Archive for Economics & Fundamentals – Page 62

19 Jun

The escalation of conflicts in different regions of the world supports oil prices

By JustMarkets

At the end of yesterday, the Dow Jones Index (US30) gained 0.15%, while the S&P 500 Index (US500) rose 0.25% to an all-time high. The NASDAQ Technology Index (US100) closed positive 0.03%. Strengthening chipmakers helped boost the overall market on Tuesday, led by a 3% gain in Nvidia (NVDA) shares after Rosenblatt Securities raised its price target on the stock.

The US economic news on Tuesday was mixed for stocks. May retail sales rose less than expected and raised concerns about consumer spending. However, a stronger-than-expected manufacturing output report for May eased concerns about a slowdown in consumer spending. Fed comments on Tuesday were mostly on the hawkish side, as policymakers said they would prefer to wait to cut interest rates.

According to Fitch Ratings’ latest estimate, global economic growth will strengthen this year and slow in 2025. The rating agency raised its prognosis for global GDP growth in 2024 to 2.6%, from its previous prediction of 2.4%. The revised outlook reflects Fitch’s increased confidence in European economic recovery prospects, strengthening domestic demand in emerging markets (excluding China).

Equity markets in Europe were mostly up on Tuesday. Germany’s DAX (DE40) rose by 0.35%, France’s CAC 40 (FR40) closed 0.76% higher, Spain’s IBEX 35 (ES35) jumped 0.99%, and the UK’s FTSE 100 (UK100) closed positive 0.60%. The Eurozone’s annual inflation rate for May 2024 was 2.6%, up from 2.4% in April. A year earlier, the figure stood at 6.1%. The lowest annual rates were recorded in Latvia (0.0%), Finland (0.4%), and Italy (0.8%). The highest annual rates were recorded in Romania (5.8%), Belgium (4.9%) and Croatia (4.3%). Compared to April, annual inflation fell in eleven Member States, remained unchanged in two, and rose in fourteen.

WTI crude oil prices held near $81.5 a barrel on Wednesday, at their highest levels in seven weeks, as the escalating conflict in Eastern Europe and the Middle East renewed supply concerns. In Russia, a Ukrainian drone strike sparked a fire at an oil terminal at a major port, while a senior Israeli official warned of a looming “all-out war” with Lebanon’s Hezbollah. Oil prices were also supported by global demand growth estimates, with OPEC, the IEA, and the US EIA all predicting strong oil demand growth in the second half of this year.

Asian markets traded yesterday without any unified dynamics. Japan’s Nikkei 225 (JP225) gained 1.00%, China’s FTSE China A50 (CHA50) decreased by 0.09%, Hong Kong’s Hang Seng (HK50) was down 0.11%, while Australia’s ASX 200 (AU200) was positive 1.01%.

Hong Kong stocks rose in early trading on Wednesday, recovering from sluggish sessions in the previous two sessions as all sectors rose. The index approached its highest level in a fortnight as traders sought to take new positions following the Hong Kong government’s announcement that markets in the Asian financial center will remain open during typhoons and extreme weather conditions from September 23. Investors are also awaiting the People’s Bank of China’s lending rate decision on Thursday after the Central Bank decided earlier this week to leave the medium-term lending rate unchanged at 2.5%.

The Reserve Bank of Australia took a hawkish tone in a press conference after this week’s meeting, warning of upside risks to inflation. RBA Governor Michele Bullock also said the board discussed the need to raise the interest rate at its June meeting, while arguments for a rate cut were not considered. These comments came after the Central Bank left the money rate unchanged at 4.35% for the fifth consecutive meeting, as expected.

New Zealand’s inflation rate has slowed significantly recently. However, it remains above both pre-pandemic levels and the Monetary Policy Committee’s (MPC) target range of 1% to 3%. Compared to other countries, labor market shortages caused by the border closure have played an important role in driving up inflation in New Zealand. Recent research emphasizes that the emergence of spare capacity in the economy will lead to lower domestic inflation.

S&P 500 (US500) 5,487.03 +13.80 (+0.25%)

Dow Jones (US30) 38,834.86 +56.76 (+0.15%)

DAX (DE40) 18,131.97 +63.76 (+0.35%)

FTSE 100 (UK100) 8,191.29 +49.14 (+0.60%)

USD Index 105.25 −0.07 (−0.06%)

Important events today:
  • – Japan BoJ Monetary Policy Meeting Minutes (m/m) at 02:50 (GMT+3);
  • – Japan Trade Balance (m/m) at 02:50 (GMT+3);
  • – UK Consumer Price Index (m/m) at 09:00 (GMT+3);
  • – UK Producer Price Index (m/m) at 09:00 (GMT+3).

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Economics & Fundamentals Financial News
18 Jun

The RBA kept interest rates on hold and remained hawkish. Oil rises as global demand outlook improves

By JustMarkets

At the end of yesterday, the Dow Jones Index (US30) added 0.49%, while the S&P 500 Index (US500) was up 0.77%. The NASDAQ Technology Index (US100) closed positive 0.95%. On Monday, the S&P 500 Index (US500) closed at a record high, ignoring rising Treasury yields, with technology stocks continuing to rise amid continued Fed speeches. Philadelphia Fed President Patrick Harker said on Monday that he expects only one rate cut if the economy performs as expected, as current rate levels are likely to keep inflation lower and prevent the risk of higher inflation. Markets rate the odds of a 25bp rate cut at 8% for the next FOMC meeting on 30–31 July and 59% for the 17–18 September meeting.

Also positive for US equities, Citigroup raised its outlook for US equities to “overweight” from “neutral.” It lowered its outlook for European equities to “neutral” from “overweight,” citing a “significantly greater pro-growth bias in the US compared to Europe.”

Moderna (MRNA) closed down over 1% on signs of insider selling after director Afeyan sold $2.21 million shares last Wednesday. Tesla (TSLA) closed higher by more than 5% after Bloomberg reported that the company received approval to test its advanced driver assistance system on streets in China.

Equity markets in Europe were mostly up on Monday. Germany’s DAX (DE40) rose by 0.37%, France’s CAC 40 (FR40) closed higher by 0.91%, Spain’s IBEX 35 (ES35) fell by 0.30% and the UK’s FTSE 100 (UK100) closed negative 0.06%. French political risks eased slightly with Marine Le Pen saying she would cooperate with French President Macron if she wins the upcoming French election.

