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China’s state grain stockpiler sees record inventory cut

China’s state grain stockpiler Sinograin said Saturday that it had made breakthrough in inventory reduction last year, with record high sales of 132.73 million metric tons. Sinograin has met its goal in reducing the inventory of cotton, soybeans and rapeseed oil in 2018, second year of its inventory-cutting drive, according to the company’s general manager Deng Yiwu. The company managed to reduce reserves in over 7,000 storehouses by 100 million metric tons of corn, 17 million metric tons of unhusked rice, 10.66 million metric tons of wheat, over 2 million ...

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Oil edges down as slowing China economy undermines markets

Oil prices edged lower on Monday, echoing a weaker tone on global stock markets after evidence that economic growth in China, the world’s second-largest crude consumer, eased in 2018. Brent crude oil futures were down 13 cents at $62.57 a barrel by 1207 GMT, while U.S. crude futures lost 10 cents at $53.70 a barrel. China’s 2018 economic growth slowed to the weakest in 28 years, data showed, at 6.6 percent versus 6.8 percent in 2017. Although the slowdown was in line with expectations and not as sharp as some ...

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Analysis: China’s oil sector to wallow in uncertainty in the Year of the Pig

China’s oil market in 2019 will be shaped by uncertainties arising from a slowing economy, the US-China trade spat, refining overcapacity, readiness (or lack of) for IMO 2020 and fuel price deregulation, according to analysts and market participants. The overarching theme for the world’s second-largest oil consumer and largest oil importer is its economic deceleration that threatens to reverberate through the global oil market, which it has propped up precariously for years. This year started out on a strong note, with China’s crude oil imports for 2018 posting a 10.1% ...

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IEA Sees Oil Demand Growth Defying Economic Slowdown

Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity, according to the International Energy Agency. “We have seen prices fall very significantly since the peak at the beginning of October, and that is providing some relief to consumers,” Neil Atkinson, head of the IEA’s oil industry and markets division, said in a Bloomberg television interview on Friday. Still, in its monthly report the agency acknowledged “the mood music in the global economy is not ...

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After billion-barrel bonanza, BP goes global with seismic tech

Buoyed by the success of seismic imaging that found an extra billion barrels of oil in the Gulf of Mexico, BP is looking to take its latest technology to Angola and Brazil. The software used in the Gulf, based on an algorithm created by Xukai Shen, a geophysicist straight out of Stanford University, led to BP discovering the crude in an area where it had long thought there was none to be found. Industry experts said the scale of the discovery 8 km below BP’s Thunder Horse field, announced last ...

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Stock markets falter after China data, Brexit Plan B awaited

European shares fell on Monday from recent six-week highs as a global equity rally stalled after data confirmed a slowdown in China’s economy and investors awaited for Britain’s next steps to break the deadlock over Brexit. British Prime Minister Theresa May is set to present her ‘Plan B’ for Brexit to parliament later in the day. Trade in general was subdued with U.S. markets closed for the Martin Luther King Jr. Day. Data showed the Chinese economy, the world’s second biggest, grew 6.4 percent in the fourth quarter from a ...

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Dollar nears two-week high as Chinese growth slows

The dollar held near a two-week high on Monday, shrugging off concerns about weakening global growth and data that showed China’s economy slowed sharply in 2018. Going into 2019, weakness in the dollar was a consensus view among currency market traders. The bet was that the U.S. central bank would stop raising interest rates and the economy would slow after a fiscal boost last year. But the greenback has enjoyed its first weekly gain since mid-December, buoyed by hopes of a thaw in U.S.-China trade tensions and stronger-than-expected U.S. industrial ...

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Globalism is dead. Long live globalization

Though belief in globalism – a top-down conspiracy to impose an international system that trumps national sovereignty – may be dead, globalization is alive and well. An effective and resilient international order, comprising strong nation-states, thus remains essential. Will global cooperation finally emerge from the doldrums in 2019? The international community’s recent agreement on a “rulebook” for implementing the Paris climate agreement seems to offer some hope. But opinion polls suggest that many remain concerned that a global economic recession or major geopolitical crisis will test the international system’s resilience. ...

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U.S. economy may face trouble if ‘sideways’ Treasury trade doesn’t end

Don’t be lulled into complacency by a newfound calm in Treasury markets. That’s the warning from Jim Vogel of FTN Financial, who wrote in a Thursday note that if the current “sideways” trading takes hold in government bond trading for too long, that placidity could serve as a more troublesome sign of the economy’s prospects. That’s because if the bond market spends an extended period at the current level of quiescence, it suggests that the usual bounceback in growth after the first quarter of the year may not pan out, ...

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ECB rate hike to be delayed as recession risks rise again – Reuters poll

The European Central Bank is expected to wait until the fourth quarter to raise its deposit rate, later than thought just a month ago, according to economists in a Reuters poll, who also said the chances of a euro zone recession have grown. Reuters polls since June 2018 have predicted that after ending its asset-purchase programme in December, the ECB would follow with a rate rise in the third quarter of 2019, in line with the ECB’s guidance. But a barrage of weak data – including news that Europe’s top ...

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In The ‘Opt-In’ Data Economy, Consumer Confidence Is Key

Know thy customer. It’s a golden rule of business because the better a company understands its target audience, the better they can sell to them, serve them and win their loyalty for life. Today, businesses are getting to know their customers with unprecedented depth, thanks to the constantly flowing river of data that springs from every move they make in the digitally connected world. The last decade was like the Wild West of big data gathering and analysis, as every consumer-facing company joined the gold rush to absorb the minutiae ...

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Central Banks Struggle With Policy Settings

The eurozone’s economic slowdown has taken European Central Bank officials by surprise, potentially disrupting their plans to lift short-term interest rates this year. The shift underlines the difficulties central banks face getting back to growth rates and policy settings that were considered normal before the global financial crisis. In June, the ECB appeared to be on course to end its bond-buying stimulus program at the end of 2018 and follow that with a first rise in its key interest rate some time this year. Right now, it charges banks 0.4% ...

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There’s Not Enough Debt in the World

It may be a cliché, but it’s true that the world’s awash in debt. In its quarterly update, the Institute of International Finance said on Tuesday that the world’s debt pile is hovering near a record at $244 trillion, which is more than three times the size of the global economy. Scary numbers, to be sure, but they didn’t stop one of the world’s most indebted and politically unstable countries from selling more than $11 billion of bonds without breaking a sweat. As proof, Italy was set to price 10 ...

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Baltic Dry Index falls to 1092, down 20 points

Today, Monday, January 21 2019, the Baltic Dry Index decreased by 20 points, reaching 1092 points.

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MMi Daily Iron Ore Index Report January 21 2019

Sixty-five vessels carrying 9.99 million mt of iron ore are expected to arrive at major Chinese ports in the week ended Thursday January 24, down 680,000 mt

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