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Sri Lankan international sovereign bonds fell by 1 cent, while Pakistani and Indonesian bonds came under pressure after Trump announced new tariffs.July 24th - S&P Globals preliminary German Composite PMI rose to 51.2 in July from 49.5 in June, exceeding analysts expectations of 49.8. Phil Smith, Associate Director of Economics at S&P Global Market Intelligence, stated, "The German economy had a strong start to the third quarter, with the Composite PMI returning to growth territory; previously, the index had been in contraction for three consecutive months due to the outbreak of conflict in the Middle East." However, Smith pointed out that the path to a sustainable recovery remains highly uncertain given the escalating hostilities in the region and the renewed push up global energy prices. Germanys preliminary Manufacturing PMI rose to 52.2 in July from 50.3 in the previous month, exceeding analysts expectations of 50.5. Smith stated, "Manufacturing output grew strongly in July, marking the most significant increase in nearly four and a half years." Meanwhile, the preliminary Services PMI recorded 49.6, an improvement from 48.6 in the previous month, reaching a four-month high.The Iranian military has launched another wave of drone attacks against US military facilities in Kuwait.Germanys preliminary composite PMI for July was 51.2, below the expected 49.8 and the previous reading of 49.5.Germanys preliminary manufacturing PMI for July was 52.2, below the expected 50.5 and the previous reading of 50.3.

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

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The West Texas Intermediate (WTI) price is unchanged on Tuesday amid a weaker US Dollar and muted risk sentiment. WTI fell to a low of $72.31 on Monday as a result of a strong risk-off environment sparked by the repercussions from Silicon Valley Bank (SVB) and Signature Banks. Since then, the WTI price has risen significantly as a result of the Federal Reserve's plan to intervene. After reaching a peak of approximately $76 on Monday, the WTI price retreated as the dynamics of the US Dollar shifted.

 

The financial system is being harmed by rising borrowing costs around the world and growth concerns are being raised. The WTI price is in a corrective decline as the narrative of China's reopening does not appear optimistic, as the country has lowered its growth forecast to 5.0%.

 

The SVB debacle exacerbates global growth concerns, as it is interpreted as the first of many financial system dings. Due to rising financing costs, businesses are struggling to make their repayments, which will eventually result in a decline in demand.

 

Despite tightened production and numerous voluntary cuts from the Organization of the Petroleum Exporting Countries (OPEC), the WTI price is struggling to surpass $80.

 

Oil prices are influenced by a number of variables, including the US dollar, inflation, OPEC, and global growth concerns. Considering the aforementioned factors, it is difficult to rationalize the directional nature of oil prices, but it appears that the oil market is primarily driven by development concerns.

 

Since these nations are struggling to maintain oil prices above the desired $80 mark, it will also be crucial to monitor the OPEC position on reduced oil prices.

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