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  #161  
Old 20-08-2020, 17:27
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August 20. The number of applications for unemployment benefits in the United States exceeded 1 million

The number of initial jobless claims rose unexpectedly to 1.106 million, according to the US Labor Department, fueling fears that the recovery in America's labor market could be delayed. Experts predicted a decrease in the number of applications to 925 thousand.

The number of Americans who submitted secondary claims for benefits fell to 14.844 million. The total number of people claiming unemployment benefits fell by 200 thousand, to 28.06 million.

The US authorities note that since the labor market is still weak, additional financial assistance will be required in the near future to support vulnerable families and the economy as a whole.
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  #162  
Old 01-09-2020, 18:58
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September 01. German authorities have improved economic forecast for 2020

The German authorities have improved their forecast for the outlook for the economy in 2020 amid signs of effectiveness in efforts to support and stimulate Europe's largest economy.

The German central bank expects the country's GDP to contract by 5.8% this year, while back in April it was predicted that the economy would contract by 6.3%. At the same time, the new forecast still does not rule out the onset of one of the most significant economic recessions since the end of World War II.

Meanwhile, the forecast for next year was downgraded. Experts expect that the German economy in 2021 will grow by only 4.4%, while the previous forecast assumed growth of 5.2%. Also, the Ministry of Economy of the country notes that Germany, most likely, will not be able to achieve pre-crisis GDP indicators until early 2022.
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  #163  
Old 03-09-2020, 21:12
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September 03. The number of applications for unemployment benefits in the United States fell more than expected

According to the US Department of Labor, the number of initial applications for unemployment benefits fell from the revised figure of the previous week by 130 thousand - to 881 thousand.

Analysts predicted a decline in the indicator by 56 thousand applications. The figure has dropped below 1 million for the second time since March saw a sharp increase in the number of applications.

The total number of people receiving unemployment benefits in the United States decreased by 1.238 million from the revised figure of the previous week to 13.254 million.
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  #164  
Old 07-09-2020, 19:53
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September 07. Johnson calls Brexit deadline

British Prime Minister Boris Johnson said that a Brexit trade deal with the European Union should be concluded by October 15. The politician noted that if the parties fail to reach an agreement by this time, then the free trade deal will most likely not be concluded at all.

According to Johnson, if the negotiations are unsuccessful, the UK will have a relationship with the EU similar to that of the EU and Australia, which is also a good result. In this case, Britain will have full control over its laws and regulations, as well as the conditions for the use of British fishing waters.

The Prime Minister also stressed that Britain is ready to find a reasonable agreement with the EU on practical issues, including flights, freight transport or scientific cooperation, even if a trade deal is not reached.

The post-Brexit transition period began for the UK on January 31, 2020 and will last until December 31, 2020. During this year, the EU and Britain should reconcile their future relationship. The next stage of negotiations is scheduled for tomorrow, September 8th.
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  #165  
Old 08-09-2020, 19:50
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September 08. US ready to hit China's economy again

The US has said it is considering a ban on Chinese cotton products from Xinjiang. The US cited alleged human rights violations in Xinjiang as the reason for this move.

Moreover, D. Trump noted that if he is re-elected in the presidential elections, he will end his dependence on the Chinese economy. In his statement, the president stressed that he «intends to turn the United States into a manufacturing superpower, independent of China.»

According to the head of the White House, the US authorities will be able to return jobs from China, and companies that want to leave America will be required to pay large sums. Trump also said that today the United States is losing billions of dollars in the course of economic cooperation with China.
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  #166  
Old 09-09-2020, 18:24
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September 09. In July, the number of vacancies in the United States increased to 6.62 million

Job vacancies in the US increased in July, with more workers leaving retail and professional and business services jobs due to concerns about COVID-19 infection and childcare concerns, according to a report from the U.S. Department of Labor (JOLTS).

The number of vacancies, which is an indicator of labor demand, jumped from 6 million to 6.62 million on the last day of July, the highest since May.