WTI crude oil prices held above the $80 per barrel mark on Tuesday, having risen nearly 2% in the previous session, thanks to an improving global demand outlook and expectations that major oil producers will keep supply low. Recent market outlook reports from OPEC, the International Energy Agency, and the US Energy Information Administration pointed to strong growth in oil demand in the second half of this year. Oil prices also followed a broad rally in risk assets as easing inflationary pressures in major economies boosted hopes of interest rate cuts in the coming months.

Asian markets were predominantly falling yesterday. Japan’s Nikkei 225 (JP225) fell by 1.83%, China’s FTSE China A50 (CHA50) was down 0.17%, Hong Kong’s Hang Seng (HK50) lost 0.03%, and Australia’s ASX 200 (AU200) was negative 0.31%.

The Reserve Bank of Australia (RBA) kept the cash rate at 4.35% at its June meeting, leaving borrowing costs unchanged for the fifth time. At the same time, the Central Bank again warned that inflation is still above the mid-point of the target range of 2–3% due to the continued high cost of services. The board is still not ruling anything out and will rely on incoming data. At the same time, there have been signs of softening economic activity, as evidenced by slowing GDP growth, rising joblessness, and slower-than-expected wage growth.

Bank of Japan Governor Kazuo Ueda told the Japanese Parliament that he may raise interest rates again at the July meeting depending on upcoming economic data. He also noted that rising import costs caused by a weak yen could hurt household spending but added that rising wages could boost consumption. This could be the foundation for a trend reversal in the yen.

S&P 500 (US500) 5,473.23 +41.63 (+0.77%)

Dow Jones (US30) 38,778.10 +188.94 (+0.49%)

DAX (DE40) 18,068.21 +66.19 (+0.37%)

FTSE 100 (UK100) 8,142.15 −4.71 (−0.06%)

USD Index 105.34 −0.21 (−0.2%)

Important events today:
  • – Australia RBA Interest Rate Decision at 07:30 (GMT+3);
  • – Australia RBA Rate Statement at 07:30 (GMT+3);
  • – Australia RBA Press Conference at 08:30 (GMT+3);
  • – German ZEW Economic Sentiment (m/m) at 12:00 (GMT+3);
  • – Eurozone ZEW Economic Sentiment (m/m) at 12:00 (GMT+3);
  • – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+3);
  • – US Retail Sales (m/m) at 15:30 (GMT+3);
  • – US Industrial Production (m/m) at 16:15 (GMT+3).

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Economics & Fundamentals Financial News
17 Jun

Central banks face threats to their independence – and that isn’t good news for sound economic stewardship (or battling inflation)

By Cristina Bodea, Michigan State University and Ana Carolina Garriga, University of Essex 

Nearly every country in the world has a central bank – a public institution that manages a country’s currency and its monetary policy. And these banks have an extraordinary amount of power. By controlling the flow of money and credit in a country, they can affect economic growth, inflation, employment and financial stability – all things that can, if played right, provide politicians with economic boosts around election time, only to saddle the economy with problems further down the line.

That is why, recently, central banks across the globe received significant leeway to set interest rates independently and free from the electoral wishes of politicians.

In fact, monetary policymaking that is data-driven and technocratic – rather than politically motivated – has since the early 1990s been seen as the gold standard of governance of national finances. By and large, this arrangement – in which central bankers keep politicians at arm’s length – has achieved its main purpose: Inflation has been relatively low and stable in countries with independent central banks, such as Switzerland or Sweden – certainly until the pandemic and war in Europe began pushing up prices globally.

In comparison, countries such as Lebanon or Egypt, where independence was never extended, or Argentina and Turkey, where it has been curtailed, have experienced more bouts of high inflation.

But despite independence being seen to work, central banks over the past decade have come under increased pressure from politicians. They hope to keep interest rates low and reap voter gratitude for a humming economy and cheap loans.

Donald Trump is one recent example. While president, Trump criticized his own choice to head the U.S. Federal Reserve and demanded lower interest rates. Now, should Trump return to the White House, some of his allies have drawn up plans that would see a reelected Trump sitting in the Fed’s interest rate-setting meetings or, at the very least, replace current Fed Chair Jerome Powell.

Similarly, the Bank of England’s independence has been formally put under review. The British government has also publicly pressured the Bank of England to cut interest rates, presumably to bolster the economy in advance of July’s general election.

As political economists, we are not surprised to see politicians try to exert influence on central banks. Monetary policy, even with independence, has always been political. For one thing, central banks remain part of the government bureaucracy, and independence granted to them can always be reversed – either by changing laws or backtracking on established practices.

Moreover, the reason politicians – especially those facing an election – may want to interfere in monetary policy is that low interest rates remain a potent, quick method to boost an economy. And while politicians know that there are costs to besieging an independent central bank – financial markets may react negatively, or inflation may flare up – short-term control of a powerful policy tool can prove irresistible.

Legislating independence

If monetary policy is such a coveted policy tool, how have central banks held off politicians and stayed independent? And is this independence being eroded?

Broadly, central banks are protected by laws that offer long tenures to their leadership, allow them to focus policy primarily on inflation, and severely limit lending to the rest of the government.

Of course, such legislation cannot anticipate all future contingencies, which may open the door for political interference or for practices that break the law. And sometimes central bankers are unceremoniously fired.

However, laws do keep politicians in line. For example, even in authoritarian countries, laws protecting central banks from political interference have helped reduce inflation and restricted central bank lending to the government.

In our own research, we have detailed the ways that laws have insulated central banks from the rest of the government, but also the recent trend of eroding this legal independence.

Politicizing appointees

Around the world, appointments to central bank leadership are political – elected politicians select candidates based on career credentials, political affiliation and, importantly, their dislike or tolerance of inflation.

But lawmakers in different countries exercise different degrees of political control.

A 2023 study shows that the large majority of central bank leaders – about 70% – are appointed by the head of government alone or with the intervention of other members of the executive branch. This ensures that the preferences of the central bank are closer to the government’s, which can boost the central bank’s legitimacy in democratic countries, but at the risk of permeability to political influence.

