Markets & Industries
UN notes six-year maximum in world food prices - 12/04/2020
The overall food price index for November showed an increase for the sixth consecutive month, with the index itself reaching its peak in December 2014, according to a press release by the Food and Agriculture Organization of the United Nations (FAO). The FAO General Food Price Index rose to 105 points for the month, or 4 points (3.9%) by October. The index reached its highest level since December...
Eurozone to ramp up support for problem banks - 12/01/2020
The Eurozone has agreed to strengthen the mechanism for resolving the situation in troubled banks, as evidenced by the decision of the Council of Ministers of Finance of the Eurozone (Eurogroup). "The Eurogroup agreed to reform the European Stability Mechanism (ESM), to sign a revised agreement (on its work) in January 2021 and to launch the process of its ratification," - reads a statement after...
EU and USA sign 'Lobster deal', first tariffs reduction in 20 years - 11/27/2020
The European Parliament has finally approved the first EU-USA customs reduction deal in about two decades, covering a small turnover of goods, the EP said. "Parliament supported the agreement with 638 votes in favour, 45 against and 11 abstaining," a message says. The EP notes that the agreement could become the basis for the resumption of "constructive transatlantic cooperation". This...
COVID-19 vaccines success lowers investors demand for gold - 11/25/2020
Gold quotations declined to July, approaching $1.8 k/oz. This is happening against a backdrop of reduced investment by institutional investors. In particular, total gold ETF assets fell to a three-month low of 3.39 thousand tonnes at the beginning of the week. Success in developing coronavirus vaccines and strong US economic data is reducing the need for large-scale monetary stimulus, which is...
Bloomberg: China will become the world's largest oil refining country in the next year - 11/23/2020
According to Bloomberg and analysts interviewed, the COVID-19 pandemic has "accelerated the tectonic shift in the global refining industry as demand for plastics and fuel increases in China and the rest of Asia, where economies are recovering rapidly from the pandemic". In turn, refineries in the US and Europe are struggling with the effects of the deeper economic crisis, and their economies are...
JP Morgan: US economy will start 2021 with a decline - 11/23/2020
Analysts at JP Morgan Chase believe that the US GDP will show a decline in the first quarter of 2021. CNBC notes that JP Morgan was the first major bank to declare that the U.S. economy will start with a decline in 2021. Analysts see the reason for this trend in the negative consequences of the second wave of the coronavirus, the new restrictions it has caused and the fact that mass production of...
SWIFT: US Dollar is not the most popular cross-border payments currency anymore - 11/20/2020
For the first time since 2013, the most popular currency for international payments was not the dollar, according to SWIFT data. Now the euro is in first place, and the Canadian dollar overtook the Chinese yuan. In October, the euro became the most popular currency for international payments, beating the dollar for the first time since February 2013. This is reported by Bloomberg with reference...
IIF: Global debt will reach $ 277T by the end of 2020 - 11/20/2020
The "debt tsunami" launched by the governments during the pandemic resulted in an unprecedented increase in global debt. By the end of the year, it could reach $277 trillion, or 365% of global GDP. Since the end of last year, the volume of world debt has increased by $ 15 trillion and by the end of 2020 may reach $277 trillion, the Financial Times wrote, citing a report of the Institute of...
Citigroup expects 20% fall in the dollar in 2021 - 11/18/2020
The dollar may fall by 20% next year, Citigroup strategists warned. The weakening of the US currency will be helped by the success of vaccine developers and the recovery of the global economy. The dollar is likely to fall by 20% in 2021 if coronavirus vaccines become widely available and help restore international trade and economic growth. This forecast was made by Citigroup Bank, Bloomberg...
IEA: Oil demand will stay low until 2021 - 11/13/2020
Demand for oil will fall more sharply this year than expected, by 8.8 million barrels per day (bpd) to 91.3 million bpd. The main reason for this is the increasing restrictions in the wake of the second wave of the coronavirus pandemic, according to a November report by the International Energy Agency. The report also provides estimates for next year. Here, the growth forecast has even been...
