Markets & Industries
World's airlines increase passenger traffic by 37% in 2023 - 02/02/2024
The International Air Transport Association (IATA) reported that passenger traffic on global carriers grew by 36.9% in 2023. Consequently, it bounced back to 94.1% of pre-pandemic 2019 levels. Last year, European airlines saw a 22% rise in passenger volume on overseas flights. The percentage of occupied cabins increased to 83.8% in 2022 from 80.7% in 2022. Overseas flights increased by 28.3% in...
Japan to invest in optoelectronic semiconductor project - 01/31/2024
The Japanese Minister of Economy, Trade, and Industry, Ken Saito, announced at a press conference in Tokyo that Japan has chosen to "assist" a cooperative initiative based on the Japanese telecoms corporation NTT’s developments in the area of optoelectronic semiconductor technology. "It was decided today to assist a joint project centered on NTT with the participation of key Japanese enterprises...
EC chair calls for more investment in clean energy in Africa - 01/30/2024
European Commission President Ursula von der Leyen stated at the Italy-Africa summit that although foreign investors are not making significant investments in clean energy in Africa, the region has abundant conditions for accessing such energy resources. "It is undoubtedly thought-provoking, considering Africa's enormous potential for clean energy circumstances. Africa offers enough of sunshine,...
Citi forecasts weak Chinese influence on energy markets in 2024 - 01/29/2024
Global energy markets won't be driven by China in 2024, commodity analysts at Citi forecast. According to the analysts’ assessment, which MarketWatch cites, China's economy would only receive little boost from the government's stimulus plans, and the amount of oil imported into the nation will essentially stay the same at 11.3 million barrels per day (bpd) as last year. Citi notes that the...
China may strengthen in lithium market due to Australia's mining problems and price collapse - 01/26/2024
While Australian sector players are scrapping earlier production plans, China can use the decline in lithium prices to bolster its position in this market, reports The Financial Times referring to data from the company and estimations from analysts. Because of an abundance of supply, the price of lithium has dropped by more than 80% in the last year, to $13.2 thousand per ton, the lowest since...
Bank of Canada expectedly kept the prime rate at the maximum level in 22 years - 01/25/2024
The Bank of Canada maintained its benchmark interest rate on Wednesday, marking the highest level since 2001, at 5% annually. Trading Economics notes that the regulator's decision was in line with analysts' forecasts. The central bank decided not to alter the rate for the fourth meeting in a row. The Governing Council expressed its continued concern for inflationary concerns, particularly the...
Australia's sovereign wealth fund assets grow by 8% over the year - 01/24/2024
Australia's Future Fund assets increased by 8% in 2023 to a record high following a market rally at year-end on expectations that central banks would begin reducing interest rates. According to sources, state fund assets increased by $15.6 billion during the year to 211.85 billion Australian dollars ($139.2 billion) at the end of December. At the end of 2021, a high of $203.6 billion was...
Bank of Japan keeps monetary policy unchanged, lowers 2024 inflation forecast - 01/24/2024
In light of the outcomes of the two-day meeting that concluded on Tuesday, the Bank of Japan decided to maintain the main monetary policy parameters in place. The Japanese central bank said in a statement that the target yield on ten-year government bonds is about zero, and the short-term interest rate on deposits held by commercial banks with the Central Bank remains at minus 0.1% annually....
Consumer confidence index in the US in January updates maximum since July 2021 - 01/22/2024
In January of 2024, the U.S. consumer confidence index increased from 69.7 points to 78.8 points, the highest level since July 2021, reads an early report from the University of Michigan, the organization that determines this metric. According to Trading Economics, the analysts' consensus estimate called for increase to 70 points. In January of the previous year, the indicator's value was 64.9...
U.S. managers are launching new bitcoin ETFs after SEC rulings - 01/19/2024
The FT reports that US asset managers are competing to introduce new bitcoin ETFs following the SEC's approval of ETF registration in January. According to the Financial Times, which cites documents, ProShares company has submitted an application to the US Securities and Exchange Commission (SEC) to introduce five bitcoin-ETFs. These comprise inverse ETFs, in which the value of assets fluctuates...
