in May 2026 while describing the central banker as "a total stiff" and repeating calls for the Fed to lower interest rates. * Australia's Anthony Albanese claimed a historic second term as prime minister on Saturday in a dramatic comeback against once-resurgent conservatives that was powered by voters' concerns about the influence of U.S. President Donald Trump. Crude awakening Brent crude and U.S. West Texas crude futures both fell more than $1 a barrel after the weekend announcement that OPEC+ would speed up oil output hikes. The group is adding more supply at a time when the oil demand outlook is highly uncertain. This week all eyes will be on the meetings of the U.S. Federal Reserve and the Bank of England, as investors try to assess how major central banks' outlooks for growth and inflation have been impacted by the erratic U.S. tariff policy. Staying on trade, President Donald Trump said on Sunday that the United States was meeting with many countries, including China, on trade deals. He noted that his main priority with China was to secure a fair deal. Investor optimism about potential de-escalation in trade tensions between the U.S. and China has boosted markets in recent days. Europe's broad STOXX 600 index is up around 15% from lows hit last month, while the S&P 500 index has rebounded around 17% from its lows last month following Trump's 'Liberation Day' tariff announcement. In currency markets, the Taiwan dollar was poised for its biggest one-day gain against the U.S. dollar since the 1980s, rising to as high as 29.59 per U.S. dollar. Its 3% surge on Monday has increased speculation that some Asian countries could allow their currencies to strengthen against the U.S. dollar to win trade concessions from the Trump administration. However, Taiwan's office of trade negotiations said on Monday that tariff talks with the U.S. last week did not discuss the exchange rate and Taiwan's central bank also did not take part in the talks. Chart of the day Friday's relatively robust April payrolls report surprised some by showing overall government hiring up by 10,000, with federal government employment only down 9,000 for the month and down 26,000 since January amid the Trump administration's campaign to drastically shrink the government. Despite headlines of mass firings at government agencies, the decline in federal payrolls has been relatively modest and Federal jobs as a percentage of the workforce remained unchanged at 1.5% last month. That is partly because fired employees who have been reinstated by court and subsequently put on paid leave are counted as employed. The same applies to those who have accepted buyout offers. Economists expect federal payrolls to drop significantly after September, when severance pay runs out for many. Today's events to watch * U.S. April service sector surveys from S&P Global (9:45EDT) and ISM (10:00EDT), April employment trends (10:00EDT) * U.S. corporate earnings: Ford, Loews, Tyson Foods, Clorox, Palantir, Vertex, Diamondback, Coterra, Williams, ON Semiconductor, Cummins, Simmer Biomet, Henry Schein * U.S. Treasury sells $58 billion of 3-year notes Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
