Food shortages could be the next supply chain crisis
Food shortages could be the next supply chain crisis. Sellers warn about periodic delays in various product categories. Labor issues and port congestion are also affecting food shipments.
US oil reserves showed another decrease of 431,000 barrels within the week. Supply shortages affect the increase in oil prices. OPEC+ is now discussing ways to balance oil prices, but the decision to increase production beyond the agreed levels was not made so far. Saudi Arabia has said that any additional oil from the OPEC+ cartel will do little to reduce rising natural gas and oil prices.
In Europe, gas prices increased by 58.9%, and electricity prices increased by 23.0% compared to the previous year. The gas storage in Germany is filled up about 70%, and the EU averages about 77%, comparable to 2015 levels.
Gold increased for the second day in a row as the US dollar continued to decline. Investors are waiting for comments from Federal Reserve officials this week that could provide insight into the prospects for tightening monetary policy.
In China, the Bank’s 5-year interest rate remained unchanged at 4.65% (forecast 4.65%, previous 4.65%). The annual interest rate remained unchanged (3.85% actual, forecast 3.85%, previous 3.85%). The slowdown in China’s real estate sector is hurting economic growth, and it is unclear if there are any new growth factors to fill the gap. Asian stock markets have been mostly down since the opening. Japan’s Nikkei 225 decreased by 1.82% from the open, China’s blue-chip index CSI 300 is trading flat, South Korea’s KOSPI lost 0.29%, Hong Kong’s Hang Seng decreased by 0.78%, but Australia’s ASX 200 added 0.02%.
Today’s most anticipated earning report releases are AT&T, Intel, Snap, Southwest, American Airlines, Danaher.
S&P 500 (F) 4,536.19 +16.56 (+0.37%)
Dow Jones 35,609.34 +152.03 (+0.43%)
DAX 15,522.92 +7.09 (+0.05%)
FTSE 100 7,223.10 +5.57 (+0.08%)
USD Index 93.62 −0.11 (−0.12%)
News feed for: 2023.07.04
- US Philadelphia Fed Manufacturing Index (m/m) at 15:30 (GMT+3);
- US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
- US Natural Gas Storage (w/w) at 17:30 (GMT+3);
- Australia RBA Governor Lowe Speaks at 22:00 (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.
