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Interest Rate Decision: 1. Interest Rate Decision: The Bank of Japan will maintain the policy rate at 1%, in line with expectations. 2. Voting Ratio: 8-1, with member Hajime Takada dissenting in favor of a 25 basis point rate hike. 3. Forward Guidance: The Bank of Japan will continue to raise interest rates based on economic and price developments and financial conditions. The impact of the Middle East situation on the timing and pace of rate hikes will be assessed. 4. Economic Outlook: GDP growth forecasts for fiscal years 2026 and 2027 have been revised upwards, with overall risks to the economic outlook balanced. 5. Inflation Outlook: Core CPI forecasts for fiscal year 2026 have been revised downwards, while those for fiscal year 2027 have been revised upwards. Underlying inflation is approaching 2%, and core inflation may exceed the 2% target. 6. AI Impact: The impact of global AI demand and future foreign exchange developments on the economy and prices must be closely monitored. Kazuo Uedas Press Conference: 1. Interest Rate Outlook: The Bank of Japan expects to continue raising interest rates. Policy will not be delayed until inflation is fully stable at 2%. The Bank will ensure it does not fall behind the current situation. 2. CPI Outlook: There are upside risks to potential CPI, which may exceed the 2% price stability target. CPI growth is expected to decline to around 2% in the latter half of the forecast period. 3. GDP Forecast: Real GDP growth is expected to be roughly in line with the April outlook report. 4. Other: Attention is focused on how higher memory chip prices may push up overall prices. Artificial intelligence spending itself has driven up prices.Note: The press conference of Bank of Japan Governor Kazuo Ueda has ended.Germanys seasonally adjusted unemployment figures and unemployment rate for July will be released in ten minutes.Bank of Japan Governor Kazuo Ueda: Committee members have differing views on the inflation outlook, and we hope to reach some conclusion on this starting with the next monetary policy meeting.Goldman Sachs lowered its price target for Apple (AAPL.O) to $360 from $370, but maintained its buy rating.

Oil prices rise from 6-month lows as U.S. inventories decrease

Haiden Holmes

Aug 17, 2022 11:37

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Oil prices rose on Wednesday, recovering from six-month lows touched the day before, as a larger-than-expected decrease in U.S. oil and gasoline stocks reminded investors that demand remains healthy despite the likelihood of a global recession.


Brent crude futures climbed 13 cents, or 0.1%, to $92.47 per barrel at 00:35 GMT. West Texas Intermediate (WTI) crude increased by 27 cents, or 0.3%, to $86.80 a barrel.


Tuesday saw a decrease of nearly 3 percent in contracts as dismal U.S. housing starts data fueled worries of a global recession.


"A fall in U.S. gasoline stocks for the second consecutive week has reassured investors that demand is resilient, spurring purchases," said Fujitomi Securities Co.'s chief analyst, Kazuhiko Saito.


Concerns about the likelihood of a worldwide recession are anticipated to keep the oil market under pressure and volatile.


According to market sources citing Tuesday's American Petroleum Institute report, crude and fuel stockpiles in the United States dropped during the previous week.


Inventories of crude oil declined by around 448,000 barrels in the week ending August 12. According to the sources, gasoline stocks declined by about 4.5 million barrels, while distillate stocks decreased by about 759,000 barrels.


According to a comprehensive poll conducted by Reuters on Tuesday, oil stockpiles likely decreased by roughly 300,000 barrels last week, while gasoline inventories likely decreased by approximately 1.1 million barrels and distillate inventories increased.


Moreover, investors anticipated clarification over efforts to reinstate the 2015 Iran nuclear deal. According to analysts, if Iran and the United States agree to a European Union plan to eliminate restrictions on Iranian oil exports, the oil supply might increase.


The European Union and the United States said on Tuesday that they were reviewing Iran's response to what the EU termed its "last" proposal to rescue the 2015 nuclear agreement, in response to Tehran's request for Washington to show flexibility.


Barclays (LON:BARC) lowered its Brent price forecasts for 2022 and 2023 by $8 per barrel on Tuesday, forecasting a large surplus of crude oil due to "resilient" Russian supplies in the near future.

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