Markets & Industries
Moody's downgrades United States credit rating outlook - 11/13/2023
Moody's Investors Service has lowered the United States' rating outlook from stable to negative. "Moody's Investors Service (Moody's) has changed the outlook on the ratings of the U.S. government to negative from stable and affirmed the long-term issuer and senior unsecured ratings at 'Aaa'," the company said in a press release. According to reports, the key reason for changing the forecast for...
Bank of Japan: Curtailing ultra-soft policy will be a problem - 11/10/2023
Winding down ultra-easy monetary policy will be a "serious challenge" for the Bank of Japan, according to Central Bank Governor Kazuo Ueda in an interview to the Financial Times. He said it was too early to define a timeframe for normalizing monetary policy despite progress on inflation targets. "When it comes to normalizing short-term interest rates, we must consider what is happening to...
ECB's fight against inflation cuts euro zone economy - 11/06/2023
According to Eurostat figures, annual inflation in the eurozone fell to 2.9 percent in October from 4.3 percent in September. This is the lowest level since July 2021, and it helps to explain the European Central Bank's (ECB) recent decision to maintain key interest rates unchanged at September levels. Eurostat reports that eurozone inflation fell to 2.9 percent in October, its lowest level since...
Ernst & Young: Oil prices will rise to $150 due to war in the Middle East - 11/03/2023
The world economy will suffer $2 trillion in losses as a result of the unfolding conflict between Israel and the Palestinian movement, according to Gregory Daco, chief economist at EY-Parthenon, a division of the British firm Ernst & Young, speaking to the New York Times. He forecasted that the average price of a barrel of oil may increase to $150. The publication's other interlocutors,...
US Fed keeps benchmark rate at 5.25-5.5% - 11/02/2023
The Federal Open Market Committee (FOMC) released a statement after its meeting on Wednesday stating that the Federal Reserve System (Fed) maintained the federal funds rate at a range of 5.25 to 5.5% per year. The FOMC members unanimously decided on a course of action that most analysts and economists had anticipated. The rate is still higher than it has been in 22 years. "According to recent...
China's industrial PMI shows lower activity for the first time since July - 11/02/2023
China's manufacturing sector's Purchasing Managers' Index (PMI) dropped in October for the first time since July, crossing the line that divides activity expansion from contraction. The PMI's calculation partners, Caixin Media Co. and S&P Global, stated in a report that the index dropped from 50.6 points in September to 49.5 points. An index value less than 50 points denotes a drop in...
Eurozone GDP unexpectedly decreases by 0.1% in Q3 - 11/01/2023
According to the European Union's statistical office report, which included preliminary data, the GDP of the Eurozone shrank by 0.1% in the third quarter compared to the preceding three months. The GDP of the eurozone expanded by 0.1% annualized. According to Trading Economics, experts generally anticipated that from July to September, the GDP would expand by 0.2% annually and remain constant...
Hong Kong's GDP in Q3 shows the fastest pace since the end of 2021 - 11/01/2023
The third quarter of 2023 saw the fastest annualized growth in Hong Kong's GDP since October–December 2021, reads the preliminary data presented in the report of the Statistical Office of Hong Kong. GDP growth quickened by 1.5% from the prior quarter. According to FactSet's survey of analysts, a better growth rate of 5.2% was anticipated for the third quarter. Hong Kong's GDP increased by...
Glencore lowers copper output by 5% in 9 months - 10/31/2023
One of the biggest mining conglomerates in the world, Glencore, reduced its output of copper by 5% to 736 thousand tons in the first nine months of 2023, confirming the metal's annual projection. The decrease is a result of reduced copper recovery as a by-product metal and the June 2023 sale of Australia's Cobar mine. Glencore continues to anticipate 1.04 million tons of production, with...
China's Star exchange cancels record number of IT industry IPOs in 2023 - 10/31/2023
According to the Financial Times, a record number of Chinese businesses, many of who are IT industry participants, abandoned their ambitions to list their shares on the Shanghai platform Star in 2023. The exchange, which is governed by Chinese officials, has upped the bar for new offerings this year significantly, according to the publication’s sources. Companies must prepare hundreds-page...
