- Story Log
User | Time | Action Performed |
---|---|---|
-
Oil Prices Plunge 3% as Market Weighs Israeli Attack on Gaza
Oil prices plunged by 3% on Monday as market sentiment hedged its bets that Israel’s ground invasion of Gaza would not have global repercussions impacting oil and gas supplies. On Monday at 1:45 p.m. Brent crude was trading down 3.09% at $87.68 per barrel for a loss of $2.80 on the day. West Texas Intermediate (WTI) was trading down 3.66% at $82.41 per barrel, for a loss of $3.13 on the day. The plunge in prices comes as Israel on Monday intensified its ground invasion in the northern Gaza Strip, with the death toll for Palestinians rising to over 8,300, compared to the death toll among Israelis of 1,400, the ... (full story)
- Comments
- Subscribe
-
- Older Stories
Natural Gas: chart Natural gas remains under pressure as traders focus on warmer weather trends. Low trading volumes served as a significant catalyst for the recent volatility. ...
Good afternoon. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. Last week, we maintained our policy interest rate at 5%. We held our policy rate steady because monetary policy is working to cool the economy and relieve price pressures, and we want to give it time to do its job. But further easing in inflation is likely to be slow, and inflationary risks have increased. Before I take your questions, let me give you some economic and financial context for the decision. Since the last time we were here with you, the Canadian economy has slowed, and the data suggest demand and supply are now approaching balance. We’re now seeing clearer evidence that higher interest rates are moderating spending and relieving price pressures. The economy has entered a period of weaker growth, with growth averaging about 1% over the last year. Growth in gross domestic product (GDP) is forecast to remain below 1% for the next several quarters before picking up in late 2024 and rising to 2˝% in 2025. With the economy expected to move into excess supply this year and with growth anticipated to be weak for the next few quarters, we think there’s more inflation relief in the pipeline. We expect inflation in Canada to ease gradually and return to our 2% target in 2025. But we’re worried that higher energy prices and persistence in underlying inflation are slowing progress. The effects of higher interest rates on inflation are most evident in the prices of durable goods, like furniture and appliances that people often buy on credit. These effects have also spread to many semi-durable goods—a category that includes things like clothing and footwear—as well as many services excluding shelter. Inflation in these categories is now running generally at or below 2%. Price increases for groceries, while still elevated at almost 6%, have also eased and are expected to moderate further. However, a number of factors are getting in the way of low inflation. Higher global energy prices are increasing prices at the pump. And that is pushing headline inflation back up. Structural supply shortages in our housing market are boosting prices for shelter. In addition, near-term inflation expectations and wage growth remain elevated, and corporate pricing behaviour is normalizing only slowly. Since we will be discussing housing in more depth today, let me provide some additional detail now. The rise in interest post: BoC's Macklem: Further Easing In Inflation Is Likely To Be Slow, And Inflationary Risks Have Increased post: BOC'S GOV. MACKLEM: IF INFLATIONARY PRESSURES PERSIST, WE ARE PREPARED TO RAISE OUR POLICY RATE FURTHER TO RESTORE PRICE STABILITY.
Nuclear is back. After decades of decline in the West’s nuclear energy industry, public and private support of nuclear energy is reversing course. As the specter of climate change ...
-
- Newer Stories
BP is seeking to form joint ventures around its U.S. onshore natural gas fields to expand production and cut costs as rival energy giants rush to scale up shale businesses, three ...
Still stuck between cyclical headwinds and structural challenges, the German economy fell back into negative territory in the third quarter, with very little respite in sight. ...
A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Asia's economic calendar is jammed with top-tier releases on Tuesday, from Chinese ...
- Story Stats
- Posted: Oct 30, 2023 4:20pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 198