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The euro zone returned to growth in the second quarter of 2023, with a greater than expected expansion after narrowly avoiding a technical recession around the turn of the year, preliminary data showed on Monday. Gross domestic product in the euro zone expanded by 0.3% in the second quarter, above expectations of 0.2% in a Reuters poll of economists. Compared to a year earlier, growth was 0.6% against expectations of 0.5%. That compared with zero growth in the previous quarter for the 20-nation euro zone and a 0.1% quarter-on-quarter decline ...

Japanese factory output improved in June for the first time in two months, government data showed on Monday, highlighting growing confidence among manufacturers buoyed by strong demand. Many countries, including Japan, are relying on domestic consumption to underpin growth while the risk of global recession persists. Output rose 2.0% in June from a month prior on a seasonally adjusted basis, missing the 2.4% median market forecast. That followed a revised 2.2% decline in May. “Production is likely to continue to pick up on the back of resilient domestic demand, particularly ...

Malaysian palm oil futures closed down 3.02% on Monday, following a stronger ringgit and weakerrival oils, although the contract booked a monthly gain. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange shed 3.02% to 3,885 ringgit ($861.99) pertonne at the closing price, its weakest level in more than a month. The contract logged a 2.53% monthly gain. “After last week’s rally on Russian-Ukraine news, the market seems to be taking a breather, alongside the strengthened ringgit,” a Kuala Lumpur-basedtrader said. Dalian’s most-active soyoil ...

Eurozone inflation continues to move in the right direction. As expected, it came in at 5.3% in July, down from 5.5% in June. Energy inflation was sharply negative on base effects from last year at -6.1% while food inflation was lower at 10.8%, down from 11.6% last month. While recent price developments have been less disinflationary, overall headline inflation should continue to trend lower. Core inflation was flat on the month at 5.5% thanks to diverging developments between non-energy industrial goods and services inflation. Goods inflation is trending down quickly ...

China’s State Council on Monday issued measures to restore and expand consumption in the automobile, real estate and services sector, aiming to give full play to the “fundamental role” of consumption in economic development. The State Council said in a document the government will improve the infrastructure for charging to promote more purchases of new energy vehicles, support housing demand by expanding the supply of affordable rental housing and encourage tourism by asking local governments to cut admission fees at scenic areas or even make them free during low periods. ...

British and Dutch wholesale gas prices mostly edged up on Monday morning on expectations of lower wind output and amid ongoing outages. The front-month Dutch contract TRNLTTFMc1 edged up by 0.83 euro to 26.33 euros per megawatt hour (MWh) by 0923 GMT, while the September contract TRNLTTFMc2 was 0.92 euro higher at 27.67 euros/MWh, according to Refinitiv Eikon data. The British August price TRGBNBPMQ3 was 2.77 pence higher at 66.00 pence per therm. In north-west Europe and Britain, strong increases in demand are forecast over the weekend due to lower ...

Latest data about economic output in France, Germany and Spain is “quite encouraging” and confirms the European Central Bank’s expectations, ECB President Christine Lagarde said in an interview published on Sunday. “The second quarter GDP figures for France, Germany and Spain are quite encouraging,” Lagarde told French daily Le Figaro. “They support our scenario of GDP growth of 0.9% in the euro area this year.” Source: Reuters

PT Wintermar Offshore Marine Tbk has announced results for 1H2023. Wintermar’s Gross Profit from Owned Vessels jumps to US$3.1 million for 1H2023 from US$0.2 million in 1H2022 on the back of 32.6%YOY increase in Owned Vessels revenue to US$ 19.2 million. Total Gross Profit increased 140%YOY to US$5.4 million for 1H2023, while total revenues were 24.4% higher at US$31 million, largely driven by higher charter rates and additional fleet commencing operations. Owned Vessel Division In the first half of 2023, Owned Vessel gross profit experienced an exceptional increase to US$3.1 ...

Major European Union (EU) economies have reported mixed second quarter (Q2) performances recently amid still high inflation levels across the bloc. France on Friday reported a 0.5-percent increase of gross domestic product (GDP) in volume terms in Q2, after a 0.1 percent growth in the previous quarter, the country’s National Institute of Statistics and Economic Studies (INSEE) said. The INSEE said in its preliminary report that foreign trade was a key driver of the growth, while exports bounced back and imports improved. However, as household consumption decreased in the quarter, ...

Aiming to further enhance service quality and gain a stronger foothold in the Indian sub-continent, Wan Hai Lines has established its India new office in Kolkata on 17 July 2023. Contact details for the new office are as follows: According to the 2023 Foreign Trade Policy announced by the Indian Ministry of Commerce and Industry, India’s export trade volume will reach 2 trillion US dollars in 2030. Therefore, benefiting from government policy incentives and the shifting trend of the global supply chain, India’s status in global manufacturing and international trade ...

A burning car carrier off the Dutch coast has been towed to a new location away from shipping lanes as part of an operation to salvage the ship, the Dutch public works and water management ministry and local media said on Monday. The freighter, which was travelling from Germany to Egypt when the blaze broke out on July 26, was towed to a location north of the Dutch islands Ameland and Schiermonnikoog, the Rijkswaterstaat ministry said in a statement. The fire on the Panamanian-registered Fremantle Highway, which was carrying new ...

Wroclaw University of Science and Technology (WUST), a renowned institution of higher education, is testing the adoption of NAUTIS Home maritime simulation software for their courseware. This decision comes as part of the university’s commitment to providing students with a practical, hands-on learning experience. The integration of VSTEP’s NAUTIS Home maritime simulation is a progressive step towards modernizing the curriculum. It would be the first time that simulation training would be part of the Traffic Engineering course outline. “One of our main objectives is to equip students with comprehensive knowledge ...

For all the excitement whipped up in China’s markets by the Politburo last week, foreign investors say policymakers’ words will have to be matched by substantive action to clean up an ailing property sector before confidence recovers. The sector accounts for a quarter of China’s economy, yet developers’ debts are sliding deeper into distressed territory, with repayment problems mounting while sales crumble. When the Politburo signalled that there would be changes to real estate policy, along with other measures to boost an economy, it ignited the biggest one-day buying spree ...

Saudi Arabia is set to host Ukraine peace talks in the western coastal city of Jeddah in early August, a senior official told S&P Global Commodity on July 30. The move by the world’s largest oil exporter could have a significant impact on the oil, grains and other commodities markets. “It is confirmed that is happening within the next week hopefully,” Hussain al-Shammari, head of international relations at the Ministry of Media, said. Riyadh, which is a close ally of Russia through the OPEC+ producer alliance, is set to host ...

Euro zone inflation fell further in July and most measures of underlying price growth also eased, in a largely comforting sign for the European Central Bank (ECB) as it considers ending its severe run of interest rate hikes. Consumer prices grew by 5.3% this month versus 5.5% in June, extending a downtrend that started in the autumn. Excluding energy and unprocessed food, prices increased by 6.6% after a 6.8% rise a month earlier. While this is still a far cry from the ECB’s 2% target, the reading may help policymakers ...