Alternatively, appointments can involve the legislative power or even the central bank’s own board. In the U.S., while the president nominates members of the Federal Reserve Board, the Senate can and has rejected unconventional or incompetent candidates.

Moreover, even if appointments are political, many central bankers stay in office long after the people who appointed them have been voted out. By the end of 2023, the most common length of the governors’ appointment is five years, and in 41 countries the legal mandate was six years or longer.

In the 2000s, several countries shortened the tenure of their central banks’ governors to four or five years. Sometimes, this was part of broader restrictions in central bank independence, as was the case in Iceland in 2001, Ghana in 2002 and Romania in 2004.

The low inflation objective

As of 2023, all but six central banks globally had low inflation as their main goal. Yet many central banks are required by law to try to achieve additional and sometimes conflicting goals, such as financial stability, full employment or support for the government’s policies.

This is the case for 38 central banks that either have the explicit dual mandate of price stability and employment or more complex goals. In Argentina, for example, the central bank’s mandate is to provide “employment and economic development with social equity.”

Conflicting objectives can open central banks to politicization. In the U.S., the Federal Reserve has a dual mandate of stable prices and maximum sustainable employment. These goals are often complementary, and economists have argued that low inflation is a prerequisite for sustainable high levels of employment.

But in times of overlapping high inflation and high unemployment, like in the late 1970s or when the COVID-19 crisis was winding down in 2022, the Fed’s dual mandate has become active territory for political wrangling.

Since 2000, at least 23 countries have expanded the focus of their central banks beyond just inflation.

Limits on government lending

The first central banks were created to help secure finance for governments fighting wars. But today, limiting lending to governments is at the core of protecting price stability from unsustainable fiscal spending.

History is dotted with the consequences of not doing so. For example, in the 1960s and 1970s, central banks in Latin America printed money to support their governments’ spending goals. But it resulted in massive inflation while not securing growth or political stability.

Today, limits on lending are strongly associated with lower inflation in the developing world. And central banks with high levels of independence can reject a government’s financing requests or dictate the terms of loans.

Yet over the past two decades, almost 40 countries have made their central banks less able to limit central government funding. In the more extreme examples – such as in Belarus, Ecuador or even New Zealand – they have turned the central bank into a potential financier for the government.

Scapegoating central bankers

In recent years, governments have tried to influence central banks by pushing for lower interest rates, making statements criticizing bank policy or calling for meetings with central bank leadership.

At the same time, politicians have blamed the same central bankers for a number of perceived failings: not anticipating economic shocks such as the 2007-09 financial crisis; exceeding their authority with quantitative easing; and creating massive inequality or instability while trying to save the financial sector.

And since mid-2021, major central banks have struggled to keep inflation low, raising questions from populist and antidemocratic politicians about the merits of an arm’s-length relationship.

But chipping away at central bank independence is a historically sure way to high inflation.The Conversation

About the Author:

Cristina Bodea, Professor of Political Science, Michigan State University and Ana Carolina Garriga, Professor of Political Science, University of Essex

This article is republished from The Conversation under a Creative Commons license. Read the original article.

 

Economics & Fundamentals Opinions
17 Jun

Oil prices continue to be supported by voluntary cuts by OPEC countries. Hong Kong index fell to a 6-week low

By JustMarkets

At Friday’s close, the Dow Jones (US30) Index was down 0.15% (for the week -0.50%), while the S&P 500 (US500) Index decreased by 0.04% (for the week +1.69%). The NASDAQ Technology Index (US100) closed positive 0.12% (for the week +3.54%). Hawkish comments from Fed Chair Cleveland Mester bolstered the US dollar and pressured stocks when she said she wanted to see a few more months of good inflation data before cutting interest rates.

The University of Michigan’s US consumer sentiment index for June unexpectedly fell by 2.5 to a 7-month low of 65.6, weaker than expectations for a rise to 72.0. The University of Michigan’s US 1-year inflation expectations indicator for June was unchanged from May at 3.3%, which was weaker than expectations of a decline to 3.2%. The 5-10 year inflation expectations indicator rose to a 7-month high of 3.1% in June, above expectations of no change at 3.0%.

Equity markets in Europe mostly fell on Friday. The German DAX (DE40) fell by 1.44% (for the week -2.96%), the French CAC 40 (FR40) closed down 2.66% (for the week -3.96%), the Spanish IBEX 35 (ES35) decreased by 0.67% (for the week -3.37%), and the UK FTSE 100 (UK100) closed negative 0.21% (for the week -1.19%) on Friday. European markets are increasingly anxious about European politics after French President Macron announced snap legislative elections following his party’s defeat in last Sunday’s European Parliament elections.

Centeno, a spokesman for the ECB’s governing council, said the ECB should be cautious in bringing interest rates to levels that neither stimulate nor restrain the economy, suggesting the ECB would not be in a hurry before cutting rates again. His colleague, ECB Governing Council spokesman Vasle, said there is a good chance that cutting interest rates will be much slower than the process of raising rates. Swaps discount the odds of a 25 bps ECB rate cut by 16% for the 18 July meeting and 63% for the 12 September meeting.

Oil prices rose nearly 4% last week due to improved global demand forecasts, and OPEC’s current production policy continues to support the market. Despite the announcement that it may begin phasing out voluntary cuts in October, the group continues to stress that it will force non-compliant members to cut production in the coming months.

Asian markets were predominantly up last week. Japan’s Nikkei 225 (JP225) gained 0.32% for the week, China’s FTSE China A50 (CHA50) closed around its opening level for the week, Hong Kong’s Hang Seng (HK50) fell by 3.34% for the week and Australia’s ASX 200 (AU200) was negative 1.25%. Hong Kong’s Hang Seng Index (HK50) hit a six-week low on Monday. Hong Kong stocks have come under pressure in recent weeks as the prospect of lower US interest rates and further Western economic sanctions on Chinese companies have undermined investor confidence.

The offshore yuan stabilized at 7.26 per dollar as traders processed a variety of economic indicators from China. The country’s retail sales rose to a three-month high of 3.7% year-on-year in May, accelerating from a fifteen-month low of 2.3% in the previous month and exceeding the forecast growth of 3%, signaling a rebound in consumer spending. However, the broader economic picture remained mixed, with industrial production and fixed asset investment coming in below market forecasts in May and the urban unemployment rate remaining unchanged at 5%. On the monetary policy front, the People’s Bank of China (PBoC) decided to leave the medium-term lending rate unchanged at 2.5% for 10 consecutive months, which was widely expected.

