Markets & Industries
ECB warns of excessive rate hikes risk - 01/24/2023
Ignazio Visco of ECB warned against excessive rate increases. Ignazio Visco, a member of the Governing Council of the European Central Bank, stated on Monday that he did not agree that it would be preferable for the bank to tighten monetary policy excessively rather than inadequately. In a speech in Rome, Bank of Italy Governor Visco, who is often seen as a supporter of soft policy on the ECB's...
WB Head expects slowdown in economic growth in 2023-2024 - 01/23/2023
President of WB Malpass anticipated weak global economic growth in 2023–2024. In 2023–2024, the world economy is expected to develop at a modest rate, according to World Bank President David Malpass. "It (will be) a protracted slowdown, in my opinion. If you go one or two years ahead, it's difficult to anticipate a major recovery due to the persistence of inflation and the fall in new...
UN: international tourism in 2022 down by a third from 2019 - 01/19/2023
According to the World Tourism Organization’s study (UNWTO), more than 900 million tourists traveled internationally in 2022 - twice as many as in 2021, but 37% fewer than in pre-pandemic 2019. The UNWTO specialists reports that their expectations were exceeded by the dynamics of the global tourist market's rebound in 2022. All parts of the world had an increase in international arrivals of...
IEA head Birol: China is the biggest uncertainty in the global oil market - 01/19/2023
The price of oil would increase if China's economy starts to revive in 2023, according to Fatih Birol, president of the International Energy Agency (IEA). China is now the biggest uncertainty in the world oil market. "China, if you ask me, is the area where there is the most uncertainty. It's easy to understand why. Chinese consumption for oil and gas fell in 2022, for the first time in 40 years....
Bank of Japan revises GDP and inflation forecasts - 01/18/2023
The Bank of Japan revised its projection for the country's GDP growth down to 1.9 percent while increasing the anticipated inflation rate to 3 percent. The Bank of Japan (BOJ) raised projections for inflation by 0.1 percentage points to 3% from 2.9% while lowering its forecast for the country's GDP growth for the current fiscal year (April 1, 2022 to March 31, 2023) from the expected 2%. In...
Iranian oil exports rise to record highs in recent years - 01/16/2023
Several consulting firms calculated that Iran's oil shipments in November and December 2022 were the greatest in years. Iran exported 1.095 million barrels per day (bpd) in total in November, and that number increased to 1.137 million in December, according to Reuters, which cited statistics from energy consultancy SVB International. Iranian shipments were pegged at 1.23 million bpd in November...
US consumer goods prices fall for the first time in 2.5 years - 01/13/2023
According to information from the Department of Labor, the consumer price index (CPI) in the US decreased by 0.1% at the end of December. Since May 2020, the country's consumer goods prices haven't decreased month over month. A press release from the ministry claims that cheaper gasoline in the US is the main cause of the decline in commodities prices. Additionally, while the month-end food price...
China's inflation rate hits 2 per cent in 2022 - 01/12/2023
According to data issued on Thursday by China's State Statistics Office, the consumer price index (CPI), the major indicator of inflation, increased 2% year over year in 2022. Separately, the CPI for urban and rural areas increased 1.8% in December over the prior year. Consumer goods increased by 2.6%, non-food items by 1.1%, food by 4.8%, and services by 0.6%. In terms of monthly changes, the...
FT: China to limit listings of companies from some sectors - 01/11/2023
Companies from specific industries will no longer be permitted to list on Chinese stock exchanges, according to the China Securities Regulatory Commission (CSRC), reports The Financial Times (FT), citing sources. The corporations in the food industry have already been given the "red" rating, according to the FT. Additionally, businesses that make coronavirus detection tests were subject to the...
Unemployment in euro area remains at a record low of 6.5% in November - 01/10/2023
According to information provided by the European Union's statistical office, the unemployment rate in the euro area stayed at a minimum of 6.5% in November 2022. A record low of 10.84 million people were unemployed as of October, a decrease of 2,000 over the previous month. Unemployment among young people's (under 25) increased to 15.1%. Spain had the highest unemployment rate, at 12.4%. The...
