China has decreased the overall count of banks in the nation by close to 25% as a measure to enhance regulation of smaller financial entities amid decelerating economic growth. According to a report by rating agency Fitch, citing information from China's National Financial Regulatory Administration (NFRA), over 670 banks were shut down in the country—a historic peak. Nearly all the shut financial...

Chinese oil refiners stopped fuel exports in October to restock inventories, according to Reuters, citing sources. As per the sources, the schedule for resuming supplies will rely on the processing quantities. On September 30, the state-owned oil firm PetroChina called off multiple shipments of gasoline and jet fuel that were planned for October. Another significant refiner, Zhejiang...

According to ECB President Christine Lagarde, inflation in the eurozone has not yet caused harmful secondary effects, so a moderate tightening of monetary policy by the European Central Bank is still warranted, she stated to the European Parliament's Committee on Economic and Monetary Affairs. "We anticipate an additional increase in inflation, but we have not yet observed indications of it...

Increasing diesel costs are burdening European motorists with €203 million daily, according to the Financial Times. An evaluation of European Commission figures by the European NGO Transport & Environment indicated that motorists are spending 40% more than at the beginning of the year. This translates to approximately €30 more for a 50-liter tank refill. The cost of gasoline has increased by...

Indian oil refineries might cut back on their imports of Russian oil after Donald Trump approved legislation on September 18 that enforces the Graham Bill sanctions on Russia, according to Bloomberg. The agency reports that in the past months, India—the third-largest buyer of crude oil globally—has obtained over half of its total imports from Russia, aiming to counter elevated prices and...

Bloomberg reported on Friday, referencing sources, that Saudi Aramco will not provide crude oil to European refineries in October. Sources indicate that Saudi Aramco informed at least two European refineries that it will not provide oil to them in October due to an assault on a vital Saudi oil pipeline close to the Red Sea; this decision impacts all European clients. Saudi Aramco has not...

The return on US 10-year Treasury bonds has hit a peak not observed in almost 20 years, according to CNBC. On Tuesday, September 15, the yield increased by 5 basis points to reach 5.041%—the peak level since July 2007. During the trading session, the percentage neared 5.047%, based on information from Investing.com. Achieving this yield level may affect the wider economy, since the 10-year bond...

The worldwide fuel crisis predicted by the biggest oil companies has already occurred. Officials from US companies Chevron and ExxonMobil indicate that an extended blockade of the Strait of Hormuz and an assault on the East-West Pipeline in Saudi Arabia have caused significant supply interruptions, according to The Wall Street Journal (WSJ). The East-West Pipeline provided a different path,...

According to Bloomberg, a Bank of America report referencing EPFR Global data indicates that investors have withdrawn $14.2 billion from US equity funds in the last three weeks, marking the biggest outflow since January. The bank's strategists believe this outflow creates a backdrop for heightened volatility, as market players and policymakers fail to recognize the dangers linked to increasing US...