S&P 500 (US500) 5,431.60 −2.14 (−0.04%)

Dow Jones (US30) 38,589.16 −57.94 (−0.15%)

DAX (DE40) 18,002.02 −263.66 (−1.44%)

FTSE 100 (UK100) 8,146.86 −16.81 (−0.21%)

USD Index 105.51 −0.04 (−0.04%)

Important events today:
  • – China Industrial Production (m/m) at 05:00 (GMT+3);
  • – China Retail Sales (m/m) at 05:00 (GMT+3);
  • – China Unemployment Rate (m/m) at 05:00 (GMT+3);
  • – US NY Empire State Manufacturing Index at 15:30 (GMT+3);
  • – US FOMC Harker Speaks at 20:00 (GMT+3).

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Economics & Fundamentals Financial News
13 Jun

Inflation is cooling, but not fast enough for the Fed: Policymakers now expect only one rate cut in 2024

By Christopher Decker, University of Nebraska Omaha 

It was a double-whammy Wednesday for economic-data enthusiasts.

During the morning of June 12, 2024, the Bureau of Labor Statistics published its latest inflation figures. The news was relatively good, showing that inflation rose 3.3% in the year to May 2024 – less than some analysts had expected.

A few hours later, the Federal Reserve concluded its June meeting by holding interest rates steady – as forecasters expected – and releasing an updated set of economic projections.

What does it all mean? The Conversation U.S asked economist Christopher Decker to explain.

What are your major takeaways from the latest inflation report?

The May inflation rate – as measured by the Consumer Price Index for All Urban Consumers, or CPI-U – was down a bit from April, but not by much. Basically, this implies that not much changed on the inflation front, and it’s been like this for a while now.

This isn’t a bad thing, though. I like to take the long view: U.S. inflation has really stabilized around 3.3%. In fact, we’ve been around 3% to 3.7% for 12 months now. So we have stable price growth – even if it’s higher than the Fed’s target rate of 2% – as well as wage and job growth. This economy is still quite strong.

In terms of the details, energy prices are down compared with last month – but energy prices tend to be volatile, so that might be a blip in the data, not a real trend. Labor markets are still tight. Average hourly earnings rose 4.1% this May compared to last year, indicating that employers need to pay higher wages to attract new workers and retain existing ones.

In May, inflation-adjusted earnings increased 0.5% from April to May of this year. So with wages outpacing inflation, consumer spending – which amounts to two-thirds of American gross domestic product – will likely increase. Payrolls increased by 272,000 in May, up from 165,000 and 310,000 in April and March, respectively.

In short, this report, along with other recent data reports, continues to show a fairly robust and stable economy.

Why has inflation stayed above the Federal Reserve’s 2% target for so long?

Housing and rents are major reasons inflation has stayed above 2%. Rental prices are up due to higher construction and maintenance costs, as well as strong demand from people priced out of homeownership. Home prices and mortgage rates remain high, making home purchases difficult, particularly for first-time homebuyers.

The Fed held interest rates steady today, and indicated it would likely cut rates one time in 2024. But just three months ago, policymakers were mulling three rate cuts this year. What changed?

The Fed is very data-driven, and when the data changes, the Fed changes course.

It’s important to remember that the Fed has hiked rates more than 10 times since March 2022. This was done in an effort to slow economic growth and thereby rein in inflation. I think a lot of policymakers thought that would push the inflation rate down more rapidly than it did. Instead, job growth remained stronger than expected.

In many ways, the labor market is still working through COVID-related disruptions. Many workers gradually reentered the workforce. Therefore, production could increase to meet demand for goods and services. This meant that there was room for the economy to grow even with slightly higher inflation.

The U.S. also saw supply-chain disruptions unlike anything in recent memory. We’re likely still dealing with a few residual effects here, as well. As a result, higher rates worked to slow inflation down – just not to 2%.

Now, time will tell if we are at a new normal. The Fed clearly doesn’t think so. It’s still holding fast to 2% inflation. If the labor market does seem to settle where it currently is, then we may see some elevated wage increases compared to pre-COVID rates. That could lead to slightly higher inflation rates, as firms seek to keep profit margins while covering higher labor costs.

If inflation is stable and wages have been showing some growth, why do so many Americans feel bad about the economy?

I think part of it is that people tend to compare today’s prices to prices they paid years ago – they’re not focusing so much on month-to-month inflation. For example, the average price of a dozen eggs is about $US2.70 today, whereas before COVID it was $1.46 or so. People remember that and feel ripped off – forgetting that eggs were $4.82 in early 2023 and those prices have generally fallen since.

What do you think will happen the rest of this year?

Even if we set aside the Fed’s 2% inflation target, from a macroeconomic perspective the data right now simply doesn’t suggest we need to change interest rates. Economic growth isn’t slowing dramatically, so cutting rates isn’t necessary. And inflation isn’t accelerating, so increasing rates isn’t justified.

Holding rates constant – as hard as that is for some potential homebuyers to hear – is just the most sound policy right now.

What do you think will happen in the long term?

I was looking at the Fed’s most recent “dot plot,” which shows where each of the Fed’s voting officers expect benchmark interest rates will settle in 2024, 2025 and 2026.

The majority of officials think the federal funds rate, currently at 5.3%, will stay at about this level for the rest of this year, then fall to a bit above 4% in 2025. Most then think it will reach 3.25% or so by 2026. So they are betting on the need for rate cuts in 2025 and 2026.

This makes sense to me – certainly for 2025. There are signs of a slowing economy and slowing job market. Expect any moves toward rate cuts to be gradual, though. The Fed is being very cautious, and so long as there are no dramatic spikes in the key job and inflation data, a gradual lowering is a fair bet.The Conversation

About the Author:

Christopher Decker, Professor of Economics, University of Nebraska Omaha

This article is republished from The Conversation under a Creative Commons license. Read the original article.

