Markets & Industries
FT: Sea freight prices approached their January peak - 05/29/2024
The early season of higher demand for the service is driving up the cost of maritime freight shipping once more, writes the Financial Times. Thus, the average cost of an urgent 40-foot container delivery between the Far East and Northern Europe last week was $4343, according to the analytical firm Xeneta. When the Houthis began attacking merchant ships navigating the Red Sea in January, freight...
Goldman Sachs expects the Fed's first rate cut in September - 05/27/2024
In response to recent remarks made by Fed officials, US bank Goldman Sachs Group has revised its prediction regarding when the Federal Reserve (Fed) would undertake a significant interest rate cut. Unlike what was originally anticipated, Goldman now projects a 25-basis point rate drop in September instead of July. The market, which places a 54% chance of a September cut and a mere 12% chance of a...
Analysts: European economy shows signs of recovery - 05/27/2024
Preliminary May data from Hamburg Commercial Bank (HCOB) and S&P Global reveal that business activity in Europe has adjusted to high interest rates and is displaying a steady recovery thanks to a modest resurgence of domestic and external demand. After reaching a one-year high of 51.7 points in April, the Eurozone PMI composite index expanded to 52.3 points in May (numbers over 50 points imply...
Over 100 million people in the United States will use cryptocurrencies by 2028 - 05/24/2024
Researchers at the specialized portal Altindex estimate that 88 million Americans will be using cryptocurrencies by 2024 for a variety of purposes, including trading, transfers, investments, storage, and payment for products and services. This is a 15 million increase from the end of the previous year. According to Altindex experts, there will be more than 100 million cryptocurrency users by...
International tourism recovers 97% of pre-pandemic 2019 - 05/23/2024
According to data from the United Nations World Tourism Organization (UN Tourism), international tourism rebounded to 97% in the first quarter of 2024 compared to the pre-pandemic 2019 period, with over 285 million tourist arrivals globally from January to March, an increase of about 20% compared to the same period in 2023. 120 million tourists arrived in Europe in the first quarter of 2019, a 1%...
The UK to launch first cryptocurrency ETPs on 28 May - 05/23/2024
WisdomTree has been given permission by the UK's Financial Conduct Authority (FCA) to trade ETPs that invest in Ethereum and Bitcoin, two of the most popular digital tokens. The trading will start on the London Stock Exchange (LSE) on May 28. The Financial Times reports that the UK will see the introduction of exchange-traded cryptocurrency products over ten years after Sweden saw the...
BofA expects recovery in total return on 30-year USTs in the second half of 2024 - 05/20/2024
Bank of America analysts led by Michael Hartnett believe that the aggregate yield on investments in 30-year U.S. government bonds has decreased by 45% since April 2020, which is the largest four-year reduction in over a century, writes MarketWatch. They argue that such a severe fall was caused by high inflation and increased government spending. Due to increased inflation, the real GDP growth...
ECB warns of risks due to high eurozone government debt - 05/17/2024
The European Central Bank stated in its biannual Financial Stability Report that excessive levels of public debt make European nations susceptible to geopolitical and high interest rate threats. According to the ECB, several EU nations have not yet finished implementing the stimulus plans meant to shield businesses and consumers from the effects of the energy crisis and the coronavirus pandemic....
Qatar forecasts wave of demand for new LNG projects after 2030 - 05/16/2024
Natural gas demand will only increase, and additional LNG projects will be required globally beyond 2030, according to Qatar Energy Minister Saad Sherida al-Kaabi, who spoke at the Qatar Economic Forum, cited by Bloomberg. According to al-Kaabi, the kingdom is moving forward with a multibillion-dollar plan to expand its LNG capacity and may take into account building other facilities. "With...
US shale oil producers accused of conspiring to inflate prices - 05/14/2024
US corporations that produce oil from shale oil resources are being sued in multiple class action lawsuits alleging that they conspired to restrict production and drive up fuel prices, writes the Financial Times. The defendants include, among others, ExxonMobil, Occidental Petroleum, and Diamondback Energy with at least ten cases, according to the FT. The most recent of these class action cases...
