Markets & Industries
IEA: World coal consumption to hit record high - 12/22/2023
The International Energy Agency (IEA) projects that global coal consumption might reach a record 8.54 billion tons in 2023, an increase of 1.4%. According to the organization's most recent assessment, there will be a discernible decrease in the demand for coal by the end of this year in all major nations, with the United States and the European Union experiencing the biggest drops at 21% and 24%,...
Mortgage rates in the U.S. fall below 7% per annum - 12/18/2023
U.S. mortgage rates dropped below the 7% annualized rate for the seventh consecutive week. The state mortgage agency Freddie Mac said that the average annual rate on 30-year loans was 6.95% on Thursday, down from 7.03% one week earlier. The rate was 6.31% a year ago. APRs on fifteen-year loans currently average 6.38%, up from 5.54% a year ago and 6.29% a week ago. Freddie Mac uses information...
Reuters: China's budget deficit will reach 3% of GDP - 12/18/2023
Chinese leaders decided on the budget deficit for 2024, writes Reuters citing three sources. The country's GDP will be shorted by 3%, as opposed to 3.8% this year, as reported. The IMF projects that China's nominal GDP will reach approximately $17.7 trillion by 2023. The modest shift in China's budget deficit for the upcoming year, as reported by experts surveyed by Reuters, indicates that the...
U.S. uranium prices exceed $82 per pound for the first time since January 2008 - 12/14/2023
Uranium prices in the US topped $82 per pound for the first time since January 2008, Trading Economics writes. The price increase comes from the fact that rising supply threats coincided with uranium's high demand. The US House of Representatives passed a bill prohibiting the purchase of Russian enriched uranium on December 12. Due to this, there are now more supply concerns from other nations,...
South Korea to allocate $29B over 5 years to support battery manufacturers - 12/14/2023
Over the next five years, the South Korean government plans to provide battery makers with 38 trillion won ($29 billion) in support to help them diversify their supply chains. According to the Financial Times, the financial help package will include credit guarantees, soft loans, and tax incentives. South Korean firms LG Energy Solution Ltd., Samsung SDI Co., and SK On Co. hold nearly half of...
November inflation in the U.S. slows to five-month low - 12/13/2023
According to the Labor Department of the United States, consumer prices (CPI) increased 3.1% in November over the same month of the previous year. Trading Economics notes that the consensus estimate of analysts predicted inflation would drop to 3.1%. Inflation in November was at its lowest level in five months. The rate of decrease in energy costs quickened, rising from 4.5% in October to...
Bloomberg expects record high U.S. stocks in 2024 - 12/12/2023
The S&P 500 index is expected to hit a record high in 2024, according to respondents to Bloomberg’s survey. As long as the United States stays out of recession, the S&P 500 Index will hit a record high in 2024, according to respondents to a Bloomberg Markets Live Pulse survey. They believe this will occur even though the agency acknowledges that weaker consumer demand will cause the index to...
UNCTAD: world trade falls by five percent in 2023 - 12/12/2023
According to a research posted on the website of the United Nations Conference on Trade and Development (UNCTAD), geopolitical tensions have contributed to the decline in global trade, which has decreased by 5% in 2023 from its peak level in 2022 to approximately $30.7 trillion. "World trade in 2023 will be approximately $30.7 trillion, a decline of about $1.5 trillion (or 5 percent) from the...
Deflation in China in November amounts to 0.5%, updates 3-year maximum - 12/11/2023
In November, China's consumer prices (CPI) fell by 0.5%, the largest annualized rate of decrease since November 2020, according to a data released on Saturday by the State Statistics Office (SSO). Trading Economics notes that the consensus estimate was for a 0.1% decrease in prices last month. October saw a 0.2 percent decline. In November, food product prices in the country decreased by 4.2%,...
Swiss Re estimates global insurance payouts due to natural disasters at $100B in 2023 - 12/08/2023
The earthquakes in Turkey and Syria were the most expensive natural disasters for the insurance sector. Preliminary predictions from Swiss Re Institute, the research arm of the Swiss reinsurer, show that insurance claims related to natural disasters will top $100 billion in 2023 for the fourth year in a row. According to Swiss Re, the amount will be 25% less than the $133 billion recorded the...