The JOLTS report follows last Friday's news that the US economy created 1.371 million jobs in August, after increasing 1.734 million in July.
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  #167  
Old 14-09-2020, 17:16
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September 14. OPEC downgrades forecast for global oil demand for 2020-2021

According to the September OPEC report, the organization downgraded the forecast for world oil demand for 2020 and 2021 by 0.4 million barrels per day. OPEC now expects a drop in demand by 9.5 million barrels per day this year and an increase of 6.6 million barrels next year. In 2020, demand is expected at 90.2 million barrels per day, and in 2021 – at 96.9 million.

The deterioration is mainly due to a decrease in the level of economic activity in several countries of the Asia-Pacific region due to an increase in the number of cases of infection with Covid-19. Oil demand in India, Indonesia, Thailand and the Philippines in the second quarter was much lower than initially expected. At the same time, the demand for oil in China in the second quarter exceeded expectations.

The organization notes that forecasts for demand may be lowered again due to the risks of a second wave of coronavirus in the world and the difficulties associated with vaccination. Moreover, the restrictions due to the pandemic and the operation of many businesses remotely could prevent the transport sector from fully recovering to pre-crisis levels next year.
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  #168  
Old 16-09-2020, 20:39
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September 16. Annual inflation in the UK in August was 0.2%

According to the Office for National Statistics (ONS), inflation in Great Britain in August in annual terms slowed down to 0.2% from 1% in July. This is the lowest since December 2015.

On a monthly basis, deflation was recorded at 0.4%. Analysts predicted annual inflation of 0.1%, and on a monthly basis – deflation of 0.6%.

The CPIH index (inflation taking into account the costs of homeowners for the maintenance of housing) for the reporting month amounted to 0.5% in annual terms against 1.1% a month earlier. On a monthly basis, prices decreased by 0.3%, while in June their growth was 0.4%.

Core inflation (CPI Core), excluding food, alcohol, tobacco and energy, rose 0.9% on an annualized basis in August after rising 1.8% a month earlier. The experts forecast an increase of 0.6%.
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  #169  
Old 17-09-2020, 16:49
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September 17. The World Bank gave dates of the global economy recovery

World Bank Chief Economist Carmen Reinhart, speaking at the Trends 2021 online forum, said that the global economy will not recover from the coronavirus crisis until 2025.

Therein, in some countries the recession will last longer than in others. In particular, poor countries will be much more affected by the crisis, which could lead to an increase in the level of extreme poverty in the world from 8% to 9%.

In a June World Bank report, experts predicted the worst recession since World War II. According to them, the decline in the global economy in 2020 will be 5.2%.
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  #170  
Old 21-09-2020, 19:38
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September 21. UK thinks about canceling Tax Free shopping system

The British authorities announced that they are considering the possibility of canceling the Tax Free system from December 31 of this year, explaining this decision by too large budget losses in case of a tax refund after purchases.

Such a plan by the authorities drew sharp criticism from the tourist industry. The fact is that canceling the Tax Free system for foreign visitors could cost the UK billions of pounds in lost profits. In addition, 70,000 jobs will be at risk.

Tourists from non-EU countries make purchases in the UK annually in the amount of £3.5 billion. In case of refusal to refund VAT, Britain will become the only country without Tax Free, which may lead to the fact that tourists prefer shopping in other cities and countries.

At the moment, a Tax Free deduction can be obtained for purchases worth 30 pounds, the amount of VAT is 20%. It is noted that items purchased in this manner should not be used in the UK.
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  #171  
Old 24-09-2020, 21:52
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September 22. UK signaled new quarantine

On Tuesday, the UK said it intends to abandon the return of people to their usual jobs in an attempt to contain the rapidly growing second wave of Covid-19 in the country.

In addition to imposing curfews for pubs and restaurants, Prime Minister Boris Johnson called on the population to switch to remote work. Such statements may indicate that the country is moving towards expanding the tough social distancing measures introduced in the spring.

