Goldman Sachs has decreased its 2024 Brent price forecast by $10 per barrel due to strong supply in the United States. The bank expects prices to remain in the $70/90$ range.
The Chinese Communist Party Finance and Economy Office has announced that the country's economy is set to improve in 2024.
Reuters has reported that Chinese banks have been selling off bad loans at an unseen pace, as regulators have been pressuring the sector to get rid of bad debt.
The head of New York Federal Reserve John Williams stated on Friday that the Fed would still monitor whether the current tightening has been enough instead of evaluating rate cuts.
The Japanese giant Nippon Steel has just announced that it would buy the United States Steel Corporation for a total of $14.9 billion. The US Steel shares reacted to the news with a jump of 28.00% that resulted in a price above $50.35 in the pre-market trading.
The Chinese government has approved a 2024 budget with a 3% deficit of GDP, which is set to be lower than the 3.8% of 2023. Reuters has reported that the government intends to issue special bonds to finance the fiscal budget.
General Motors has announced another lay off of employees. This time the company intends to let go 1,300 workers in Michigan.
A recent Reuters poll has revealed that 20% of surveyed economists expect an end to Bank of Japan's easy monetary policy already in January.
Due to the expectations of Federal Reserve rate cuts, crude oil prices have booked a week of gains not observed for two months.
The US White House has decided upon subjecting US drug makers to inflation penalties that would subject to fines pharmaceutical companies whose prices increase higher than official inflation.
The Warren Buffet fund Berkshire Hathaway has bought up Occidental petroleum shares worth nearly $588.7 million.
The maker of Photoshop Adobe has announced this week that due to regulatory issues over the company's subscriptions it expects a decline in quarterly revenues.
Reuters has reported that the ongoing changes in the government positions of Japan could change the way the central bank of the country views its ultra-easy policy. A different government might allow to change the long standing monetary course.
Reuters has reported that a Chinese chip designer Brite Semiconductors has managed to avoid US chip crackdown by being part-owned by the country's top sanctioned firm and backed by US financing. The company has been offering six chip designs to the People's Liberation Army.
As it was expected by market analysts, the European Central Bank has kept its base interest rate at 4.50%. In general, the ECB has continued to follow the example of the US Federal Reserve.
It has been revealed by in-depth analysis of the recent Consumer Price Index data that high rental costs have been the main driver for stubborn inflation.
The United Kingdom's central bank has just announced the Official Bank Rate and released the Monetary Policy Summary. As forecast by the market consensus, the bank kept the rate at 5.25%. The Monetary Policy Committee was expected to vote with two members voting for an increase and seven for keeping the rate intact. However, three instead of two members wanted
The Payments Systems Regulator of the United Kingdom has proposed to cap cross-border interchange fees that are charged by Visa and MasterCard in the UK and EU markets.
As it was expected by market analysts, the Swiss National Bank has kept its SNB Policy Rate at 1.75%. However, despite the flat rate, the Swiss Franc lost value, as the central bank announced a change of future inflation forecasts.
Due to an issue with autopilot safeguards, Tesla has announced a recall of 2 million United States vehicles.
The market consensus forecast was that the US Fed would keep its Federal Funds Rate at 5.50%. As expected, the rate was kept at that level. The US Dollar index reacted to the initial rate announcement with a sharp drop to levels near 103.50.
On Wednesday, Pfizer announced that their 2024 sales were expected to be $5 billion below Wall Street market expectations. The announcement caused a major decline of the company's stock price. The stock price of the company lost $2.45 or 8.59% of its value at the start of Wednesday's US trading.
The release of the US Producer Price Index has caused a minor 10 point decline in the US Dollar index. The move occurred due to the lower than expected Core PPI at 0.0% instead of 0.2% and the revision downwards of the previous month's PPI from -0.5% to -0.4%.
After experiencing low toy sales the children's toy producer Hasbro has announced that it would fire 15% of its workforce by laying off 900 employees.