07/11/2023
Oil falls almost 3% to a three-month low on demand worries
The oil market has experienced a significant drop. Brent crude futures were down $2.07, or 2.54%, at $79.54 a barrel. US crude oil futures lost $2.04, or 2.64%, to settle at $75.33. These values are the lowest since mid-July.
Despite this, China has shown robust growth in its oil imports and is expected to reach its GDP growth target of around 5% this year.
Net oil exports from six of the ten OPEC countries are estimated to be 600,000 barrels per day below April levels, despite announced production cuts. Russia is also considering lifting a ban on exports of certain types of gasoline.
14/11/2023
Inflation flat in October from previous month; core CPI hits two-year low
October’s core Consumer Price Index (CPI) rose by 0.2% and 4% month-on-month and year-on-year respectively, slightly below forecasts of 0.3% and 4.1%. The annual level was the lowest in two years, down from 4.1% in September, but still well above the Federal Reserve’s 2% target. The flat reading in the headline CPI came as energy prices fell 2.5% on the month, offsetting a 0.3% increase in the food index. Housing costs, a key component of the index, rose 0.3% in October, and the year-on-year increase slowed to 6.7%. In addition, vehicle costs, which had been a key component of inflation during the 2021-22 rally, fell on the month. New car prices were down 0.1%, while used car prices fell 0.8% and were down 7.1% from a year ago.
20/11/2023
Gold loses ground as focus shifts to Fed minutes
Gold prices eased on Monday on a rise in US Treasury yields, with investors awaiting the minutes of the Federal Reserve’s latest meeting for clues on the central bank’s interest rate path. Spot gold was down 0.1 per cent at $1,978.23 per ounce, recovering the day’s earlier losses, while US gold futures fell nearly 0.2 per cent to $1,981.1.
All in all, gold prices declined due to a rise in US Treasury yields as investors await the minutes of the Federal Reserve’s latest meeting for guidance on the central bank’s interest rate path.
20/11/2023
Dollar falls to more than 2-month lows on Fed expectations, yen strengthens
The dollar has fallen to its lowest level in more than two months as investors believe the US Federal Reserve has completed its interest rate hike cycle and await signals on when the central bank might start cutting rates.
21/11/2023
Geopolitical instability and a packed election calendar make strategists wary of 2024
Geopolitical risks are expected to pose a significant threat to the global economy in 2024. Large-scale wars and crucial elections in major world powers are expected to create an increasingly tense geopolitical backdrop, leading to greater divergence in key regions, exacerbating uncertainty and generating market volatility.
24/11/2023
Japan’s inflation rate has now been above central bank target for 19 months
Japan’s consumer price index (CPI) rose by 2.9% year-on-year in October due to higher food prices, especially for staples, the Japanese government said today.
It is the 19th month that inflation has been above the Bank of Japan’s (BoJ) current target of 2 %. In its most recent economic forecast, published in October, the Japanese central bank decided to raise its inflation estimate for the current fiscal year to 2.8 %.
23/11/2023
Bitcoin hits highest level of greed since all-time highs
The most popular cryptocurrency has gained more than 125% so far this year, touching the $38,000 mark.
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In Madrid, 30 November 2023
International Trade and Sanctions Department
