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June 9, Ernst & Young data showed that the UK financial industry maintained its lead over other European countries in attracting foreign investment last year, despite a slowdown in activity across the region. The UK attracted foreign investment for 73 financial projects last year, down 32% from the previous year. Germany, which ranked second, saw its transaction volume fall 16% to just 32. The transaction volume across Europe fell 11%. Global investors also believe that London is the most attractive European city for foreign investment in financial services in the coming year, surpassing Frankfurt and Paris, but at the national level, Germany is the first choice for the future. As Trumps tariff policy casts a shadow on the outlook, the survey found that only 32% of people are likely to invest in the United States, while the proportion of investment in the European Union and the United Kingdom is 39% and 44% respectively.June 9th, Japans economy shrank less than initially estimated in the first quarter of this year due to improved inventory and consumption data. Japans Cabinet Office said on Monday that the annualized quarterly GDP rate in the first quarter was -0.2%, compared with the initial value of -0.7%. Personal consumption increased by 0.1% and business spending increased by 1.1%. Inventories contributed 0.6 percentage points to economic growth, while net exports dragged down by 0.8 percentage points. The revised data confirmed that Japans economy had already shrunk before Trump expanded tariff measures in April. For the Bank of Japan, these data may still support a wait-and-see attitude for now, especially after the previous meeting lowered its economic growth forecast for this year. Bank of Japan officials remain highly vigilant about the impact of tariffs. Governor Kazuo Ueda called uncertainty "extremely high" and warned last week that tariffs could affect Japans economy through multiple channels.According to NHK, Japan is considering reaching a tariff agreement with the United States before the G7 summit on June 15.Japans first-quarter GDP deflator annual rate final value was 3.3%, expected to be 3.30%, and the previous value was 3.30%.Japans trade account in April was -32.8 billion yen, expected -95.8 billion yen, and the previous value was 516.5 billion yen.

Due to Russia's Production Cut, Oil Prices Rise More Than 2%

Skylar Williams

Feb 13, 2023 14:08

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Oil prices increased by more than 2% on Friday and registered weekly gains of over 8%, as Russia announced plans to restrict oil production the following month in response to price caps imposed by the West on Russia's crude and fuel.


Brent crude futures increased by $1.89, or 2.2%, to settle at $86.39 per barrel. Futures on West Texas Intermediate crude rose $1.66, or 2.1%, to $79.72 a barrel.


Brent exhibited a weekly increase of 8.1%, while WTI rose 8.8%.


Deputy Prime Minister Alexander Novak stated that Russia aims to lower its crude oil production in March by 500,000 barrels per day (bpd), or around 5% of output.


In response to Russia's activities in Ukraine, Western nations have placed restrictions in an effort to suffocate its oil earnings. The output drop implies that the recent price cap and ban on Russian oil products implemented by the European Union on February 5 have had some effect.


According to Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., "most analysts have already accounted for a 700,000-900,000 barrel decline in Russian production in 2023." The resurgence of Chinese demand is essential for crude to exit its present trading range.


Russia's production bucked projections of a fall last year, but additional sanctions will make oil sales more difficult.


Two OPEC+ delegates told Reuters that no action is planned in response to Russia's oil output restrictions.


"In the short-term, Russia's output decrease doesn't mean much because refinery maintenance is dampening demand," said Andrew Lipow, head of consulting firm Lipow Oil Associates. "However, as world oil demand continues to rebound, it deepens the supply shortfall," he added.


With dismal demand statistics from China and fears of a U.S. recession, economic worries continued to exert pressure on pricing. A spike in weekly U.S. jobless claims and an increase in oil inventories also limited advances. [EIA/S]


Goldman Sachs (NYSE:GS) reduced its Brent pricing projection for 2023 to $92 per barrel from $98 and for 2024 to $100 per barrel from $105.


OPEC countries officials told Reuters that oil prices could return to $100 per barrel in 2023 as Chinese demand rebounds following the repeal of COVID restrictions and supply growth is limited by a lack of investment.


Baker Hughes Co, an energy services company, reported that U.S. energy businesses reduced the number of natural gas rigs by the most in a week since October 2017 and added the most oil rigs in a week since June.


The total number of oil and gas rigs, a leading indicator of future output, increased by two to 761 in the week ending February 10.


The U.S. Commodity Futures Trading Commission (CFTC) will again postpone release of a weekly Commitments of Traders report planned on Friday after a ransomware attack on a unit of ION Markets, the agency said in a statement.

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