 

Economics & Fundamentals Opinions
13 Jun

The US Fed has planned only one rate cut this year and four cuts in 2025

By JustMarkets

At Wednesday’s close, the Dow Jones Index (US30) decreased by 0.09%, while the S&P 500 Index (US500) added 0.85%. The NASDAQ Technology Index (US100) closed positive 1.53%. Meanwhile, the S&P 500 (US500) and NASDAQ (US100) indices made new highs.

As expected, the FOMC kept the target range for the federal funds rate unchanged at 5.25%–5.50% and said it would not cut rates until there is more confidence that inflation is moving steadily toward 2%. The FOMC maintained its 2024 US GDP estimate at 2.4%, unchanged from March, but raised its 2024 core PCE prognosis to 2.8% from 2.6% in March. Meanwhile, the dot plot shows that policymakers see only one rate cut this year and four cuts in 2025. Fed Chairman Powell said that inflation has come down significantly but is still too high, and the Fed maintains its restrictive stance to reduce demand relative to supply. He added that the CPI report is “progress” but not enough to justify policy easing. Markets rate the odds of a 25 bps rate cut at 8% at the July 30–31 FOMC meeting and 60% at the next meeting on September 17–18.

Oracle (ORCL) climbed a record 13%, leading the S&P 500 stocks higher after announcing a cloud infrastructure partnership with Google Cloud, Microsoft, and OpenAI. Apple (AAPL) closed up over 2% after unveiling new artificial intelligence features, including operating system updates and a new artificial intelligence platform called Apple Intelligence.

Equity markets in Europe were mostly up on Wednesday. Germany’s DAX (DE40) rose by 1.42%, France’s CAC 40 (FR40) closed up 0.97%, Spain’s IBEX 35 (ES35) added 0.63%, and the UK’s FTSE 100 (UK100) closed positive 0.83%.

ECB executive board representative Schnabel said yesterday that the Eurozone economy is gradually recovering, but the “last mile” of disinflation is proving to be bumpy. His counterpart, ECB governing council spokesman Patsalides, said the ECB’s future actions on interest rates would depend on data, and there is no specific direction the Central Bank is sticking to.

President Macron has denied rumors of resigning if his party performs poorly in the upcoming legislative elections. Macron’s call for snap elections came in response to the far-right’s victory in the European Parliament elections, which has raised investor concerns about France’s economic and financial future.

WTI crude oil prices fell to $78 a barrel on Thursday, retreating from two-week highs, as EIA data showed US crude inventories rose by 3.73 million barrels last week, the highest in six weeks, and defeated market expectations of a 1.55 million barrel decline.

Asian markets were predominantly down yesterday. Japan’s Nikkei 225 (JP225) was down 0.66%, China’s FTSE China A50 (CHA50) lost 0.07%, Hong Kong’s Hang Seng (HK50) was down 1.31% and Australia’s ASX 200 (AU200) was negative 0.51%.

Hong Kong’s stock market rose by 0.50% in morning trading on Thursday after falling more than 1% in the previous session, mainly due to gains in consumer and technology stocks. Electric carmakers rose amid signs that the EU’s tentative decision to raise tariffs on Chinese cars matched market expectations.

In Australia, the unemployment rate fell to 4% in May from a three-month high of 4.1% in April, matching expectations. The Reserve Bank of Australia (RBA) will keep the money rate at 4.35% at next week’s meeting but will likely reiterate that it will not rule out a further rate hike if inflation picks up. Last week, RBA Governor Michele Bullock said she would not hesitate if inflation picks up but noted that the risks to rates and inflation are currently balanced.

S&P 500 (US500) 5,421.03 +45.71 (+0.85%)

Dow Jones (US30) 38,712.21 −35.21 (−0.09%)

DAX (DE40) 18,630.86 +260.92 (+1.42%)

FTSE 100 (UK100) 8,215.48 +67.67 (+0.83%)

USD Index 104.70 −0.53 (−0.56%)

Important events today:
  • – Australia Unemployment Rate (m/m) at 04:30 (GMT+3);
  • – Eurozone Industrial Production (m/m) at 09:00 (GMT+3);
  • – Switzerland Producer Price Index (m/m) at 09:30 (GMT+3);
  • – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
  • – US Producer Price Index (m/m) at 15:30 (GMT+3);
  • – US Natural Gas Storage (w/w) at 17:30 (GMT+3);
  • – US FOMC Williams Speaks at 19:00 (GMT+3).

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Economics & Fundamentals Financial News
12 Jun

China’s consumer inflation is on the rise. Today, the focus is on the FOMC meeting

By JustMarkets

At Tuesday’s close, the Dow Jones Index (US30) decreased by 0.31%, while the S&P 500 Index (US500) added 0.27%. The NASDAQ Technology Index (US100) closed positive 0.88%. Weakness in bank stocks weighed on the Dow Jones Industrials after Pimco said it expects more bank failures of regional banks in the US due to a “very high” concentration of troubled commercial real estate loans on their balance sheets. Stocks also came under some downward pressure due to caution ahead of Wednesday’s CPI report and the outcome of Wednesday’s FOMC meeting.

The US Central Bank will hold its next monetary policy meeting today. The probability that the US Fed will start cutting rates at the current meeting is almost zero. Therefore, traders should focus on the FOMC estimates and the speech of Fed Chief Jerome Powell at the press conference after the meeting. Consumer inflation data for May will be released a few hours before the Fed meeting on Wednesday. Further signs of weakening inflation could increase expectations for a rate cut, especially given signs of economic weakness. As a result, most factors indicate that the statement and speech will have a hawkish bias. This could give confidence to the dollar, which would negatively impact risk assets (euro, pound), metals, and indices. There is only a small chance that the situation will change. For that, inflation data would have to show significant downward progress.

Apple (AAPL) rose more than 7% to a record high and supported gains in tech stocks when D.A. Davidson upgraded the stock to “buy” from “neutral” with a $230 price target on “expectations of an iPhone refresh cycle.” Shares of PayPal Holdings (PYPL) fell more than 3% and topped the Nasdaq 100 losers list after Apple demonstrated a new tap-to-cash feature that allows for quick payments between individuals.

