Oil prices may rise as a result of OPEC+'s decision to extend production cuts, according to Hirokazu Matsuno, Secretary General of the Japanese government. "We are aware that OPEC+ opted to extend oil output curbs through the end of 2024. Several nations have already declared production cuts at the beginning of April. Saudi Arabia has also planned to reduce oil production by 1 million barrels in...

Additional monetary policy tightening is required because inflation is still too high, said Christine Lagarde, Head of the ECB. Despite mounting indications that previous rate hikes are beginning to take effect, inflation in the euro zone is still too high, necessitating more monetary tightening, Christine Lagarde, president of the ECB, said on Thursday. Despite recent indications showing May's...

Australian corporations' investments increased significantly in the first quarter of this year, led by growth in capital expenditures in the mining, manufacturing, and transportation industries. Companies maintained their optimism on investments over the upcoming 12 months. The Australian Bureau of Statistics said on Thursday that real capital investment by businesses increased by 2.4 percent in...

China's manufacturing activity index (PMI) was only 48.8 points in May, according to the National Bureau of Statistics of China, which indicates a fall in activity (less than 50 points). The May index dropped to a five-month low, the level from last December, when China relaxed COVID-19 restrictions, and fell below the forecast of 49.2 points by analysts surveyed by Reuters. Investors were...

The president of Brazil suggested establishing a unified currency for trade in South America. Brazilian President Luiz Inácio Lula da Silva has suggested developing a unified currency for commerce among South American nations, according to a speech he made during a summit of the region's leaders. He stated, "(I suggest) the establishment of a common unit of money in commerce, decreasing...

Nilson Report: China's UnionPay has surpassed US-based Visa шn terms of card market share. China's UnionPay has for the first time surpassed the United States' Visa шn the market for debit cards, according to research by the international payments firm Nilson Report. Compared to 38.78% for Visa, UnionPay debit card transactions reached 40.03% in 2022. In 2022, the US payment system processed...

According to the IEA, global energy investments will amount to $2.8 trillion in 2023. A new annual study from the International Energy Agency (IEA) shows that global energy investment will increase 7.7 percent to $2.8 trillion this year, with solar energy investment overtaking oil production for the first time. "In 2023, the global energy market is predicted to receive investments of around...

Destatis: the German GDP shrank by 0.5 percent from the previous year in the first quarter. Germany, the largest economy in Europe, had its GDP fall 0.5 percent year over year in the first quarter, according to a final estimate from the Federal Statistical Office (Destatis). An early assessment indicated a 0.1% drop in GDP. The index decreased by 0.3% on a seasonally adjusted basis; an early...

The Russian government is considering placing a ban on gasoline exports In order to avoid a fuel shortage on the local market and an increase in prices following the decision to slow down the Ministry of Finance’s dampening mechanism for refineries, reports Reuters referring to sources in the government and the industrial market. The Russian government may also raise the minimum amount of...