- Story Log
User | Time | Action Performed |
---|---|---|
-
Oil prices steady as markets weigh weak China data, tighter crude supplies
Oil prices held steady in early trading on Wednesday after a 1 per cent drop in the previous session, as markets weighed weak economic data from China, the world's biggest oil importer, against tightening U.S. crude supplies. Brent crude futures rose 3 cents to $84.92 a barrel at 0001 GMT, while U.S. West Texas Intermediate crude (WTI) rose 5 cents $81.04. Both benchmarks had weakened to their lowest since Aug. 8 on Tuesday. Supporting prices in early trade, U.S. crude stocks dropped by about 6.2 million barrels last week, according to market sources citing American Petroleum Institute figures. That was a much bigger ... (full story)
- Comments
- Subscribe
-
- Older Stories
Chinese imports of sanctioned Iranian oil are running at the highest level in at least a decade as rising global prices make the discounted crude more attractive, according to ...
Hindenburg Research, the prominent short seller that’s bet against Jack Dorsey’s Block , Carl Icahn and electric vehicle startup Nikola , is now taking on a $4.6 billion online ...
Soft Chinese economic data raises crude oil demand concerns. Bob Iaccino discusses WTI futures.
-
- Newer Stories
The official cash rate is expected to remain on hold for some time, but that doesn’t mean that retail interest rates will remain completely static. The Reserve Bank will update ...
post: RBNZ: OCR To Need To Remain Restrictive For Foreseeable Future - Confident Restrictive Rates Will Return CPI To Target - Economy Evolving Broadly As Anticipated - Still Risk Inflation Doesn't Slow As Much As Expected - Measures Of Core Inflation Remain `Too High' post: RBNZ Forecasts Now Show Small Chance Of Another Rate Hike And Show A Recession Starting In Q3 2023RBNZ Minutes: Committee agreed that the OCR needs to stay at restrictive levels for the foreseeable future The current level of interest rates is constraining spending and hence inflation pressure, as anticipated and required. • Committee agreed that the OCR needs to stay at restrictive levels for the foreseeable future. • New Zealand economy is evolving broadly as anticipated. • Headline inflation and inflation expectations have declined, but measures of core inflation remain too high. • In the near term, there is a risk that activity and inflation measures do not slow as much as expected. • Committee is confident that with interest rates remaining at a restrictive level for some time, consumer price inflation will return to within its target range of 1 to 3% per annum. • Official cash rate at 5.54% in December 2023 (pvs 5.5%). • RBNZ sees official cash rate at 5.57% in September 2024 (pvs 5.43%).Official Cash Rate remains at 5.5%: The Monetary Policy Committee today agreed to maintain the Official Cash Rate (OCR) at 5.50%. The Monetary Policy Committee today agreed to maintain the Official Cash Rate (OCR) at 5.5%. The current level of interest rates is constraining spending and hence inflation pressure, as anticipated and required. The Committee agreed that the OCR needs to stay at restrictive levels for the foreseeable future to ensure annual consumer price inflation returns to the 1 to 3% target range, while supporting maximum sustainable employment. The New Zealand economy is evolving broadly as anticipated. Activity continues to slow in parts of the economy that are more sensitive to interest rates. Labour shortages are easing as overall demand softens and immigration adds to labour resources. Headline inflation and inflation expectations have declined, but measures of core inflation remain too high. Globally, economic growth remains below trend and headline inflation has eased for most of our trading partners. Core inflation remains high in many countries. Weakening global economic growth is putting downward pressure on New Zealand export prices. The imbalance between demand and supply is moderating in the New Zealand economy. However, a prolonged period of subdued spending growth is still required to better match the supply capacity of the economy and reduce inflation pressure.
Stronger than expected US Retail Sales data added to rest of the world-driven weakness in US equities at the open and which haven’t recovered since, all the mainboard indices ...
- Story Stats
- Posted: Aug 15, 2023 9:06pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 264