On the news, stocks in UK travel and leisure companies began to decline before they bounced back from the crisis (Ryanair, International Airlines Group and Air France). KLM shares plunged 4-5%, while shares in aerospace suppliers Meggitt, Senior and Rolls-Royce tumbled for the last to hit another new low for the year.

The British company Whitbread, which operates a chain of hotels and restaurants, announced today plans to cut 18% of its staff, or about 6 thousand jobs. The company's shares fell 3.5%, having lost more than half of their value this year.

September 23. US Department of Energy Oil Inventory Report

According to the Energy Information Administration (EIA) of the US Department of Energy, the volume of commercial crude oil in storage in the United States (excluding strategic reserves) for the week ended September 18, decreased by 1.6 million barrels to 494.4 million barrels. Analysts predicted a decline in oil reserves by 4.0 million barrels.

US gasoline stocks decreased by 4.0 million barrels. and amounted to 227.5 million barrels. Experts expected a 1.9 million barrels of gasoline reserves to be cut. Distillate stocks (including diesel fuel and heating oil) decreased by 3.4 mln barrels. and amounted to 175.9 million barrels. Analysts had expected an increase in distillate stocks by 1.2 million barrels.

Oil reserves in the US Strategic Reserve (SPR) decreased by 0.8 million barrels. and amounted to 645.0 million barrels.

Cushing's commercial crude oil reserves remained unchanged at 54.3 mmbbl.

Earlier, the API Institute reported that commercial oil reserves in the United States increased by 0.7 million barrels last week, gasoline inventories decreased by 7.7 million barrels, distillate reserves decreased by 2.1 million barrels, and oil reserves in the Cushing storage facility increased by 0.3 million barrels.

September 24. Oil prices drop due to economic uncertainty and coronavirus

Oil prices fell on Thursday amid uncertainty about the outlook for the global economy and the situation with the coronavirus. The current quotation of Brent is $41.50 per barrel, WTI is $39.75.

Market participants are awaiting further action by the authorities of some countries amid an increase in new cases of coronavirus infection. Investors are concerned about the outlook for the global economy and oil demand amid the likelihood of re-imposing restrictions by some countries.

Additional pressure on oil prices was exerted by statements by the Iraqi oil minister that the country was counting on an agreement with OPEC + to increase oil exports. A week earlier, the minister said that Iraq had developed a plan to compensate for its overproduction of oil by the end of 2020 as part of the OPEC + deal.
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  #172  
Old 28-09-2020, 16:41
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September 28. Swiss GDP declines at record 40 years

According to the State Secretariat for Economic Affairs (SECO) of Switzerland, the country's GDP fell by 7.3% in the second quarter of this year. Such a decrease was recorded for the first time since 1980 – since the first calculation of quarterly indicators.

The indicator was revised downward, from -8.2%.

The department also clarifies that in the second quarter, aggregate demand decreased. Personal consumption has plummeted 8.1% due to the coronavirus pandemic and the measures taken to contain it. In addition, the export of goods decreased – by 6.5%, the export of services fell by 15.3%.
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  #173  
Old 30-09-2020, 22:08
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September 30. Oil inventories in the United States unexpectedly decreased by 0.4% over the week

According to the Energy Information Administration of the US Department of Energy, commercial oil reserves in the country (excluding the strategic reserve) decreased by 2 million barrels, or 0.4%, and reached 492.4 million barrels. Analysts predicted an increase in reserves by 1.6 million, to 495.9 million barrels.

Oil production in the United States for the week averaged 10.7 million barrels per day, as in the previous week. On average, over the past four weeks, oil production in the United States amounted to 10.575 million barrels per day.

Recall that in early September, the US Department of Energy increased the forecast for the average oil production in the country for the current year by 120 thousand barrels per day, to 11.38 million (compared with the August estimate), and reduced for 2021 – by 60 thousand barrels, to 11.08 million barrels per day.
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  #174  
Old 01-10-2020, 22:12
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October 01. US industrial PMI declines unexpectedly

According to the US Institute for Supply Management (ISM), the US Manufacturing Index (ISM Manufacturing) fell to 55.4% in September from 56% in August. Analysts had expected the indicator to rise to 56.4%.

