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OPEC oil output falls in March, led by Iraq
OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 26.42 million barrels per day (bpd) last month, down 50,000 bpd from February, the survey, based on shipping data and information from industry sources, found. Several members of OPEC+, which includes OPEC, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group. Producers agreed ... (full story)
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- From prnewswire.com|Apr 1, 2024|12 comments
Economic activity in the manufacturing sector expanded in March after contracting for 16 consecutive months, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®. The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: "The Manufacturing PMI® registered 50.3 percent in March, up 2.5 percentage points from the 47.8 percent recorded in February. The overall economy continued in expansion for the 47th month after one month of contraction in April 2020. (A Manufacturing PMI® above 42.5 percent, over a period of time, generally indicates an expansion of the overall economy.) The New Orders Index moved back into expansion territory at 51.4 percent, 2.2 percentage points higher than the 49.2 percent recorded in February. The March reading of the Production Index (54.6 percent) is 6.2 percentage points higher than February's figure of 48.4 percent. The Prices Index registered 55.8 percent, up 3.3 percentage points compared to the reading of 52.5 percent in February. T post: *US ISM FACTORY INDEX SHOWS FIRST EXPANSION SINCE SEPT. 2022
- From pmi.spglobal.com|Apr 1, 2024
Signs of improving wider economic conditions and market demand fed through to a further expansion of US manufacturing production in March, with the rate of expansion hitting a ...
- From pmi.spglobal.com|Apr 1, 2024
Operating conditions in Canada’s manufacturing economy remained subdued in March. Output and new orders both continued to fall, albeit at marginal rates. Firms continued to focus ...
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- From bankofcanada.ca|Apr 1, 2024
Business sentiment and sales growth expectations have stopped falling, according to firms responding to the Business Outlook Survey and the Business Leaders’ Pulse. But demand remains subdued, which is allowing price pressures and the labour market to ease. As a result, fewer firms than in the previous survey are planning unusually large or frequent price increases over the next 12 months. Overview • Firms reported that demand remains weak overall. But there are some signs of returning optimism. Namely, indicators of business conditions, sales outlooks and employment intentions have changed direction after many quarters of decline. In the wake of weak past sales growth, expectations for improved sales are supported by population growth, efforts to enter new markets or develop new products, and expectations that interest rates will decline over the next 12 months.Canadian Survey of Consumer Expectations - First Quarter of 2024 Consumers believe inflation has slowed, but their expectations for inflation in the near term have barely changed. Consumers link their perceptions of slowing inflation with their own experiences of price changes for frequently purchased items, such as food and gas. • Expectations for long-term inflation have increased, though they remain below their historical average. Relative to last quarter, consumers now think that factors contributing to high inflation—particularly high government spending and elevated home prices and rent costs—will take longer to resolve. • Canadians continue to feel the negative impacts of high inflation and high interest rates on their budgets, and nearly two-thirds are cutting or postponing spending in response. Although weak, consumer sentiment improved this quarter, with people expecting lower interest rates. As a result, consumers are less pessimistic about the future of the economy and their financial situation, and fewer think they will need to further cut or postpone spending. post:
BOC SURVEY: 40% OF FIRMS EXPECT INFLATION TO REMAIN ABOVE 3% FOR THE NEXT TWO YEARS, DOWN FROM 54% IN Q4. post:
BOC SURVEY: 27% OF FIRMS EXPECT CANADA TO BE IN A RECESSION OVER THE NEXT YEAR, DOWN FROM 38% IN Q4. post:
BOC SURVEY: OVERALL Q1 BUSINESS SURVEY INDICATOR -2.42, Q4 WAS -3.09 (REVISED FROM -3.15).
- From gasbuddy.com|Apr 1, 2024
After climbing for four straight weeks, the national average is unchanged compared to a week ago at $3.51 per gallon today, according to GasBuddy® data compiled from more than 12 ...
- From bnnbloomberg.ca|Apr 1, 2024
US oil companies including Diamondback Energy Inc. are considering small nuclear reactors to power drilling operations in Texas’s Permian Basin, a move aimed at cutting carbon ...
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- Posted: Apr 1, 2024 10:12am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 165