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When the G20 finance ministers and central bank governors meet in Gandhinagar next week, the world will be looking for joint action to address rising economic fragmentation, slowing growth, and high inflation. Agile multilateral support is vital to tackle common challenges posed by debt vulnerabilities, climate change, and limited concessional financing—especially for countries hit by shocks not of their making. In April, the IMF projected global growth at 2.8 percent in 2023, down from 3.4 percent in 2022. The bulk of it–over 70 percent–is expected to come from the Asia-Pacific ...

It has been a long time coming, but this month’s release of US June inflation data might actually be the point at which the dollar breaks lower. Like many, we had been looking for a cyclical drop in the dollar in the second half of 2023. Now some strong evidence of US disinflation might just be the catalyst for this important market adjustment. Within the G10 space, the biggest beneficiaries of the softer US price data have been the unloved Scandinavian currencies. These had been the biggest victims of hard ...

Wall Street stocks mostly held on to their previous gains on Friday, while the dollar stayed near 15-month lows, after U.S. inflation data this week unleashed a wave of investor optimism that the U.S. Federal Reserve was nearing the end of its rate-hiking cycle. Data showed on Wednesday U.S. consumer prices growing at their slowest pace in more than two years, and on Thursday the smallest increase in U.S. producer inflation in nearly three years. On Friday, the government reported that U.S. import prices dropped 0.2% last month, and U.S. ...

For the Fed and the U.S. economy, the hard bit starts now. Depending on the length of monetary policy’s ‘long and variable’ lag, a good chunk – perhaps even most – of the Federal Reserve’s 500 basis points of interest rate increases since March 2022 have yet to be felt in the real economy. As the U.S. central bank nears “peak rates,” policymakers, consumers, businesses and financial markets find themselves in limbo – grateful for the “soft landing” that seems to be underway, but aware that the full impact of ...

Some of the largest U.S. banks got a profit boost from higher interest rates and pointed to early signs of recovery in investment banking but warned that the economy was slowing and losses would increase in commercial real estate. In their earnings on Friday, JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) reported sharp increases in net interest income, which measures the difference between what banks earn on loans and pay out on deposits, that drove up profits. Citigroup (NYSE:C), meanwhile, said profit tumbled 36% in the second quarter as weakness ...

This week saw some come positive data from the U.S. as inflation showed a significant slowdown last month, providing hope that the Federal Reserve

Investors piled into bonds and stocks while shedding cash in the week to Wednesday, according to a report on Friday from Bank of America (NYSE:) (BofA) Global Research. The report said this reflected the “end of inflation, end of war, end of U.S. dollar bull” following data this week that showed the U.S. economy is shifting into disinflation mode. Weekly inflows to bonds totalled $12.1 billion, while stocks saw inflows of $11.6 billion and investors pulled $17.6 billion out of cash funds. Investors also shed $500 million worth of gold, ...

NASDAQ-Adv: 1,348 Dec: 3,095 NYSE-Adv: 1,065 Dec: 2,910 (Source: Nasdaq)

A barter of Iranian natural gas for Iraqi oil as described by the Iraqi prime minister this week would likely violate U.S. sanctions on Tehran unless the U.S. issued a waiver permitting it, three former U.S. officials said on Thursday. Iraqi Prime Minister Mohammed Shia al-Sudani on Tuesday said Iraq would begin trading crude oil for Iranian gas to end recurring payment delays to Tehran due to required U.S. approval for such transactions. Sudani said Iran had cut gas exports to Iraq by more than half as of July 1 ...

A meeting of global finance ministers, earnings from U.S. companies whose market value exceeds that of some nations’ entire economies, and a pulse-check for Chinese growth are in the market spotlight. The G20 gather in India to discuss loans to developing countries, among other things, while Tesla (NASDAQ:) kicks off earnings season for the mega-caps. All this takes place against a backdrop of an epic dollar sell-off as the U.S. economy cools and markets bet the Federal Reserve is nearly done raising rates. Here’s a look at the week ahead ...

Asia’s 10 ppm sulphur gasoil refining margins gained for a second straight week on firmer ICE gasoil futures to $19.41 a barrel, despite mixed regional demand-supply forecasts for August and volatile performance in the West. Spot premiums for 10ppm sulphur gasoil lost steam in the last trading session of the week as there were more lower priced sellers in the market. However, they still rose for the second consecutive week to $1.09 a barrel on early-week demand. Offers remained prevalent in the open market on Friday as participants remained bearish ...

Adani Group Chairman Gautam Adani called on Bangladesh Prime Minister Sheikh Hasina in Dhaka on Saturday following the full load commencement of power supply to Bangladesh from the Group’s Ultra Super-Critical Thermal Power Plantin Godda, India. The Godda USCTPP, which marks the Adani Group’s entry into transnational power projects, is India’s first commissioned transnational power project where 100% of the generated power is supplied to another nation. After the meeting, Mr Gautam Adani said in a tweet: “Honoured to have met Bangladesh PM Sheikh Hasina on full load commencement and ...

A landmark agricultural deal brokered between Ukraine and Russia is set to expire on Monday, a revelation that is expected to further exacerbate the global fallout of the Kremlin’s ongoing war if Moscow refuses to renew the agreement. Last week, Secretary-General Antonio Guterres sent a letter to Russian President Vladimir Putin outlining proposals to salvage the deal. On Friday, U.N. spokesman Stephane Dujarric told reporters that conversations with the Kremlin via Signal and WhatsApp would continue over the weekend. Moscow maintains that the current agreement only supports Ukrainian agricultural products ...

South Korea is looking forward to expanding investments in the Suez Canal Economic Zone (SCZone) over the coming period, according to a statement by the SCZone on July 13th. During his meeting with the South Korean Ambassador to Cairo Kim Yong-Hyun, Head of the Suez Canal Economic Zone (SCZone) Waleid Gamal Eldien said that the SCZone aims to boost cooperation with South Korea in the localization of the automobile industry, as well as the fields of green fuel and ship refueling. For his part, Yong-Hyun unveiled that his country prepares ...

Shell will supply Morocco with an annual 0.5 billion cubic metres (bcm) of liquefied natural gas (LNG) under a 12-year deal, the North African country’s energy ministry said on Friday. The deal was signed by electricity and water utility ONEE and Shell, a ministry statement said without disclosing financial terms of the transaction. The gas will be transported from Spanish ports initially, using a gas pipeline that links the two countries, until Morocco builds its own LNG terminals, the ministry said. The LNG will help ONEE operate two power stations ...