Sustainable inflation could trigger new recessions in most economies
Following Denmark and Sweden, Finland is suspending the use of the Moderna vaccine against COVID-19 for young people.
The Bank of Israel will complete an 85 billion shekel ($26.3 billion) bond-buying program in the coming months. The interest rate remained unchanged at 0.1%.
Oil increased to its highest level since 2014 this week due to the energy crisis in Europe. Asia raised the prospect of higher demand for crude and refined products ahead of winter. At the same time, OPEC+ said it would restore only a relatively modest amount of supply to the market in November. Goldman Sachs says the likely release of crude from the US Strategic Petroleum Reserve (SPR), which could be as much as 60 million barrels, poses a downside risk of just $3 per barrel compared to the year-end Brent crude price forecast of $90 per barrel.
Russia proposed to soften the crisis with natural gas. After this statement by Russian President Vladimir Putin, natural gas prices began to decline steadily.
Chinese markets have returned to a more positive mood after a long holiday due to improved activity in the service sector. On the other hand, the total electricity consumption in China may decline 10-15% in November and December, potentially leading to a 30% slowdown in activity in sectors such as metals, chemicals, and cement production. Biden and Chinese President Xi Jinping are likely to hold working talks in a virtual format before the end of this year.
Taiwan’s president says that Taiwan is not seeking a military conflict with China but will defend itself if necessary.
India’s central bank left the interest rate unchanged and promised enough liquidity to support economic recovery.
S&P 500 (F) 4,399.76 +36.21 (+0.83%)
Dow Jones 34,754.94 +337.95 (+0.98%)
DAX 15,250.86 +277.53 (+1.85%)
FTSE 100 7,078.04 +82.17 (+1.17%)
USD Index 94.20 -0.06 (-0.07%)
News feed for: 2023.07.04
- Australia RBA Financial Stability Review at 04:30 (GMT+3);
- ECB President Cristine Lagarde’s Speech at 15:05 (GMT+3);
- Treasury Sec Janet Yellen’s Speech at 15:05 (GMT+3);
- US Nonfarm Payrolls (m/m) at 15:30 (GMT+3);
- US Unemployment Rate (m/m) at 15:30 (GMT+3);
- Canada Unemployment Rate (m/m) at 15:30 (GMT+3).
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.