In addition, the US service sector employment index rose to 49.6% in September from 46.4% in August. Experts had expected a decline to 45.8%.
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  #175  
Old 05-10-2020, 19:22
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October 5. US services PMI gains better than forecast

According to the American Institute for Supply Management (ISM), the index of business activity in the US services sector in September rose to 57.8%. The indicator for August was noted at 56.9%. Analysts had forecast a decline to 56.3%.

The employment index in the country's services sector in September rose to 51.8% from 47.9% in August.

The purchasing managers' index (PMI) for services, calculated by IHS Markit and also released today, dropped to 54.6 points in September, up from 55 points in August.

Business activity in the US services sector continues to climb for the fourth straight month amid a gradual recovery from the coronavirus crisis. The service sector accounts for almost 90% of US GDP and about 80% of the country's working citizens.
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  #176  
Old 06-10-2020, 16:41
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October 06. The EU is ready to resort to new measures of economic stimulus

The head of the European Central Bank, Christine Lagarde, said during her speech that the regulator is ready to resort to new monetary stimulus measures, including lowering the key interest rate even below zero, to help the recovery of the Euro zone economy.

Lagarde also noted that with the second wave of coronavirus in France and Spain, the prospects for restoring activity in the region look «a little more unstable.» The head of the ECB believes that the eurozone's GDP will not return to pre-crisis levels until the end of 2022, so it is necessary to continue stimulating.

So far, the ECB has refrained from further cutting rates, although it announced a new stimulus program worth about 3 trillion euros. The key rate for today is 0.0%.

Representatives of the banking sector have repeatedly stated that negative rates of the ECB negatively affect profits. Analysts believe that the rate cut will lead to a weakening of the euro, which has strengthened against the US dollar in recent months. And this, in turn, will reduce the concerns of the regulator about the high rate of the euro, which negatively affects large exporters and inflation.
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  #177  
Old 07-10-2020, 21:22
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October 07. Futures on US indices are growing in anticipation of the Fed meeting minutes

Futures on major US stock indexes started to rise on Wednesday after a sharp drop a day earlier after President Donald Trump announced that he would stop negotiations on supporting the economy. Further trading dynamics will depend on the publication of the minutes of the last meeting of the US Federal reserve system this evening.

The Dow Jones industrial average rose 0.82% to 27928 points, the NASDAQ high-tech index rose 0.88% to 11373.88 points, and the S&P 500 broad-market index futures rose 0.83% to 3380.88 points.

Investors are awaiting the release of minutes from the Fed's September meeting, in which they think to find details of further prospects for the recovery of the American economy in the context of the coronavirus pandemic.

Yesterday's decline was caused by US President Donald Trump's announcement to end negotiations with Democrats in the house of representatives on stimulating the economy before the November presidential election. The reason was a disagreement over the amount of stimulus: house speaker Nancy Pelosi is demanding $2.4 trillion, and the White house administration is ready to give no more than $1.6 trillion.
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  #178  
Old 08-10-2020, 20:49
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October 08. U.S. unemployment shrinks amid slow growth in new jobs

According to the US Department of Labor, last week the number of Americans who filed initial applications for unemployment benefits fell to a minimum since the start of the pandemic – to 840 thousand people. At the same time, the number of applications for benefits remains at a level indicating a slowdown in the recovery of the labor market, as the virus epidemic has dragged on. Economists predicted a stronger decline – to 820 thousand people.

The number of secondary applications fell to 10.576 million, more than 1 million in a week.

The total number of people who have applied for all forms of unemployment benefits fell by just over 1 million to 25.505 million.

