Markets & Industries
New bank lending volume in China in April hits lowest in 9 months - 05/13/2024
A report by the People's Bank of China states that the amount of new bank lending in local currency in China in April was 731 billion yuan ($101 billion). This has been the minimum amount for nine months, since July 2023. The total amount of credit in March was 3.09 trillion yuan. Trading Economics’ analysts expected a drop to 1.2 trillion yuan last month on average. The PBC reports that new...
The Bank of England keeps interest rate at 5.25% per annum - 05/10/2024
The Bank of England maintained the basic interest rate at 5.25% annually while consumer prices rise reached 6% in March in the UK. The notification posted on the regulator's website indicates that the Bank of England maintained the basic interest rate at 5.25% annually. Two members of the Monetary Policy Committee (MPC) supported lowering the rate by 0.25 percentage points, to 5%, while the...
OPEC to stop publishing oil demand forecasts - 05/10/2024
OPEC intends to stop releasing the estimate of the world's need for its own oil, reports Reuters. The group has chosen to concentrate on demand projections for the OPEC+ association, according to the newspaper. It consists of non-member states, the biggest of which being Russia, as well as cartel nations. This decision was caused by changes in the cooperative policy between OPEC and OPEC+...
Global chip sales add 15.2% in Q1 - 05/09/2024
According to a news statement from the Semiconductor Industry Association (SIA), worldwide chip sales increased by 15.2% year over year in the first quarter, to $137.7 billion. Compared to the fourth quarter of 2023, the number was lower by 5.7%. March saw a 15.2% increase in chip sales over the previous year, but a 0.6% decrease from February. "First-quarter global semiconductor sales grew...
Robusta coffee prices hit 45-year high - 05/07/2024
The International Coffee Organization said that the price of robusta coffee has increased to a 45-year high since 1979. The main producer of Robusta in the world, Vietnam, had low yields. According to a research released in April by the London-based International Coffee Organization (ICO), the price of Robusta coffee has reached a 45-year high since July 1979. Its data shows that Robusta...
World central banks increase total gold reserves by 16 tons in March - 05/06/2024
The World Gold Council's (WGC) preliminary estimates show that the world's central banks added 15.7 tons of gold to their holdings in March, with purchases of 40.4 tons offsetting sales of 24.7 tons. Uzbekistan sold the most, with 10.9 tons. Thailand's reserves were drastically cut by 9.6 tons, however this was brought on by the change in the reporting format for gold. Jordan, at 3.7 tons, was...
Fed Chief: US inflation remains high - 05/02/2024
Following the meeting that concluded on Wednesday, Jerome Powell, the chairman of the American Central Bank, stated that the country's inflation rate is still too high and that more progress in bringing it down is not assured. He claimed that there has been no additional evidence of inflation slowing down in recent months. He declared, "We are totally committed to getting inflation back to our...
Large industrial enterprises in China add 4.3% to profit in Q1 - 04/29/2024
According to a report by the State Statistics Office (SSO), the combined profit of China's major industrial businesses surged by 4.3% on an annual basis to a total of 1 trillion 505.5 billion yuan in the first quarter. The SSO defines large industrial businesses as those with yearly revenues of more above 20 million yuan ($2.82 million). Between January and March, state-owned businesses'...
World Bank: Stabilization of global commodity prices will restrain inflation slowdown - 04/26/2024
The current recession significantly reduced global commodity prices, which contributed to the previous year's inflation slowdown. This, in turn, could make it more challenging for central banks around the world to swiftly lower interest rates, reads the World Bank's (WB) Commodity Markets Outlook. The WB analysts believe that the escalating Middle East war could reverse the recent two-year trend...
India doubles LNG imports in February to 20-month high - 04/25/2024
According to the Ministry of Commerce and Industry, India imported 2.164 million tons of liquefied natural gas in February 2024, a 56% increase from 1.384 million tons in the same month the previous year. Since May 2022, this level has been the highest in the previous 20 months. Following $436 in January, the average import price finally reached $422 per thousand cubic meters. Reduced prices...
