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China’s Strong GDP Report Shows Housing Remains a Big Problem
China’s latest economic data put the government’s growth goal of about 5% well within reach and lessened the likelihood for more stimulus before the end of 2023. But the ongoing housing crisis remains a serious drag, clouding the outlook for next year. While third-quarter gross domestic product figures released Wednesday surpassed expectations on strong consumer spending, the data points to difficult months ahead for the world’s second-largest economy as efforts by President Xi Jinping’s government to stabilize the property sector and avert deflation have shown little effect. China’s economic challenges ... (full story)
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U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending October 13, 2023, which was 192 thousand barrels per day more than the previous week’s average. Refineries operated at 86.1% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 387 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 5.5% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 706 thousand barrels per day, and distillate fuel imports averaged 77 thousand barrels per day. post: US CRUDE STOCKS AT CUSHING FELL LAST WEEK TO LOWEST SINCE OCTOBER 2014 - EIA.WTI Extends Gains As Cushing 'Tank Bottoms' Loom After Across-The-Board Inventory Draws Oil prices are higher from yesterday's close but well off their overnight highs this morning after the hospital attack and strong Chinese data sent crude soaring and then prices started to sink back as it appeared Israel's version of events was being supported by the US (though we would suggest not many arab states). Last night's API report also provided support for crude prices with across-the-board inventory draws. API • Crude -4.38mm (+400k exp) • Cushing -1.00mm • Gasoline -1.58mm (-600k exp) • Distillates -612k (-1.2mm exp) • DOE • Crude -4.49mm (+400k exp) • Cushing -758k • Gasoline -2.37mm (-600k exp) • Distillates -3.19mm (-1.2mm exp) •
The Leading Economic Index provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term. The Coincident ...
Singapore’s cost of car ownership broke another record as right-to-own premiums rose to S$158,004 ($115,000) in October’s second round of bidding. Certificate of entitlement bids ...
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The Dollar to Yen exchange rate is unlikely to breach the 150 level thanks to a potential shift in policy at the Bank of Japan that will allow a critical bond yield to test levels ...
Thank you, Professor Scobie. Thank you to the European Economics and Financial Centre for inviting me to speak and for the honor of referring to me as a "distinguished speaker." I have noticed that people started calling me "distinguished" only after my hair turned white. I suspect that "distinguished" is a polite way of saying you are old. My subject today is one I trust is of interest in this center of global finance—namely, the outlook for the U.S. economy and the implications for monetary policy.1 It has been one year and seven months since the Federal Reserve began raising interest rates to rein in inflation, and there has been considerable progress. But uncertainties remain, both about the forces that will shape the economic outlook in the coming months and about whether monetary policy has reached a level that is sufficiently restrictive to support continued progress toward the Federal Open Market Committee's (FOMC) target of 2 percent inflation. Let me share my thinking about what recent economic data can, and in some cases, cannot tell us about the outlook and the appropriate setting for monetary policy. The data in the past few months has been overwhelmingly positive for both of the FOMC's goals of maximum employment and stable prices. Economic activity and the labor market have been strong, with what looks like growth well above trend and unemployment near a 50-year low. Meanwhile, there has been continued, gradual progress in lowering inflation, and moderation in wage growth. This is great news, and while I tend to be an optimist, things are looking a little too good to be true, so it makes me think that something's gotta give. Either growth moderates, fostering conditions that support continued progress toward our 2 percent inflation objective, or growth doesn't, possibly undermining that progress. But which is going to give—the real side of the economy or the nominal side? I find myself thinking about two possible scenarios for the economy in the coming months. In the first, the real side of the economy slows. This is the scenario broadly reflected in the September Summary of Economic Projections (SEP) by FOMC participants, w post: WALLER: TOO SOON TO TELL IF MORE POLICY RATE ACTION IS NEEDED WALLER: MORE ACTION ON POLICY RATE WOULD BE NEEDED IF DEMAND, ECONOMIC ACTIVITY KEEP UP RECENT PACE post: WALLER: IF REAL ECONOMY SLOWS, CAN HOLD POLICY RATE STEADY #News #Markets #live post: Fed governor Chris Waller blesses a November pause: After that, if growth cools along the lines of the Sept SEP, then stay on hold But if strong demand stalls recent progress on inflation, failing to respond "in a timely way” risks “unwinding the work that we have done to date" pic.twitter.com/EYJPsUWwZr
Market expectations for the upcoming Bank of Canada policy meeting have fluctuated quite a lot since the last policy meeting on 6 September when it left rates on hold at 5%. Back ...
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- Posted: Oct 18, 2023 10:46am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,842
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