The ministry's report emphasizes that there is an urgent need for additional fiscal stimulus to help the economy recover from the recession caused by the epidemic. In September, only 661,000 jobs were created in the United States, the smallest increase since the start of the labor market recovery in May. In August, the increase amounted to 1.489 million.
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  #179  
Old 12-10-2020, 18:42
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October 12. Saudi Arabia will host the largest banking deal of the year

National Commercial Bank (NCB), the largest Bank in Saudi Arabia by assets, announced the purchase of rival Samba Financial Group for $15 billion. This deal will be the largest in the banking sector since the beginning of 2020. It is expected to be closed in the first half of 2021.

The combined Bank with assets of more than $220 billion will be the third in this indicator among financial institutions of the Gulf countries, its capitalization will exceed $46 billion.

NCB will pay 28.45 Saudi riyals ($7.58) per Samba share, which values the entire Bank at 55.7 billion riyals. The deal will be paid for with NCB shares. As a result, NCB shareholders will own 67.4% of the combined Bank, while Samba shareholders will own 32.6%. The national welfare Fund of Saudi Arabia Public Investment Fund (PIF), which is the largest shareholder of both banks, will own 37.2% of the combined financial institution.

The Saudi authorities continue to act in accordance with the plan to diversify the country's economy and reduce its dependence on the oil sector.
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  #180  
Old 16-10-2020, 06:58
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October 15. Germany introduces additional measures to combat Covid-19

German Chancellor Angela Merkel agreed to introduce additional measures in the country to combat the spread of COVID-19. At the same time, most of the new restrictions do not apply to the entire territory of Germany, but only to those parts where the number of cases of coronavirus will actively grow and reach 35 or 50 people per 100 thousand inhabitants.

If 35 people per 100 thousand get sick, then citizens will have to wear masks in crowded places. In regions with an incidence of 50 people per 100 thousand inhabitants, a ban on the work of bars and restaurants after 23:00 will be introduced. The number of people at private parties will be reduced to 10.

Merkel noted that if these measures do not help to reduce the number of infections, new tough restrictions will be introduced. According to her, Germany has come to a «decisive and critical phase», when the growth of new cases of the disease has already begun.
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  #181  
Old 19-10-2020, 20:34
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October 19. US exchanges are growing on expectations of economic stimulus

Major US stock indexes rallied on Monday in anticipation of news on a new US fiscal aid package and the upcoming November 3 presidential election.

Thus, the Dow Jones Industrial Average grew by 0.3%, to 28690.91 points, the NASDAQ high-tech companies index – by 0.72%, to 11755.51 points, the S&P 500 broad market index – by 0.49%, to 3501.02 points.

Markets remain focused on expectations for a new stimulus package for the US economy. The Republican administration of D. Trump supports a package of measures worth $1.8 trillion, but Democrats, led by Joe Biden, insist on $2.2 trillion.

Over the weekend, it became known that the Speaker of the House of Representatives Nancy Pelosi made it clear that the agreement on US fiscal stimulus could be concluded from day to day, until the presidential election.
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  #182  
Old 21-10-2020, 20:43
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October 21. EU intends to prepare a response to possible US sanctions

German Foreign Ministry spokesman Christopher Burger said that the European Commission intends to consider ideas on measures to respond to economic sanctions by the United States by the end of the year.

The proposals imply the formation of an EU export bank up to the creation of a digital euro. This will allow the EU to be independent from the US financial system.

Moreover, the «pan-European instrument» should enable the European Union to respond to sanctions with retaliatory sanctions as a last resort. Also among the discussed measures – restrictions on the import of mobile phones from China.
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  #183  
Old 24-10-2020, 19:00
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October 23. US exchanges are trading in positive territory on forecasts for state aid

According to the trading data, the main US stock indexes on Friday are mainly growing against the background of how investors assess the prospects for a new package of support for the US economy.

The Dow Jones Industrial Average (DJIA) rose 0.13% to 28399.19 points, the NASDAQ high tech index fell 0.13% to 11,490.58 points, the broad market S&P 500 index rose 0.27%. up to 3462.8 points.

