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US Geological Survey: A 5.0 magnitude earthquake occurred 79 kilometers southeast of Akutan, Alaska.On October 17, ECB board member Kazaks stated that the ECB will ensure that the inflation forecast for next year, which is below the 2% target, does not deteriorate further. "Our focus is on achieving the 2% target over the medium term, with some fluctuations along the way," Kazaks said. "But if there is a risk of inflation remaining persistently, significantly, and for a prolonged period below 2%, then of course we need to act." Kazaks said that the decision to cut interest rates will not be based on a single data point, but rather on a range of indicators to determine whether there is a persistent and significant risk of inflation underestimation, thus necessitating "precautionary" adjustments to policy to avoid straying too far from the 2% target. Kazaks noted that risks still "exist in both directions," but that policymakers are currently "more focused on downside risks," including the euro exchange rate and deflationary pressures. Despite this, Kazaks emphasized that he remains open-minded about the future direction of interest rates: "Meeting-by-meeting decisions are the right approach, and I dont think there is a need to form any directional bias at this time."Germanys DAX30 index closed down 447.61 points, or 1.84%, at 23,825.32 points on October 17 (Friday); Britains FTSE 100 index closed down 85.19 points, or 0.90%, at 9,350.90 points on October 17 (Friday); Frances CAC40 index closed down 14.39 points, or 0.18%, at 8,174.20 points on October 17 (Friday); The STOXX 50 index closed at 5,607.25 points on Friday, October 17, down 44.76 points, or 0.79%; the Spanish IBEX 35 index closed at 15,597.50 points on Friday, October 17, down 27.80 points, or 0.18%; and the Italian FTSE MIB index closed at 41,735.00 points on Friday, October 17, down 639.18 points, or 1.51%.ECB board member Kazaks: We are more concerned about the downward rather than upward risks of inflation. There is no need to have an upward or downward bias on interest rates. Inflation will fluctuate around the 2% target.Preliminary plans show that Angola will load 34 cargoes of crude oil in December, down from the 36 originally planned for November.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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