LAST UPDATE: 15:21 The world must continue to extract oil and natural gas to sustain today’s civilization, while also continuing to develop sustainable energy sources, Tesla chief Elon Musk told reporters during a conference in Norway on Monday, according to with Reuters. “Realistically I think we have to use oil and gas in the short […]
Tag: International financial news
BlackRock: Fed ‘must go on vacation’ after 2022 rate hikes
The Federal Reserve’s rate hikes in 2022 to fight inflation are likely enough to put its officials on hold, limiting the risk of too much tightening damaging the U.S. economy, BlackRock said. This position was expressed in a note by Rick Reeder, head of fixed income investments at the world’s largest asset manager. The Fed […]
Iran: Offshore stockpile of tens of millions of barrels poised to be shipped in case of nuclear deal
Progress on the Iran nuclear deal has put the spotlight on a significant crude stockpile held by Tehran that could be quickly shipped to buyers if a deal is struck. As Bloomberg reports, about 93 million barrels of Iranian crude and condensate are currently stored on ships in the Persian Gulf, off Singapore and near […]
Goldman Sachs: Buy commodities now, worry about recession later
By Eleftherias Kourtalis Overblown recession fears gripped commodity markets, particularly oil, in June, in one of the worst monthly performances in 8 years. Since then, major commodity indices have recovered, but prices for crude, petroleum products, aluminum, wheat and corn, among many others, remain well below previous highs. Judging by recent price action, Goldman Sachs […]
At a record level, at 10.7 billion dollars, Turkey’s trade deficit
Turkey’s trade deficit jumped to a record level in July, driven by rising energy costs. The monthly deficit came in at $10.7 billion, higher than the average estimate of $10.6 billion and the largest since records began in 1984. The January-July deficit was $62.2 billion, a 143.7 percent increase from a year earlier, according to […]
Hong Kong: July house prices at lowest level since February 2020
Private home prices in Hong Kong fell to their lowest level since February 2020 in July, official data showed, as home buyers grew more pessimistic due to rising interest rates and an uncertain outlook. Home prices in one of the world’s most unaffordable housing markets fell 1.6% last month from the previous month, compared to […]
The German-Danish wind hub in the Baltic will help replace Russian natural gas
LAST UPDATE: 10:41 A €9 billion offshore wind power hub planned in the Baltic would mark a major step in weaning Europe off Russian gas, according to Bloomberg, citing the governments of Germany and Denmark. The so-called Bornhold Energy Island in the Baltic Sea will connect various wind farms and distribute the energy they produce […]
Australian retail sales beat estimates
Australian retail sales in July were much stronger than expected, underscoring consumer resilience in the face of soaring interest rates and a big rise in the cost of living this year. Retail sales rose 1.3% in July, the biggest increase in four months, according to the Australian Bureau of Statistics. Estimates were for an increase […]
Handelsblatt: Hedge funds bet $39 billion against Italian government bonds
Over-indebted Italy is once again in the focus of speculators’ attention, according to Handelsblatt. Uncertainty ahead of new elections on September 25 and the economic fallout from the energy crisis, which has particularly hit Italy, which is heavily dependent on natural gas, have brought hedge funds to the fore. They bet against Italy. Data from […]
Handelsblatt: 4 ways investors can take advantage of the electricity price surge in the stock market
The price of electricity in Germany does not seem to know any upper limit at the moment. It recently rose to 988 euros per megawatt hour – at the beginning of the year it was less than 150 euros. This is a problem for businesses and consumers, whose costs are rising dramatically. However, according to […]
