Iraq maintains its support and commitment to the OPEC+ agreement, with the increase in oil exports connected with a drop in domestic consumption, according to the Iraqi Oil Ministry. Iraq raised oil shipments to foreign markets by 3% at the end of October, to 3.53 million bpd. During the previous three months, the country's oil exports averaged 3.4 million barrels per day. According to the...

Moody's Investors Service has lowered the United States' rating outlook from stable to negative. "Moody's Investors Service (Moody's) has changed the outlook on the ratings of the U.S. government to negative from stable and affirmed the long-term issuer and senior unsecured ratings at 'Aaa'," the company said in a press release. According to reports, the key reason for changing the forecast for...

Winding down ultra-easy monetary policy will be a "serious challenge" for the Bank of Japan, according to Central Bank Governor Kazuo Ueda in an interview to the Financial Times. He said it was too early to define a timeframe for normalizing monetary policy despite progress on inflation targets. "When it comes to normalizing short-term interest rates, we must consider what is happening to...

According to Eurostat figures, annual inflation in the eurozone fell to 2.9 percent in October from 4.3 percent in September. This is the lowest level since July 2021, and it helps to explain the European Central Bank's (ECB) recent decision to maintain key interest rates unchanged at September levels. Eurostat reports that eurozone inflation fell to 2.9 percent in October, its lowest level since...

The world economy will suffer $2 trillion in losses as a result of the unfolding conflict between Israel and the Palestinian movement, according to Gregory Daco, chief economist at EY-Parthenon, a division of the British firm Ernst & Young, speaking to the New York Times. He forecasted that the average price of a barrel of oil may increase to $150. The publication's other interlocutors,...

The Federal Open Market Committee (FOMC) released a statement after its meeting on Wednesday stating that the Federal Reserve System (Fed) maintained the federal funds rate at a range of 5.25 to 5.5% per year. The FOMC members unanimously decided on a course of action that most analysts and economists had anticipated. The rate is still higher than it has been in 22 years. "According to recent...

China's manufacturing sector's Purchasing Managers' Index (PMI) dropped in October for the first time since July, crossing the line that divides activity expansion from contraction. The PMI's calculation partners, Caixin Media Co. and S&P Global, stated in a report that the index dropped from 50.6 points in September to 49.5 points. An index value less than 50 points denotes a drop in...

According to the European Union's statistical office report, which included preliminary data, the GDP of the Eurozone shrank by 0.1% in the third quarter compared to the preceding three months. The GDP of the eurozone expanded by 0.1% annualized. According to Trading Economics, experts generally anticipated that from July to September, the GDP would expand by 0.2% annually and remain constant...

The third quarter of 2023 saw the fastest annualized growth in Hong Kong's GDP since October–December 2021, reads the preliminary data presented in the report of the Statistical Office of Hong Kong. GDP growth quickened by 1.5% from the prior quarter. According to FactSet's survey of analysts, a better growth rate of 5.2% was anticipated for the third quarter. Hong Kong's GDP increased by...