Equity markets in Europe were mostly down on Tuesday. Germany’s DAX (DE40) fell by 0.68%, France’s CAC 40 (FR40) closed down 1.33%, Spain’s IBEX 35 (ES35) lost 1.60%, and the UK’s FTSE 100 (UK100) closed negative 0.98%. ECB Governing Council spokesman Rehn said yesterday that the ECB is not pre-committing to any interest rate path. This confirms what his colleagues have said that the ECB will not cut rates at its next meeting. Swaps estimate the probability of a 25bp ECB rate cut at 8% for the July 18 meeting and 49% for the September 12 meeting.

French President Macron has called for snap legislative elections in response to the far-right’s success in the European Parliament elections. Although Macron will retain the presidency and powers over foreign policy and defense, his ability to push through legislation could be affected by the outcome of the election and the appointment of a new prime minister. There are also concerns that the president could resign if his party performs poorly in the upcoming elections, raising concerns about France’s financial situation.

WTI crude prices climbed above $78 a barrel on Wednesday, having risen in five of the last six sessions on the back of an improved global demand outlook. The US agency EIA raised its prognosis for global oil demand growth to 1.1 million bpd in 2024 from a previous estimate of 900,000 bpd, with demand in Asian countries, excluding Japan, revised upward. OPEC also maintained its prognosis for solid growth in global oil demand this year due to increased travel and tourism expectations in the second half of the year.

Asian markets were mostly down yesterday. Japan’s Nikkei 225 (JP225) gained 0.25%, China’s FTSE China A50 (CHA50) declined 1.48%, Hong Kong’s Hang Seng (HK50) fell on -1.04% and Australia’s ASX 200 (AU200) was negative 1.33%.

The offshore yuan rose to 7.26 per dollar as traders reacted to the latest Chinese inflation data. The data showed consumer prices rose steadily in May, and producer price deflation eased slightly. This suggests that the Chinese government’s efforts to stimulate the economy are starting to show positive results. China’s annual inflation rate in May 2024 was 0.3%, holding steady for the second consecutive month and falling short of market estimates of 0.4%. It was the fourth consecutive month of rising consumer inflation. Meanwhile, traders took a cautious stance following a report that the Biden administration may impose further restrictions on China’s access to artificial intelligence technology amid escalating tensions between the US and China.

S&P 500 (US500) 5,375.32 +14.53 (+0.27%)

Dow Jones (US30) 38,747.42 −120.62 (−0.31%)

DAX (DE40) 18,369.94 −124.95 (−0.68%)

FTSE 100 (UK100) 8,147.81 −80.67 (−0.98%)

USD Index 105.26 +0.03 (+0.03%)

Important events today:
  • – Japan Producer Price Index (m/m) at 02:50 (GMT+3);
  • – China Consumer Price Index (q/q) at 04:30 (GMT+3);
  • – China Producer Price Index (q/q) at 04:30 (GMT+3);
  • – UK GDP (m/m) at 09:00 (GMT+3);
  • – UK Industrial Production (m/m) at 09:00 (GMT+3);
  • – UK Trade Balance (m/m) at 09:00 (GMT+3);
  • – German Consumer Price Index (m/m) at 09:00 (GMT+3);
  • – US Consumer Price Index (m/m) at 15:30 (GMT+3);
  • – US Crude Oil Inventories (w/w) at 17:30 (GMT+3);
  • – US Fed Interest Rate Decision at 21:00 (GMT+3);
  • – US FOMC Monetary Policy Statement at 21:00 (GMT+3);
  • – US FOMC Press Conference at 21:30 (GMT+3);
  • – Canada BoC Gov Macklem Speaks at 22:15 (GMT+3).

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Economics & Fundamentals Financial News
11 Jun

The warming ocean is leaving coastal economies in hot water

By Charles Colgan, Middlebury Institute of International Studies 

Ocean-related tourism and recreation supports more than 320,000 jobs and US$13.5 billion in goods and services in Florida. But a swim in the ocean became much less attractive in the summer of 2023, when the water temperatures off Miami reached as high as 101 degrees Fahrenheit (37.8 Celsius).

The future of some jobs and businesses across the ocean economy have also become less secure as the ocean warms and damage from storms, sea-level rise and marine heat waves increases.

Ocean temperatures have been heating up over the past century, and hitting record highs for much of the past year, driven primarily by the rise in greenhouse gas emissions from burning fossil fuels. Scientists estimate that more than 90% of the excess heat produced by human activities has been taken up by the ocean.

That warming, hidden for years in data of interest only to oceanographers, is now having profound consequences for coastal economies around the world.

Understanding the role of the ocean in the economy is something I have been working on for more than 40 years, currently at the Center for the Blue Economy of the Middlebury Institute of International Studies. Mostly, I study the positive contributions of the ocean, but this has begun to change, sometimes dramatically. Climate change has made the ocean a threat to the economy in multiple ways.

The dangers of sea-level rise

One of the big threats to economies from ocean warming is sea-level rise. As water warms, it expands. Along with meltwater from glaciers and ice sheets, thermal expansion of the water has increased flooding in low-lying coastal areas and put the future of island nations at risk.

In the U.S., rising sea levels will soon overwhelm Isle de Jean Charles in Louisiana and Tangier Island in Chesapeake Bay.

Flooding at high tide, even on sunny days, is becoming increasingly common in places such as Miami Beach; Annapolis, Maryland; Norfolk, Virginia; and San Francisco. High-tide flooding has more than doubled since 2000 and is on track to triple by 2050 along the country’s coasts.

Maps show temperatures and sea level rise, with the fastest ris along the Gulf and Atlantic coasts, and lower rates on the Pacific.
Satellite and tide gauge data show sea-level change from 1993 to 2020.
National Climate Assessment 2023

Rising sea levels also push salt water into freshwater aquifers, from which water is drawn to support agriculture. The strawberry crop in coastal California is already being affected.

These effects are still small and highly localized. Much larger effects come with storms enhanced by sea level.

Higher sea level can worsen storm damage

Warmer ocean water fuels tropical storms. It’s one reason forecasters are warning of a busy 2024 hurricane season.

Tropical storms pick up moisture over warm water and transfer it to cooler areas. The warmer the water, the faster the storm can form, the quicker it can intensify and the longer it can last, resulting in destructive storms and heavy downpours that can flood cities even far from the coasts.

When these storms now come in on top of already higher sea levels, the waves and storm surge can dramatically increase coastal flooding.

