Source: Bloomberg OPEC and its allies again have failed to produce enough oil to meet their output goals, intensifying the supply deficit as the world rebounds from the COVID-19. CL! up +0.67% OPEC+ cut its production target by 15% lower than initially planned in September, compared with 16% in August and 9% in July. The situation reflects the inability of some … [Read more...] about OPEC+ Again Struggles to Pump More Oil to Meet Set Output Goals
Forex News
Leading US Banks Are Taking Different Bets on Potential Direction of Interest Rates
Source: FT The biggest US banks are seeking dramatically diverse strategies for investing their trillions of dollars of deposits in the government debt markets, indicating the debate on Wall Street. DXY up +0.11%, EUR USD down -0.02% One side of the debate is Bank of America that helped bolster its Q3 revenues by generating interest from a debt security portfolio that has … [Read more...] about Leading US Banks Are Taking Different Bets on Potential Direction of Interest Rates
China’s Economic Growth Slows to 4.9% in Third Quarter on Energy Crunch, Supply Bottlenecks
Source: National Bureau of Statistics of China. China’s economy plunged to its slowest rate of growth in a year in Q3, hampered by power shortages, supply chain constraints, and crisis in the property market. CSI 300 Index down -1.16%, CNY USD up +0.05% Figures published on Monday revealed gross domestic product expanded 4.9% in July-September from a year earlier, the … [Read more...] about China’s Economic Growth Slows to 4.9% in Third Quarter on Energy Crunch, Supply Bottlenecks
US Producer Price Inflation Hits Series High in September
Source: US Bureau of Labor Statistics US producer price inflation accelerated further in September, the biggest increase since data collection over a decade ago. The Producer Price Index for final demand increased by 8.6%, marking the largest advance since annual growth was first collected in November 2010.The latest reading compares with the 8.3% recorded in August and … [Read more...] about US Producer Price Inflation Hits Series High in September
American Jobless Claims Down for Second Straight Week to New Pandemic-Low
Source: Department of Labor US unemployment claims fell for the second straight week to mark the lowest level since the COVID-19 pandemic hit. DXY is down 0.13%, while Gold is up 0.34%. Seasonally adjusted initial claims for the week ending October 9 fell by 36,000 to 293,000. This is the lowest level since March 14, 2020’s 256,000.The previous week’s level was revised … [Read more...] about American Jobless Claims Down for Second Straight Week to New Pandemic-Low
