Japan’s Nikkei blue-chip index fell on Monday as investors rushed to sell stocks after escalating violence in the Middle East and a sell-off on Wall Street at the end of the week. Shares of the Japanese semiconductor sector followed their American counterparts in decline after a media report stated that …
Read More »China reduces bank reserve requirements by 50 basis points
China has pledged to reduce the amount of liquidity its banks must hold in reserves early next month as it attempts to boost its faltering economy. The Chinese central bank said it expects rapid credit growth in the first quarter. Pan Gongsheng, governor of the People’s Bank of China, said …
Read More »The People’s Bank of China keeps interest rates unchanged
The People’s Bank of China has opted to maintain the country’s interest rates at 3.45%, in line with market expectations. Similarly, the 5-year lending rates were retained at 4.2%, aligning with the anticipated and priced-in scenario. However, the People’s Bank of China surprised the markets by keeping the interest rate …
Read More »Natural Gas Prices Dropped 10% On Dismal COP28 Agreement
During the US trading session, natural gas prices dropped 10%, taking over from the European session. The US Dollar is steady ahead of US CPI and the last Fed’s policy meeting for 2023. A COP28 draft agreement is set to be presented, with fossil fuels set to be reduced instead …
Read More »How will China’s deflation make Powell’s mission harder?
As he gets ready to leave for San Francisco, Fed Chair Jerome Powell may want to discuss China’s plans with Chinese officials on how to avoid a prolonged deflationary slump. However, it is worth noting that 4 years ago, on the thirteenth of November 2019, Powell said it is hard …
Read More »Asia shares bounce as China mood turns less bleak
Asian stocks rose on Monday as investors bet the Federal Reserve would stop rising interest rates in the United States, and on optimism that Beijing’s continuous drip of economic stimulus would be enough to at least stabilise the Chinese economy. Due to a holiday in the United States, trading was …
Read More »Saudi Aramco announces an increase in the official selling price of oil
The Kingdom of Saudi Arabia announced on Friday that it will raise the selling prices of its crude oil to most of its customers in Asia during the month of August, for the second month in a row, after announcing at the beginning of this week the extension of the …
Read More »Asian stocks rise on dovish BOJ, China stimulus hopes
Most Asian stocks rose on Friday tracking dovish signals from the two largest central banks in the region, as the Bank of Japan maintained ultra-low interest rates and as the People’s Bank of China began trimming borrowing costs. Still, bigger gains were limited as markets remained on edge over worsening …
Read More »Asian stocks rise, Nikkei at 33-year high on debt ceiling optimism
Most Asian equities rallied on Monday as markets hailed a tentative agreement reached by US legislators to raise the debt ceiling and avoid a default, with Japan’s Nikkei resuming its near-33-year highs on better risk appetite. The Nikkei 225 led Asian markets, rising 1.4% to its highest level since July …
Read More »Saudi minister warns oil short-sellers ahead of OPEC meeting
Saudi Arabia’s energy minister has cautioned oil speculators to “be careful” ahead of the latest OPEC+ meeting, after the group decided to cut output in early April. “I would just tell them to watch out,” Prince Abdulaziz bin Salman remarked on Tuesday, implying that those wagering against oil price hikes …
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