Investors also continue to monitor the situation around the presidential elections in the United States, which will be held on November 3. The final debate between Republican candidate Joe Biden and incumbent President Donald Trump ended yesterday. According to the poll, Biden won the final debate.

Internal statistics had an additional impact on the US stock market. Composite index of business activity (PMI) in October, according to preliminary estimates, rose to 55.5 points from 54.3 points in September. The PMI index in the services sector increased over the reporting month to 56 points against the September estimate of 54.6 points. Analysts expected the indicator to remain at the same level. At the same time, the PMI in the industry rose to 53.3 points from 53.2 points, growth was expected to 53.4 points.
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Old 28-10-2020, 19:13
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October 27. US consumer confidence index unexpectedly declined in October

According to analyst firm Conference Board, the consumer confidence index in the US in October fell to 100.9 points from the revised index of 101.3 points in September. Analysts had forecast an increase in the index to 102 points from the original September value of 101.8 points.

The release noted that consumer confidence eased slightly in October after a sharp improvement in September. And now, there are few factors that could contribute to the economic recovery in the final months of 2020 (especially with the growth in the number of coronavirus infections in the United States and high unemployment).

The index of economic expectations in the United States in October fell to 98.4 points from the revised September index of 102.9 points. The initial figure for the previous month was 104 points.

The index of economic conditions in the reporting month rose to 104.6 points from the revised September value of 98.9 points. The original figure last month was 98.5 points.
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  #185  
Old 29-10-2020, 22:35
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October 28. Bank of Canada has kept the rate at the same level of 0.25%

The Bank of Canada on Wednesday kept its key interest rate at a record low of 0.25%. Earlier, the head of the Canadian Central Bank, Tiff Maclem, said that the rate would remain unchanged for at least two years amid a slow economic recovery after the coronavirus pandemic.

Representatives of the regulator also noted that in the next two years, the country's economy will experience excess supply, which will lead to keeping inflation below the target level (2%) until 2022. Also, the central bank stressed that the recovery process of the Canadian economy will be long and uneven.

The Bank also raised its growth forecast for the third quarter to 47.5% on an annualized basis. He also predicts stronger annual growth in 2020, although he lowered his forecast for 2021.
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Old 30-10-2020, 22:00
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October 29. ECB expectedly kept the base rate at zero level

The Board of Governors of the European Central Bank (ECB) at its meeting today kept the base interest rate at a record low of 0%, as expected by most experts. The rate has been at this level since March 2016.

The rate on deposits was also kept at the level of -0.5%, while the margin rate remained at the level of 0.25%.

The European regulator said it will keep all rates at or below current levels until inflation in Europe approaches the 2% target.

In addition to the rate, the Central Bank also left unchanged the parameters of the special asset purchase program Pandemic emergency purchase program (PEPP). To date, the volume of the program is 1.35 trillion euros, and it will operate at least until the end of June 2021.
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  #187  
Old 02-11-2020, 21:22
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November 2. Oil prices fall amid new quarantine measures in Europe

World oil prices fell to $36 a barrel Monday morning on concerns over demand following the announcement of new quarantine restrictions in Europe. However, during the day the asset managed to recover, the current Brent quotation is $37.50.

Experts note that the deterioration of the situation with the coronavirus is forcing the authorities of European countries to take additional quarantine measures, which negatively affects expectations for economic recovery and oil demand.

British Prime Minister Boris Johnson announced on October 31 stricter quarantine measures from November 5 to December 2. In the region, measures are being introduced that are actually similar to the spring lockdown. Austrian Chancellor Sebastian Kurz on Saturday also announced the start of the second lockdown from November 3. Germany from Monday to the end of November switches to the «soft» lockdown for the second time since the beginning of the pandemic.

At the end of October, another government decree came into force in Italy, providing for new measures to combat coronavirus. In France, President Emmanuel Macron announced the introduction of a nationwide quarantine from October 30.