What Hurricane Hugo’s flooding would look like in Charleston, S.C., with today’s higher sea levels.

Tropical cyclones caused more than $1.3 trillion in damage in the U.S. from 1980 to 2023, with an average cost of $22.8 billion per storm. Much of that cost has been absorbed by federal taxpayers.

It is not just tropical storms. Maine saw what can happen when a winter storm in January 2024 generated tides 5 feet above normal that filled coastal streets with seawater.

What does that mean for the economy?

The possible future economic damages from sea-level rise are not known because the pace and extent of rising sea levels are unknown.

One estimate puts the costs from sea-level rise and storm surge alone at over $990 billion this century, with adaptation measures able to reduce this by only $100 billion. These estimates include direct property damage and damage to infrastructure such as transportation, water systems and ports. Not included are impacts on agriculture from saltwater intrusion into aquifers that support agriculture.

Marine heat waves leave fisheries in trouble

Rising ocean temperatures are also affecting marine life through extreme events, known as marine heat waves, and more gradual long-term shifts in temperature.

In spring 2024, one third of the global ocean was experiencing heat waves. Corals are struggling through their fourth global bleaching event on record as warm ocean temperatures cause them to expel the algae that live in their shells and give the corals color and provide food. While corals sometimes recover from bleaching, about half of the world’s coral reefs have died since 1950, and their future beyond the middle of this century is bleak.

A school of fish with yellow tails swim over a reef in July 2023.
Healthy coral reefs serve as fish nurseries and habitat. These schoolmaster snappers were spotted on Davey Crocker Reef near Islamorada in the Florida Keys.
Jstuby/wikimedia, CC BY

Losing coral reefs is about more than their beauty. Coral reefs serve as nurseries and feeding grounds for thousands of species of fish. By NOAA’s estimate, about half of all federally managed fisheries, including snapper and grouper, rely on reefs at some point in their life cycle.

Warmer waters cause fish to migrate to cooler areas. This is particularly notable with species that like cold water, such as lobsters, which have been steadily migrating north to flee warming seas. Once-robust lobstering in southern New England has declined significantly.

Map shows how the average locations of lobster, red hake and black sea bass changed over 45 year, 1974-2019. Smaller charts show each moving
How three fish and shellfish species migrated between 1974 and 2019 off the U.S. Atlantic Coast. Dots shows the annual average location.
NOAA

In the Gulf of Alaska, rising temperatures almost wiped out the snow crabs, and a $270 million fishery had to be completely closed for two years. A major heat wave off the Pacific coast extended over several years in the 2010s and disrupted fishing from Alaska to Oregon.

This won’t turn around soon

The accumulated ocean heat and greenhouse gases in the atmosphere will continue to affect ocean temperatures for centuries, even if countries cut their greenhouse gas emissions to net zero by 2050 as hoped. So, while ocean temperatures fluctuate year to year, the overall trend is likely to continue upward for at least a century.

There is no cold-water tap that we can simply turn on to quickly return ocean temperatures to “normal,” so communities will have to adapt while the entire planet works to slow greenhouse gas emissions to protect ocean economies for the future.The Conversation

About the Author:

Charles Colgan, Director of Research for the Center for the Blue Economy, Middlebury Institute of International Studies

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Economics & Fundamentals Opinions
10 Jun

Traders further lowered their expectations for a Fed interest rate cut this year

By JustMarkets

At Tuesday’s close, the Dow Jones Index (US30) decreased by 1.06% and fell to a 3-week low. The S&P 500 index (US500) was down 1.06%. The NASDAQ Technology Index (US100) closed negative 0.58%. Stocks declined amid rising bond yields driven by hawkish remarks from Fed officials. On Wednesday, Atlanta Fed President Bostic said that the path to 2% inflation is not guaranteed and that the scope for price increases is still significant. This came from recent comments from Minneapolis FRB President Kashkari, who said the US Central Bank should hold off on cutting rates until inflation improves significantly. Markets are pricing in a 25 bps chance of a rate cut to 0% at the June 12 FOMC meeting and 10% at the next meeting on July 31.

The Richmond Fed’s May survey of the US manufacturing outlook rose 7 to a 7-month high, beating expectations of no change at negative 7. The Fed’s Beige Book was neutral for stocks, showing that the US economy has grown at a “slight to moderate” pace in most regions since early April. Employment grew at a modest pace, with eight of twelve counties reporting “slight to moderate job growth,” and prices rose at a “moderate pace,” with business officials noting that consumers are resisting additional price increases.

Equity markets in Europe mostly fell yesterday. Germany’s DAX (DE40) fell by 1.10%, France’s CAC 40 (FR40) closed down 1.52%, Spain’s IBEX 35 (ES35) lost 1.16%, and the UK’s FTSE 100 (UK100) closed negative 0.86%.

The German GfK Consumer Confidence Index for June rose by 3.1 to a 2-year high of negative 20.9, which was stronger than expectations of negative 22.5. May German CPI (EU harmonized) rose to 2.8% y/y, beating expectations of 2.7% y/y and the largest increase in 4 months. ECB Governing Council spokesman Kazaks said the ECB should not go on “autopilot” when cutting interest rates after the expected rate cut next week.

WTI crude oil prices held near $79 a barrel on Thursday after losing nearly 1% in the previous session, weakened by growing expectations that borrowing costs could remain high for longer, dampening the demand outlook. Commodities and other risk assets sold off on Wednesday, and bond yields rose as traders bet that the US Federal Reserve may delay the start of its easing cycle or even decide not to cut rates at all this year. Today, the EIA will release last week’s crude oil inventories report. A decline of 1.6m barrels is expected, which may support oil prices.

Asian markets were mostly rising on Monday. Japan’s Nikkei 225 (JP225) was down 0.77%, China’s FTSE China A50 (CHA50) added 0.20%, Hong Kong’s Hang Seng (HK50) was down 1.83% for the day, and Australia’s ASX 200 (AU200) was negative 1.30%. In Asia, investors are awaiting the release of China’s PMI data for May on Friday to gauge the state of the world’s second-largest economy. On Wednesday, Chinese stocks rose after the IMF raised its growth prognoses to 5% from 4.6% this year thanks to strong first-quarter data and supportive policy measures.

