Federal Reserve Bank of St. Louis President James Bullard said on Friday during a meeting that inflation in the country remains “too high,” while the real economic data in the first trimester of 2023 “have been stronger than expected.” “Headline inflation has declined, but it can be inordinately influenced by fluctuations in volatile prices,” the …
China’s economic growth could exceed expectations and spark a surge in energy commodity prices. China’s GDP growth has outperformed expectations in 12 of the past 18 years, and oil prices will be the big winner if that happens again. While commodity prices are unlikely to return to the extreme highs of 2022, plenty of upside …
Continue reading “Oil Prices Surprise To The Upside With China’s Reopening”
Despite quick action by regulators and policy makers, there’s a rising risk that banking-system stress will spill over into other sectors and the U.S. economy, “unleashing greater financial and economic damage than we anticipated,” said Moody’s Investors Service, one of the Big Three credit-ratings firms. Simply put, the risk is that officials “will be unable …
Continue reading “Moody’s sees risk that U.S. banking ‘turmoil’ can’t be contained”
WASHINGTON, March 22 (Reuters) – Federal Reserve Chair Jerome Powell on Wednesday said banking industry stress could trigger a credit crunch with “significant” implications for an economy that U.S. central bank officials projected will slow even more this year than previously thought. Banks either hit with sudden deposit outflows or worried about them may become …
Continue reading “Fed will raise rates more aggressively if needed, Powell says”
The Swiss Financial Market Supervisory Authority, FINMA, said on Thursday that Additional Tier 1 (AT1) bonds issued by Credit Suisse could be wiped out by contract in case of a “viability event,” particularly if the bank receives government backing. “As Credit Suisse received extraordinary liquidity assistance loans secured by a federal default guarantee on 19 …
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U.S. oil exports to Europe hit a record high in March, averaging 2.1 million barrels per day so far this month. The increase in U.S. exports has been driven by a wide WTI to Brent discount, which prompted spot deals for U.S. crude. As U.S. refineries enter long periods of maintenance, U.S. domestic demand for …
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Even before the arrival of summer driving season, gasoline demand climbed on Sunday and Monday compared to the four week average, Gas Buddy’s head of petroleum analysis Patrick DeHaan said on Tuesday. U.S. gasoline demand on Sunday and Monday was up 7% compared to the respective four week averages—and the highest level since the week …
Continue reading “U.S. Gasoline Demand Soars To Highest In Months”
New passenger car registrations rose 11.5% to 802,763 units in February in the European Union, as per a report released by the European Automobile Manufacturers’ Association (ACEA) on Tuesday. Registrations climbed for the seventh consecutive month. “Most EU markets showed strong growth,” it was noted in the report, as Spain and Italy registered the biggest …
Risky Credit Suisse Group AG bonds that are set to be written down to zero by regulators were being quoted at prices of a few cents on the dollar on Monday, according to people with knowledge of the matter. Dealers including JPMorgan Chase & Co. and Morgan Stanley are willing to buy risky Credit Suisse …
Saudi National Bank chairman Ammar Al Khudairy’s comments last week may end up being one of the most expensive answers delivered on television. On Sunday, UBS announced that it would take over its rival Credit Suisse for $3.2 billion, in a deal shepherded by Swiss regulators in order to head off financial panic. That’s significantly …
Continue reading “Saudi National Bank is losing $1.2 billion on its Credit Suisse stake”