In a recent analysis, the international rating firm Fitch Ratings reduced its prediction for metal prices for the current and next years. Fitch projects spot nickel prices at the London Metal Exchange (LME) this year at $24k per ton rather than $25k, $20k per ton in 2023, and $17k in 2024. The downgrade, according to Fitch, indicates declining demand from the stainless steel industry. The...

Governor of the Reserve Bank of Australia (RBA), Philip Lowe, hinted at future interest rate increases. However, he added that the rate of increases will eventually have to slow down. Given the uncertainty surrounding the global economy, inflation expectations, and household spending, Lowe said in a statement on the economy to the parliamentary committee that the RBA's policy is not...

Governments all across the world have been urged by UN Secretary General António Guterres to tax the excessive profits that oil and gas companies make from the high prices of fossil fuels. At a press conference held at the UN's New York headquarters, he remarked, "I urge states to tax these exceptional earnings." The fact that oil and gas companies are making "the largest profits in history...

In order to offset a rapid rise in energy prices, the EU will propose to set higher levies on power providers who do not utilize gas, the Financial Times reports, citing a document from the European Commission. As part of an emergency package of measures to address skyrocketing energy prices, Brussels "is set to impose higher-than-anticipated charges on non-gas power suppliers." Additionally,...

According to five unnamed sources familiar with the matter, the European Central Bank (ECB) may increase its key interest rate to 2% or higher to combat inflation, according to a report by Reuters. They contend that the record-high inflation in the euro zone is forcing the ECB leaders to act this way. The sources claim that an increasing number of lawmakers believe it is likely that the ECB will...

According to Bloomberg, major American banks plan to soon integrate the Indian bond market in world indices. The agency claims that Morgan Stanley intends to announce India's inclusion in the JPMorgan Chase & Co. emerging market bond index in the middle of September. The real inclusion in this scenario will take place in the third quarter of 2023. A similar announcement is anticipated to be...

At its meeting on Thursday, the Governing Council of the European Central Bank (ECB) increased its benchmark interest rate from 0.5% per year to 1.25% by 75 basis points, and anticipates similar hikes at the following few meetings. "The three main interest rates of the ECB will increase by 75 basis points as per the Governing Council's decision.   As a result, starting on September 14,...

According to a projection from the Brazilian mining corporation Vale, there would be a 44% increase in global demand for nickel by 2030 compared to this year. This is because electric vehicle battery producers are in high demand, notes Reuters. The company said in a statement that "the energy transition is expected to cause the demand for nickel to expand quickly this decade." The new prediction...

According to a news statement from the European statistical agency Eurostat, retail sales in the euro zone increased 0.3% in July compared to June. DailyFX surveyed analysts who believed the number increased by 0.4%. Retail sales in the euro region decreased 0.9 percent in July on an annualized basis. Only a 0.7% fall had been anticipated by analysts. Retail sales in the EU increased 0.3% from...