Markets & Industries
Destatis worsens Germany's first-quarter GDP estimate - 05/25/2023
Destatis: the German GDP shrank by 0.5 percent from the previous year in the first quarter. Germany, the largest economy in Europe, had its GDP fall 0.5 percent year over year in the first quarter, according to a final estimate from the Federal Statistical Office (Destatis). An early assessment indicated a 0.1% drop in GDP. The index decreased by 0.3% on a seasonally adjusted basis; an early...
Reuters: Russia may ban gasoline exports due to shortages - 05/24/2023
The Russian government is considering placing a ban on gasoline exports In order to avoid a fuel shortage on the local market and an increase in prices following the decision to slow down the Ministry of Finance’s dampening mechanism for refineries, reports Reuters referring to sources in the government and the industrial market. The Russian government may also raise the minimum amount of...
OPEC: Global oil market needs trillions in investments - 05/23/2023
Haitham Al Ghais, the secretary general of OPEC, stated at the annual Middle East Oil and Gas Conference in Dubai that the global oil business will require investments totaling more than $12 trillion by the year 2045. "By 2045, the global economy is projected to double in size, and there will be 1.6 billion people on the planet. Between now and 2045, it is anticipated that the demand for energy...
Japan's GDP rises in Q1 - 05/17/2023
Japan's economy has been expanding at an annualized pace of 1.6% from January to March, marking the country's first expansion in three quarters, as a recovery in private consumption following the COVID pandemic countered adverse global trends. That was supported by official statistics made public on Wednesday. The outlook for Japan's export-driven economy did, however, slightly weaken due to...
UN forecasts stagnation of Ukrainian economy in 2023 - 05/17/2023
According to a UN analysis on the state of the world economy and its prospects, the conflict has caused the Ukrainian economy to contract by 29.1 percent in 2022 and is projected to stagnate in 2023. The report stated that the war has caused a significant loss in Ukraine's industrial capacity and energy infrastructure, and that the country's economy would shrink by 29.1 percent in 2022....
Analysts expect biggest platinum deficit in the last 50 years - 05/16/2023
According to economists, the platinum market may have its largest shortfall in the previous 50 years. The World Platinum Investment Council's (WPIC) forecasts that the platinum market may have its worst shortfall since the 1970s, the Financial Times writes. It mentions production issues in South Africa brought on by power constraints, acceleration of chemical and glass production in China, and...
Bloomberg: Increased demand for Robusta prompts rise in the price of instant coffee - 05/15/2023
According to Bloomberg, wholesale prices for Robusta coffee beans increased to their highest level in almost 12 years. Last week, according to Bloomberg, the price of Robusta coffee beans at wholesale levels worldwide reached its highest level in almost 12 years. The organization ascribed it to a rise in bean demand that growers haven't been able to keep up with. Robusta is frequently used to...
OPEC continues to expect global oil demand to rise in 2023 - 05/12/2023
According to OPEC's May report, the group still projects that the world's oil demand would increase by 2.3 million bpd to 101.9 million bpd in 2023. OPEC stated that the estimated increase in global oil demand for 2023 is similarly expected to be 2.3 million bpd, with 0.07 million bpd growth in OECD countries and roughly 2.3 million bpd in non-OECD countries. In 2023, the total demand for oil...
ECB governor Lagarde: Bank of Japan’s Governor made a very wise decision to revise monetary policy - 05/12/2023
According to Christine Lagarde, President of the European Central Bank, Kazuo Ueda, the new governor of the Bank of Japan, made a "very wise" choice to review previous monetary policy actions. "I've met him several times, and he strikes me as being a very calm, solid, and committed person," she remarked. Mr. Ueda made the right decision to conduct a strategic audit after assuming office in...
U.S. banks post record profits in Q1 - 05/11/2023
The first quarter of this year saw the U.S. banking industry's profits reach an all-time high of approximately $80 billion, a 33% increase over the same period last year. According to the Financial Times, which cited BankRegData, this occurred against the backdrop of the crisis brought on by the failure of two significant banks and intense stress in the industry, which experts describe as the...
