Markets & Industries
Rate of price growth in Tokyo declines for the first time in more than a year - 03/03/2023
According to preliminary statistics, Tokyo's annual price growth rate was 3.3% in February, the Japanese Ministry of National Affairs reported on Friday. Consequently, the monthly inflation rate slowed for the first time in 13 months. The annual price increase was 4.3% a month ago, the highest since May 1981. Bread increased in price by 14.6%, vegetable oil by 32%, carbonated drinks by 15.7%,...
India expects GDP growth in fiscal year 2022-23 - 03/01/2023
According to the National Statistics Office of India's Ministry of Statistics and Programmes, the country's GDP will grow by 7.0% in the fiscal year 2022–2023. The department stated in a preliminary report that "GDP growth for 2022-2023 is projected at 7.0%, up from 9.1% in 2021-2022." Real GDP at constant prices for 2022–2023 is predicted to be 159.71 trillion rupees ($1.93 trillion),...
Vitol expects oil prices to rise to $100 in second half of 2022 - 02/27/2023
According to Vitol Group CEO Russell Hardy, oil prices could hit $90-100 per barrel in the second half of the year. "It's anticipated that demand will increase to record levels in the second part of the year. The possibility of higher prices in the $90-100 range in the second part of the year seems plausible," said Mr. Hardy. Brent prices have been ranging between $83 and $84 per barrel since...
Deutsche Bank raises ECB peak rate forecast - 02/23/2023
Deutsche Bank announced that it increased its forecast for the ECB's peak rate during the present cycle of monetary tightening from 3.25% to 3.75%. According to economists, the central bank will increase the interest rate by 50 basis points at its meetings in March and May, with a final raise of 25 basis points in June. Prior to this, additional 50 basis points were expected in March, and final...
Liquid hydrocarbon production in Norway declines in January - 02/22/2023
According to preliminary statistics compared to final data for December, liquid hydrocarbons output in Norway in January declined by 22,000 barrels per day, or 1.1%, equal to 1.979 million barrels per day, according to a study by the Norwegian Petroleum Directorate (NPD). The official numbers for December show that the nation's average daily production of liquid hydrocarbons was 2.001 million...
Americans' credit card debt reaches record levels - 02/21/2023
At the end of the fourth quarter of last year, there were $16.9 trillion in outstanding U.S. household debts, an increase of $394 billion (2.4%) from the previous quarter. Federal Reserve Bank of New York released its quarterly report on house debt and credit. Particularly noteworthy, according to experts, is the 6.6% quarterly increase in American credit card debt to $986 billion. Both the rate...
Traders warn of sharp decline in corn exports from Argentina - 02/20/2023
According to the Rosario Grain Exchange (BCR), corn shipments from Argentina between March and June may decline by nearly 40% from the same time last year. This is because the current season's planted acreage has decreased as a result of an extreme drought. BCR notes that corn shipments between March and June may only total 8.7 million tons. In the initial weeks of the planting, just 19% of the...
US retail sales in January post strongest growth in two years - 02/16/2023
The largest monthly growth in retail sales in the US since March 2021 occurred in January, when it increased by 3% over the previous month, reports the US Department of Commerce. Reuters polled analysts, and they expected 1.8% growth. Retail sales grew by 6.4% in January 2021 compared to the previous month. Prior to that, the number had been falling for two straight months as consumers cut down...
Toyota to create new generation of electric cars by 2026 - 02/14/2023
According to a news statement from the company, Toyota Motor Corp. of Japan will create a new generation of electric vehicles by 2026. The next generation of electric vehicles for the Lexus brand will be developed by 2026, according to the statement, with everything from the battery and platform to the vehicle's construction being optimized for the present lineup. The company added that the...
EU hopes to continue LNG supplies through Egypt - 02/14/2023
According to Reuters, European Energy Commissioner Kadri Simson expressed hope that Egypt would keep large quantities of Israeli LNG sales to Europe at the same level. In order to continue Israel's natural gas exports to Europe via Egypt's LNG export infrastructure, the EU, Israel, and Egypt inked a trilateral memorandum last June. Simson told the agency at an energy conference in Cairo, "We...