Analysts note that the quarantine measures announced in the UK and Italy only exacerbate the negative situation in Europe.
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  #188  
Old 03-11-2020, 19:05
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November 3. Expert: OPEC+ countries should postpone the softening of the deal from January of the new year

Anne-Louise Hittle, vice president of consulting firm Wood Mackenzie, said at the International Exchange Forum that in order to maintain a stable market situation, OPEC+ countries should extend their current oil production cuts. Previously, the organization intended to soften the terms of the deal from January 2021, implying an increase in production by almost 2 million barrels per day.

The expert stressed that from the point of view of balancing the market in the interests of the producing countries, it is not worth lifting the restrictions in January, although such plans were fixed in the April agreements. Hittle also noted that if restrictions on oil production are lifted from January 1, a very rapid overstocking of the market will occur in the first quarter of the year.

On November 17, the next meeting of the leaders of the OPEC+ countries will take place, at which the organization will have to make the correct decision that meets the current conditions.

Recall that the new OPEC+ agreements started in May with a reduction in oil production by 9.7 million barrels per day for three months. Since August, the alliance has continued to reduce production, but in a smaller volume – by 7.7 million barrels per day for the period until the end of the year, and then – by 5.8 million until the end of April 2022.
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  #189  
Old 05-11-2020, 20:00
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November 5. Bank of England expands government bond buyback program to £ 875bn

Today a meeting of the Bank of England was held, following which the regulator kept the base interest rate at 0.1%. It was also decided to increase the volume of the government bond buyback program from 745 billion pounds to 875 billion pounds.

This decision was supported by all members of the Monetary Policy Committee (MPC). At the same time, the increase in the volume of purchases turned out to be even higher than the forecasts of analysts, who had expected its growth to 825 billion pounds.

The Bank of England also released an updated quarterly forecast, according to which the UK economy by the end of the year will fall by 11%, rather than 9.5%, as suggested by the August forecast. The regulator stressed that the development of the situation with the coronavirus in the country will affect spending in the short term more than predicted.

Household spending and GDP will start to grow in the first quarter of 2021 amid easing quarantine measures, the Bank of England predicts. At the same time, in January-March of next year, economic activity will be significantly lower compared to the fourth quarter of 2019. Also, the Central Bank expects British GDP growth in 2021 by 7.25% instead of 9% and by 6.25% in 2022 instead of 3.5%.
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Old 09-11-2020, 17:58
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November 9. OPEC+ deal parameters may be changed more than expected

The head of the Ministry of Energy of Saudi Arabia, Prince Abdel Aziz bin Salman, at the oil industry conference ADIPEC-2020, said that OPEC+ could adjust the parameters of the deal to reduce oil production even more significantly than analysts believe.

The politician stressed that in conditions of weak demand for oil, the organization can not only keep the production cut at 7.7 million barrels per day (or more), but also extend the deal until the end of 2022.

Recall that the new OPEC+ agreements started in May with a reduction in oil production by 9.7 million barrels per day for three months. Since August, the alliance has continued to reduce production, but to a lesser extent – by 7.7 million barrels per day for the period until the end of the year. Further, it is expected to decrease by 5.8 million barrels per day until the end of April 2022.
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Old 12-11-2020, 21:19
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November 12. The number of applications for unemployment benefits in the United States fell

According to the US Department of Labor, the number of Americans who filed initial applications for state unemployment benefits last week fell more than expected to 709 thousand. At the same time, the figure remains at a level that raises concerns about a slowdown in the labor market recovery by background of the resumption of coronavirus diseases.

Analysts had expected the number of applications to drop to 735,000. The previous figures were revised to 757 thousand. The number of secondary applications fell to 6.786 million, which is also slightly below the forecast.

Experts note that the number of initial filings is still close to the lowest level since late March, when the first wave of layoffs related to the epidemic hit the US economy. At the same time, the indicator still exceeds the level of applications before the start of the pandemic by more than three times.

