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Federal Reserves Barr: The Justice Departments investigation is an attack on the Feds independence.January 16th - Canadas auto sector contracted sharply in November, battered by a global chip shortage, weak demand, and increasing pressure from the U.S. trade war. The sector dragged down broader merchandise activity. Statistics Canada reported on Thursday that overall manufacturing sales fell 1.2% in the month, while wholesale revenue declined 1.8%. Both figures missed expectations; economists had forecast a 1.1% decline in factory sales and a 0.1% increase in wholesale trade. The motor vehicle sector led the decline, with manufacturing sales plunging 15.9% in November, marking the second consecutive monthly drop and reaching its lowest level since October 2022. Statistics Canada stated that auto production at a major assembly plant was severely disrupted in November due to the global semiconductor shortage. This exacerbated the effects of weak demand and trade headwinds. The data suggests that the Canadian economy is under pressure from U.S. President Donald Trumps tariff policies, and the weakening momentum foreshadows a slowdown in Canadian growth in the fourth quarter.On January 16th, soybean oil futures surged as much as 3.8% as the market anticipated the Trump administration would release long-awaited U.S. biofuel blending quotas in March. The U.S. Environmental Protection Agency (EPA) stated last year that it would raise targets for so-called biodiesel, which can be made from soybean oil and other crop feedstocks, but traders have been awaiting final details. According to sources familiar with the matter, the plan may be finalized in the coming months. However, these sources also indicated that the timeline could still change. Analyst Brett Gibbs stated that if the increased targets are adopted, biodiesel production will increase significantly. He noted, "This has always been our preferred way to support biofuels and domestic crops."Shopify (SHOP.N) shares fell further to 3%.The US Treasury auction for the four weeks ending January 15th yielded a winning bid of 3.595%, unchanged from the previous week.

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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