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This month, Bulgaria will not request a convergence report that would demonstrate its readiness to join the Eurozone. The country’s goal to adopt the euro by January 1, 2024, has also been abandoned, according to Rositsa Velkova, the minister of finance.Despite the fact that it was on the agenda for …
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February, 2023
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17 February 2023 10:48 pm
Goldman Sachs, BofA expect 3 additional US rate hikes in 2023
Goldman Sachs and Bank of America said they expect the U.S. Federal Reserve to raise interest rates three more times this year, lifting their estimates after data pointed to persistent inflation and a resilient labour market.Producer prices accelerated in January by the biggest margin in seven months, according to data …
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17 February 2023 9:47 pm
Fed’s Barkin: Slow Progress on Inflation Suggesting Additional Hikes
A top Fed official is downplaying recent signs that the US economy is strengthening, but also noted that he is willing to accept raising interest rates in smaller increments as often as needed to quell inflation Fed’s Thomas Barkin said Friday that recent data showing an unusually robust job gain …
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17 February 2023 8:49 pm
S&P 500 falls as rate hikes to their highest levels in three months
US stocks slipped on Friday as high inflation and a rebound in rates continue to weigh on investor sentiment. The S&P 500 shed 0.92%, and the Nasdaq Composite fell 1.30%. The Dow Jones Industrial Average was down 104 points, or 0.34%, but off lows of the day. Yields on the …
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17 February 2023 7:42 pm
Gold recovers as US yields, dollar edged lower
Gold price is expected to finish the week with around 1.60% loss, below the $1850 level. Gold spot price tumbled for the third day, down almost 0.65% after US economic data throughout the week, turning market sentiment sour on speculations that further Fed tightening is looming. At the time of …
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17 February 2023 7:06 pm
US Dollar rose to its highest level in 6 weeks in the last sessions of the week, why?
The US dollar achieved strong gains in the last trading week, driven by a series of strong US economic data, with the markets increasing expectations that the US Federal Reserve will continue its tightening approach. Dollar trades now Looking at the dollar’s trading on Friday, we note that the US …
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17 February 2023 5:38 pm
US Assistant Secretary of the Treasury: Russia’s reduction in crude production indicates its inability to sell oil
Ben Harris, US Assistant Secretary of the Treasury, said Thursday, February 16, that Russia’s decision to reduce crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, as Russian Deputy Prime Minister Alexander Novak announced last week that Moscow will voluntarily reduce production …
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17 February 2023 4:29 pm
Gold is heading for a third weekly decline
Gold prices fell on Friday, on track for a third consecutive week of declines, as investors worried about the possibility of the Federal Reserve raising interest rates after a series of strong economic data. Spot gold fell 0.6 percent at $1,827.09 an ounce, after earlier falling to its lowest since …
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17 February 2023 3:06 pm
Goldman Sachs now expects three more Fed rate hikes in 2023
Goldman Sachs said it now expects the Federal Reserve to raise interest rates 3 times this year, by a quarter of a percentage point each time, after data this week indicated rising inflation and a strong labor market. A report on Thursday showed that producer prices in January accelerated by …
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17 February 2023 2:55 pm
Chinese Lenovo records the largest decline in revenue in 14 years in the third quarter
China’s Lenovo Group reported a 24 percent decline in revenue in the third quarter, the largest in 14 years, as global demand for electronics shrank and the company said it would cut spending and reshuffle the workforce. The company, the world’s largest maker of personal computers, reported on Friday that …
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17 February 2023 2:54 pm
Ukraine: talks to extend the grain corridor begin within a week
Ukraine’s Deputy Infrastructure Minister Yury Vaskov said on Friday that negotiations to extend the grain export corridor agreement across the Black Sea will start within a week. The Black Sea Grain Initiative, brokered in July by the United Nations and Turkey, allowed grain to be exported from three Ukrainian ports …
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17 February 2023 2:11 pm
European stocks open lower as interest rate hike fears return
European stocks opened nearly 1 percent lower on Friday, with interest rate-sensitive technology stocks negatively affected by expectations the Federal Reserve will continue tightening monetary policy, while Mercedes-Benz and Sica rose thanks to a strong earnings announcement. The pan-European Stoxx 600 index was down 0.9% by 0813 GMT, with technology …
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17 February 2023 9:56 am
US dollar is rising with Treasury yields
The dollar rose as US Treasury yields rose on Friday, heading for a third week of gains, as a wave of strong economic data in the United States increased market expectations that a new interest rate hike is on the horizon. Thursday’s data showed an unexpected drop in the number …
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