The total number of Americans receiving unemployment benefits in the United States for the week ended October 31 fell by 436 thousand from the revised figure of the previous week to 6.786 million.
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Old 12-11-2020, 21:31
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November 11. OPEC downgrades forecast for fall in global oil demand in 2020

The Organization of the Petroleum Exporting Countries (OPEC) has once again lowered its forecast for global oil demand in 2020. Now experts are expecting its reduction by 9.75 million barrels per day to last year's level – up to 90.01 million barrels per day. The previous forecast assumed a decrease in demand in 2020 by 9.47 million barrels per day – to 90.29 million barrels per day.

The outlook was lowered amid rising incidence of Covid-19 in the US and Europe, leading to new restrictive measures.

The forecast for 2021 assumes that demand will grow by 6.25 million barrels per day – up to 96.26 million barrels. Previously, the organization was expecting an increase in demand next year by 6.54 million barrels per day – up to 96.84 million barrels.

OPEC did not provide a forecast for its own oil production in 2020, but noted that in October, production of 13 cartel member countries increased by 0.32 million barrels per day compared to September – to 24.39 million barrels per day. Most of the growth was in Libya, Iraq and Nigeria.
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Old 16-11-2020, 15:58
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November 16. Asia created the world's largest trading block

Fifteen countries in the Asia-Pacific region on Sunday formed the world's largest free trade bloc without the participation of the United States, but with the support of China. The new alliance was named the Regional Comprehensive Economic Partnership (RCEP).

It is noted that the countries of the new trading bloc account for 30% of world GDP and almost a third of the world's population, and their total market is 2.2 billion consumers. The RWEP brought together the 10-member Association of Southeast Asian Nations (ASEAN), as well as China, Japan, South Korea, Australia and New Zealand.

The RWEP could strengthen China's position in relations with Southeast Asia, Japan and Korea, as well as provide the world's second largest economy with leverage to shape the rules of trade in the region. In addition, the new partnership will help China reduce its reliance on foreign markets and technology, which is growing due to deteriorating relations with the United States.
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Old 18-11-2020, 22:06
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November 18. Gold prices drop on news of coronavirus vaccine

Gold price is recovering weakly after a daily decline to $1,866.10 per troy ounce. The current gold quote is $1.883.05.

The pressure on the precious metal is exerted by the news around the coronavirus vaccine. Investors give preference to the acquisition of risky assets, which has a negative impact on the value of gold as a «safe haven asset». Market participants look forward to a return to normal life in the near future and expect further easing of monetary policy in many countries.

It was announced today that the Pfizer and BioNTech vaccine has achieved a final 95% efficacy, and Pfizer will submit it for regulatory approval in the United States in the coming days.

At the same time, the American company Moderna said that the results of the third phase of trials of the coronavirus vaccine showed its effectiveness at 94.5%.
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Old 23-11-2020, 16:56
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November 23. Experts predict Europe «long years of pain»

Analyzing the current state of affairs in Europe, experts note that the growth of corporate debts risks turning the region into long «years of pandemic pain».

Analysts are confident that after the crisis support from the state ends, there will be a risk of a wave of defaults and bankruptcies, which will hit the banking sector and further exacerbate the economic downturn.

Debt burden can hinder investment and job creation for years to come. In the first half of this year, eurozone companies borrowed more than 400 billion euros, compared with 289 billion euros for the whole of 2019.

The European Commission has warned that debt servicing could be challenging, especially in the sectors hardest hit by the coronavirus pandemic. Experts note that paying off the debt accumulated during the pandemic is the second largest problem for business.
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Old 25-11-2020, 19:35
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November 25. US jobless claims unexpectedly rose over the week

According to the US Department of Labor, the number of initial applications for unemployment benefits for the week ended November 21, increased by 30 thousand compared with the revised figure of the previous week to 778 thousand applications.

Analysts had expected a decline of 12 thousand applications from the initial figure last week – to 730 thousand. The initial figure of the previous week was revised to 748 thousand from 742 thousand.

The total number of Americans receiving unemployment benefits in the United States fell by 299 thousand from the revised figure of the previous week to 6.071 million.
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