Author: Financial Reporter
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Global Oil Demand Set to Reach Record High in 2023, Fueled by Chinese Demand and Air Travel
The International Energy Agency (IEA) has said that global oil demand is set to rise by 2 million barrels per day (bpd) in 2023, to a record 101.7 million bpd, with nearly half the gain coming from China after the lifting of its Covid restrictions. This is 200,000 bpd more than the IEA forecasted last…
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Inflation Remains High in January – Fed Chair Powell Hints at Disinflation
Inflation continued to remain high in January, according to the latest Consumer Price Index (CPI) report from the Bureau of Labor Statistics.[0] The index rose 0.5% from the prior month, and 6.4% from January of last year.[1] This was slightly below the 6.5% reading in December, though still above the Federal Reserve’s 2% target.[2] Core…
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Consumer Price Index and Treasury Yields Climb as Retail Sales Jump, Dow Jones Futures Dip
On Tuesday, the latest reading of the consumer price index (CPI) showed that inflation rose by 0.5% in January, with the CPI increasing by 6.4% from a year ago.[0] Core CPI, which excludes volatile food and energy prices, was up 0.4% on a monthly basis, faster than the 0.3% monthly increase seen in December.[1] This…
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Retail Sales Surge 3% in January, US Stocks Lower Ahead of CPI Release, Fed Rate Hike Probability at 87.8%
Retail sales in the US surged 3% in January, much higher than the expected 1.8%, according to the Commerce Department. This was the largest monthly gain for retail sales since March 2021 and bodes well for the US economy overall. Excluding autos, retail sales were up 2.3% for the month, higher than the 0.7% estimate.…
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Oil Prices Fall as US Announces SPR Sale and Fed Warns of Inflation
Oil prices dropped on Tuesday after the US announced plans to sell more inventory from its Strategic Petroleum Reserve, adding to the global market’s already-volatile crosscurrents in supply and demand. [0]West Texas Intermediate, the U.S. benchmark for crude, dropped 1% to around $79 a barrel following the news of additional barrels.[1] The Biden administration said it…
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CPI Surges 0.5% in January, Raising Questions for Fed Chair Powell
The Consumer Price Index (CPI) rose 0.5% in January, faster than projections of 0.4%, according to the Bureau of Labor Statistics (BLS).[0] The index rose 6.4% on a yearly basis, decreasing slightly from 6.5% in December and surpassing expectations of 6.2%.[1] This was the smallest year-over-year increase since October 2021.[2] Shelter costs were among the…
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Crypto Market Sees 2.12% Increase Despite Regulatory Cracks Down
Bitcoin is currently trading around the $22,800 mark and has been consolidating between the $22,500 and $24,000 mark for the past couple of weeks. On the 1-hour timeframe, the price has dropped below the support level previously watched and is now trading below the $23,200 mark.[0] The immediate short term could see the price drop…
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Turkey’s Stock Exchange Suspended After Earthquakes Wreak Havoc, Wipes $35 Billion in Value
On Wednesday, Turkey’s stock exchange suspended trading for five days, until the evening of Feb. 14, after two devastating earthquakes wreaked havoc throughout the country earlier this week.[0] The benchmark Borsa Istanbul 100 Index, which had already been the worst-performing equity market in the world this year, tumbled almost 10% in the two days it…
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Mixed Market Reactions To US Inflation Data
Despite stubbornly high inflation, the Federal Reserve is still likely to cut interest rates later this year, according to Jeremy Siegel, a finance professor at the University of Pennsylvania’s Wharton School.[0] Precious metals such as gold and silver have seen some losses, while crude oil prices remain relatively unchanged. Asian stock markets have been trading…
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U.S. CPI Rise In-Line With Market Expectations, 10-Year Treasury Yield Rises to 3.78%, Major Indices Trade Lower
On February 9th, 2023, the US Consumer Price Index (CPI) rose 0.5% compared to the previous month, coming in-line with the market expectations.[0] The Consumer Price Index rose by 6.4% on an annual basis, and core prices (excluding food and energy) rose by 5.6% compared to the previous year.[1] The increase was more significant than…