The US NY Empire State Manufacturing Index fell more than expected in August. It came at 3.7, declined from 17.2 in July and fell short of 15.0 expected. New orders -1.7 vs +13.9 last month, little changed. Employment jumped higher to +2.4 vs +0.4 last month. Shipments +6.7 vs +18.5 …
Read More »China: Will Not Resort to Flood-Like Stimulus
The Chinese state media reported on Monday, citing a statement from China’s cabinet saying that China will not resort to flood-like stimulus, adding that they will keep liquidity reasonably ample. This comes after the PBOC injected liquidity into the system, offering 700bn yuan in a medium term lending facility earlier …
Read More »US Ross: China Has Been Buying Large Amounts of Agricultural Products
US Commerce Secretary Wilbur Ross told Fox Business Network on Monday that China has been buying large amounts of US agricultural products. Other comments: “China-US trade talks continue at various levels.” “The US is eager for China to continue buying American farm products.” “Trump is looking to close loopholes to …
Read More »OPEC+ JMMC Meeting to Review Easing Output Curbs
OPEC+ is meeting on 19 August to assess its supply deal as the world struggles to control the coronavirus spread that has a damaging effect on economies and fuel demand globally. The Joint Ministerial Monitoring Committee (JMMC) will gather on Wednesday to assess the compliance issue of the organization and …
Read More »Japan’s Economy is Contracting at a Record Pace
Japan recorded its largest economic contraction in Q2 as the coronavirus pandemic crushed business and consumer spending, putting policymakers under pressure to take bolder action to prevent a deepening recession. Although the economy began to emerge from recession after easing the lockdown in late May, many analysts expect any rebound …
Read More »German Central Bank: German Economy on Track For Rapid Growth During Summer
Germany’s central bank said on Monday that the German economy is poised for a rapid and broad recovery after an unprecedented contraction in peacetime in the spring, but a coronavirus vaccine may be necessary before a full recovery is possible, according to Reuters. “The clear and widespread recovery in macroeconomic …
Read More »PBOC Sets Yuan Reference Rate at 6.9362
The People’s Bank of China (PBOC) has set the yuan reference rate at 6.9362 versus Friday’s fix at 6.9405
Read More »PBOC Injects CNY700 B Through One-Year MLF at 2.95%
The People’s Bank of China (PBOC) injected CNY700 billion via one-year medium-term lending (MLF) facility on Monday. The Chinese central bank issued the one-year MLF at 2.95%, unchanged from the previous operation. The PBOC kept the rates unchanged for the fourth straight month. USD/CNY is under pressure, looking to extend …
Read More »Russian Ministry of Health: First Batch of Coronavirus Vaccine Was Produced
Russia said, Saturday, August 15, that it had produced the first batch of the Coronavirus vaccine after Russian President Vladimir Putin announced that his country was the first in the world to approve a vaccine. Putin’s announcement on the vaccine on Tuesday was met with warnings from scientists and the …
Read More »The European Union Approves First Corona Vaccine Deal with AstraZeneca
The European Union has agreed to purchase 300 million doses of the Coronavirus vaccine for the pharmaceutical company “AstraZeneca” as soon as it becomes available, according to the Commission. The European Commission, which is negotiating on behalf of all 27 EU member states, said the deal includes an option to …
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