The Australian dollar slid to $0.66, hitting its lowest level in two weeks, amid pressure from a strong US dollar and Treasury yields. Investors await the US PCE Price Index report later this week. Risk-sensitive currencies also followed broad declines in commodity prices and other risk assets.

S&P 500 (US500) 5,266.95 −39.09 (−0.74%)

Dow Jones (US30) 38,441.54 −411.32 (−1.06%)

DAX (DE40) 18,473.29 −204.58 (−1.10%)

FTSE 100 (UK100) 8,183.07 −71.11 (−0.86%)

USD Index 105.14 +0.52 (+0.50%)

Important events today:
  • – US FOMC Member Bostic Speaks at 02:00 (GMT+3);
  • – Switzerland GDP (q/q) at 10:00 (GMT+3);
  • – Switzerland KOF Leading Indicators (m/m) at 10:00 (GMT+3);
  • – Eurozone Unemployment Rate (m/m) at 12:00 (GMT+3);
  • – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
  • – US GDP (q/q) at 15:30 (GMT+3);
  • – US Pending Home Sales (m/m) at 17:00 (GMT+3);
  • – US Natural Gas Storage (w/w) at 17:30 (GMT+3);
  • – US Crude Oil Reserves (w/w) at 18:00 (GMT+3);
  • – US FOMC Member Williams Speaks at 19:05 (GMT+3).

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Economics & Fundamentals Financial News
06 Jun

The Bank of Canada has started a cycle of rate cuts. Today the same step is expected from the ECB

By JustMarkets

On Wednesday, the Dow Jones (US30) rose 0.25%, while the S&P 500 (US500) rose 1.18%. The NASDAQ Technology Index (US100) closed yesterday at a positive 1.96%. Stock indices rose on Wednesday, with the S&P 500 and Nasdaq 100 setting new all-time highs and the Dow Jones Industrials rising to a 1-week high. The strength in chip maker stocks on Wednesday led tech stocks higher and was a positive for the broader market. Shares of Nvidia (NVDA) surged 5% to a record high, surpassing a market value of $3 trillion, after briefly outperforming Apple (AAPL) during the intraday session. Additionally, technology stocks were supported by some positive corporate news on Wednesday, with Hewlett Packard Enterprise (HPQ) reporting better-than-expected second-quarter earnings.

Friday will see the release of the monthly US payrolls report for May, looking for clues about the labor market’s strength that will prompt when the Federal Reserve could start cutting interest rates. The consensus expects non-farm payrolls for May to increase by 190,000 and the unemployment rate to remain at 3.9%.

The Canadian dollar weakened past 1.37 per dollar, hitting one-month lows, as investors assessed the Bank of Canada’s latest rate decision. The Bank of Canada cut its key interest rate by 25 basis points to 4.75% at its June meeting, marking a departure from 11 consecutive months of the highest interest rates in the tightening cycle as expected. The decision was reinforced by recent data pointing to continued disinflation towards the target level, prompting the central bank to adopt a less stringent policy stance. The decision was also influenced by lower-than-expected GDP growth in the first quarter and a softer labor market.

Equity markets in Europe mostly rose yesterday. Germany’s DAX (DE40) added 0.93%, France’s CAC 40 (FR40) closed higher by 0.87%, Spain’s IBEX 35 (ES35) rose by 0.59%, and the UK’s FTSE 100 (UK100) closed positive 0.18% on Wednesday. European stocks extended early gains, recovering from losses in the previous session, as markets anticipated improved credit conditions in the eurozone ahead of the ECB’s decision.

The European Central Bank (ECB) will hold a monetary policy meeting today. With almost a 100 percent probability, the ECB will cut the rate by 0.25%. With a 25 basis point rate cut already virtually promised by policymakers, market watchers will focus on what ECB President Christine Lagarde says. Ms. Lagarde will likely say that future rate cuts will be “data dependent.” But in a news release, the euro could rise because the latest wage data could boost inflation going forward, and Lagarde will mention that.

WTI crude oil prices rose 1.1% on Wednesday, breaking a five-day losing streak. That rise was fueled by optimism about a possible Fed rate cut in September, which outweighed a rise in US oil and fuel inventories. There is a 69% chance that the Fed will lower borrowing costs in September, which could stimulate economic activity and boost oil demand. EIA data showed that US crude inventories rose by 1.233 million barrels last week, a reversal after a 4.156 million barrel decline the previous week and contrary to market expectations for a 2.3 million barrel decline.

Asian markets traded flat yesterday. Japan’s Nikkei 225 (JP225) was down 0.89%, China’s FTSE China A50 (CHA50) added 0.44%, Hong Kong’s Hang Seng (HK50) decreased by 0.10% and Australia’s ASX 200 (AU200) was positive 0.41%.

Board member Toyoaki Nakamura said in a speech that the Bank of Japan should maintain its current monetary policy settings as the impact of wage growth on inflation remains weak. Nakamura was one of two dissenters when the board voted to remove the negative interest rate in March and implemented the first rate hike in 17 years.

S&P 500 (US500) 5,354.03 +62.69 (+1.18%)

Dow Jones (US30) 38,807.33 +96.04 (+0.25%)

DAX (DE40) 18,575.94 +170.30 (+0.93%)

FTSE 100 (UK100) 8,246.95 +14.91 (+0.18%)

USD Index 104.32 +0.21 (+0.20%)

Important events today:
  • – Australia Trade Balance (m/m) at 04:30 (GMT+3);
  • – Switzerland Unemployment Rate (m/m) at 08:45 (GMT+3);
  • – Eurozone Retail Sales (m/m) at 12:00 (GMT+3);
  • – Eurozone ECB Interest Rate Decision at 15:15 (GMT+3);
  • – Eurozone ECB Rate Statement at 15:15 (GMT+3);
  • – US Trade Balance (m/m) at 15:30 (GMT+3);
  • – Canada Trade Balance (m/m) at 15:30 (GMT+3);
  • – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
  • – Eurozone ECB Press Conference at 15:45 (GMT+3);
  • – Canada Ivey PMI (m/m) at 17:00 (GMT+3);
  • – US Natural Gas Storage (w/w) at 17:30 (GMT+3).

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Economics & Fundamentals Financial News
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