Interest rates on US home loans have continued to decline, as levels not seen since May have been reached. The rate on 30-year-fixed mortgage has declined to 6.61%.
Various Asian region stock exchange indices have ended 2023 with gains. The surge of the assets has been caused by the expectations of US interest rate cuts. Namely, lower rates are set to cause lower income from bonds. Due to this reason, money managers are investing in riskier assets all over the world, including Asian stocks.
Crude oil price benchmarks are set to end the year with a decline of almost 10.00%. The annual decline has been attributed to declining global demand that has not been offset by OPEC production cuts.
The US Dollar index was set to end its two year winning streak by booking a loss for 2023. The decline of the US Dollar has occurred due to the expectations of US Federal Reserve Fed Funds Rate decrease.
The Chinese phone producer Xiaomi has announced that it would produce electric vehicles. The first model of the company would be a sedan called SU7.
The US jet producer Boeing has urged airlines to inspect the new 737 Max planes due to a potential loose bolt. The bolt is reportedly located in the rudder control system.
Reuters has revealed that Maersk shipping schedules show that most of the company's Asia-Europe route ships are set to sail via the Suez Canal.
The Vietnamese electric vehicle maker VinFast has debuted in the United States market by partnering with Leith Automotive Group in North Carolina. The producer has decided upon a hybrid distribution model by partnering with local dealers instead of the previously used direct approach.
Bank regulators of Singapore have fined Credit Suisse with a fine of 3.9 million SGD for a failure to detect and prevent relationship manager misconduct.
The Chinese electric vehicle producer BYD has revealed that it has received a level 3 autonomous driving test licence that allows it to test cars on high-speed roads.
Reuters has reported that Amazon, Home Depo, Walmart and IKEA suppliers have all had to reroute theirs shipping from the Red Sea due to the risks of an attack and seizure of vessels by the Houthis. The rerouting has created additional costs that are expected to increase prices.
In an effort to ensure economic recovery, the Chinese government has revealed in its report on next five-year plan aims to increase domestic demand.
The US Department of Energy has announced that it has replenished the Strategic Petroleum Reserve with a total of three million barrels.
Industrial profit statistics for China have revealed that in November the sector has experienced a profit surge of 29.5%.
In November, Toyota Motors increased production by 11% and reached a record production of 926,573 vehicles.
Maersk and CMA CGM have announced that they would increase shipping through the Suez Canal, as the US has implemented efforts to stop Houthi attacks on commercial ships.
Market analysts have commented that Tesla is set to reach a new record of electric vehicle production in 2023. However, the company is unlikely going to reach the 2 million target set by Elon Musk.
The Financial Times have compiled data revealing that the top twenty global banks have fired 61,905 employees during 2023, as the banks have tried to increase profit margins.
The Indian stock index Nifty 50 has reached a new all-time-high level. During Wednesday's trading, the index approached the 21,600.00 mark.
The prices for iron ore have reached a ten-month high, as Chinese stimulus efforts have increased demand in the country's struggling real estate market. The real estate market is the main consumer of iron.
Bloomberg has revealed that Tesla intends to launch a new version of the Model Y in 2024.
Reuters has reported that Wall Street analysts have reduced their earnings expectations for Chevron, as the oil company has been experiencing operational setbacks.
The government of Israel has granted Intel $3.2 billion for the creation of a new chip plant. The total costs of the plant amount to $25 billion.
During Wednesday's trading, European and Chinese stock indices surged, as gains were attributes to global interest rate cut expectations.