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Fitch: We continue to expect Turkeys inflation to fall significantly and believe that the economic policy mix implemented since June 2023 will be maintained. We believe that the government will reduce the fiscal deficit in the remainder of 2024 by slowing spending growth.At the opening of the night session, the main contract of alumina rose by more than 2%, and the main contracts of low-sulfur fuel oil (LU), No. 20 rubber (NR), SC crude oil, fuel oil, and Shanghai nickel rose by more than 1%; in terms of decline, the main contract of starch fell by 0.32%.Spot gold fell nearly $7 in the short term and is now trading at $2,342.14 an ounce.ExxonMobil CEO: Optimistic that company will achieve $15 billion in cost savings by 2027.[The annual rate of inflation in the United States remains high, and bets on no rate cuts this year are rising] The PCE price index, the inflation indicator preferred by the Federal Reserve, recorded an annual rate of 2.7% in March, and the price increase is still stubbornly above the central banks 2% target. The core PCE rose 2.8% year-on-year. After the report was released, U.S. stock index futures rose slightly and bond yields fell slightly. Economists had previously expected the overall PCE to rise 2.6% year-on-year and the core PCE to rise 2.7%. From February to March, both the overall and core PCE rose 0.3%. A series of higher-than-expected inflation data this year has put the Federal Reserve in a difficult position. Entering 2024, investors expect the Federal Reserve to cut interest rates sharply this year as inflation cools. However, the opposite is true, and inflation data has been undermining expectations of rate cuts. According to CME data, investors currently expect the Federal Reserve to keep interest rates unchanged by the end of the year with a probability of nearly 20%. A month ago, the probability was less than 1%.

Oil prices fall owing to rising U.S. stocks and weaker demand

Skylar Williams

Jul 13, 2022 11:03

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Oil prices dipped in early Asian trade on Wednesday with the release of U.S. inventory data indicating a rise in crude oil and refined products, amid rising fears of a global economic slowdown.


Brent oil futures shed 68 cents, or 0.7 percent , to $98.81 a barrel at 0002 GMT. The price of U.S. West Texas Intermediate crude oil dropped 72 cents, or 0.8 percent, to $95.12 a barrel, which is also the lowest level in three months.


Concerned that aggressive interest rate increases to battle inflation may precipitate a recession, which will severely influence oil consumption, investors have sold their oil holdings. Due to volatile trading, prices dropped by more than 7 percent in the previous session.


China's renewed COVID-19 travel restrictions had an effect on the market. Multiple cities in the world's second-largest economy have enacted further restrictions, ranging from firm closures to wider lockdowns, to prevent the spread of a highly dangerous virus strain.


During the week ending July 8, crude oil stocks climbed by around 4.8 million barrels in the United States. According to market sources citing data issued by the American Petroleum Institute on Tuesday, gasoline supplies grew by 3 million barrels, while distillate stockpiles increased by 3,3 million barrels.


The dollar index, which compares the dollar to a basket of six other currencies, reached its highest level since October 2002 on Tuesday, reaching 108.56.


Since oil is frequently priced in U.S. dollars, a stronger dollar makes the commodity more expensive for foreign currency holders. During times of market volatility, the dollar is often viewed as a safe haven by investors.


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