Markets & Industries
UNCTAD: World trade growth may exceed 20% in 2021 - 12/01/2021
World trade in 2021 could grow by 23% from 2020, according to a UN Conference on Trade and Development (UNCTAD) report released on Tuesday. "World trade is expected to reach around $28 trillion in 2021, an increase of 23% compared to 2020," the report reads. UNCTAD expects trade in goods to reach a record high of $22 trillion in 2021. Trade in services in 2021 is estimated at about $6 trillion,...
Study: Digital Dollar and Euro may outperform weaker currencies - 11/30/2021
The monetary independence of developing economies is threatened by central bank digital currencies (CBDCs). Foreign money there is allowed to circulate, but local currency can be in a small supply - although weak currencies usually win competition for circulation, while hard currencies are used for savings. Sebastian Edwards, an economist at UCLA's Anderson Graduate School of Management, looked...
OPEC+ postpones two meetings to better assess impact of new COVID-19 'omicron' strain - 11/29/2021
After the oil price plunged on Friday, OPEC+ postponed two meetings for a few days to examine the impact of the new COVID-19 "omicron" strain on the market, Bloomberg said, citing sources. "In the aftermath of last Friday's oil drop, OPEC+ is postponing two technical meetings to later dates in the week to allow its committees more time to examine the impact of the new coronavirus strain," the...
Expert: Fertilizers shortages could cause famine in the world's poorest countries - 11/29/2021
Food shortages and famine in the world's poorest countries might result from a worldwide fertilizer deficit, Svein Tore Holsether, executive director of Yara International, a Norwegian fertilizer firm, told the BBC. According to him, the global fertilizer industry is now in deficit. Ammonia, which is used in many fertilizers, is made from gas, whose price has risen dramatically, raising the...
WSJ: Labour market recovery boosts consumer spending - 11/26/2021
At the end of the year, the US economy is showing numerous signs of acceleration. Consumers are increasing spending, companies are picking up the pace of capital investment and jobless claims are falling to historic lows. Consumer spending rose 1.3% in October compared to September, while incomes rose 0.5%, according to data released by the US Department of Commerce on Wednesday. The...
Business Insider: China is on the verge of housing crisis - 11/26/2021
China is on the threshold of a housing catastrophe that the country has never been seen before. According to Business Insider, it will affect multiple generations of Chinese people at the same time. The Chinese government's strategy has resulted in the growth of intra-family financing. Experts now expect that whole families will go bankrupt. The nation is attempting to avoid the imminent...
Fitch raises global metal price forecasts - 11/24/2021
International rating agency Fitch Ratings has raised its outlook on the value of metals over the coming years, according to a new report from the agency. Fitch forecasts the spot price of nickel on the London Metal Exchange (LME) at the end of the current year at $18.25 thousand per tonne instead of $16.5 thousand. The forecast for next year has been raised to $16,000 from $15,000 per tonne,...
Mexican President calls for import substitution in North America - 11/19/2021
Mexican President Andres Manuel Lopez Obrador, speaking at a trilateral meeting with US and Canadian leaders, suggested that President Joe Biden and Prime Minister Justin Trudeau jointly plan for production on the continent to ensure import substitution and thereby limit China's dominance of the global market. In particular, he noted that Canada, the US and Mexico account for 13% of the global...
Biden calls for investigation into possible business influence on high fuel prices - 11/18/2021
Biden called on the antitrust regulator to check whether US oil and gas companies are taking illegal actions to maintain high petrol prices. Biden intervened amid mounting pressure over inflation and falling ratings. US President Joe Biden has asked the Federal Trade Commission to investigate the role of oil and gas companies in rising gasoline prices, states The Wall Street Journal. Biden said...
IEA expects rise in global oil demand - 11/17/2021
The International Energy Agency (IEA) has barely changed its forecasts for global oil demand in 2021-2022: it still expects it to grow by 5.5 million bpd this year and has raised its 2022 forecast by 0.1 million bpd to 3.4 million bpd, according to a November report from the agency. "Global oil demand is rising due to strong gasoline consumption and increased international travel as more...
