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Fitch Ratings: Germanys spending plans show it is willing to use fiscal space to address geopolitical and growth challenges.Italian Prime Minister Merloni: Italy will carefully evaluate the option of additional borrowing to increase defense spending as proposed by the European Commission.Italian Prime Minister Meroni: We believe that the French and British proposal to send European troops to Ukraine is a very complex, risky and ineffective option. We have never considered sending Italian troops to Ukraine.On March 18, Fitch said in its latest global economic outlook that global economic growth is expected to slow to 2.3% this year, far below the trend level and lower than 2.9% in 2024. At the same time, Fitch lowered its forecast for US economic growth from 2.1% in December last year to 1.7%, and lowered its growth forecast for 2026 from 1.7% to 1.5%. Fitch said that the increase in tariffs will lead to higher consumer prices in the United States, lower real wages, and increase corporate costs, and the surge in policy uncertainty will have an impact on corporate investment. It is estimated that the tariff shock will increase US inflation by 1% in the near term, and we believe that the Federal Reserve will postpone further easing until the fourth quarter of 2025. We now expect the Federal Reserve to cut interest rates only once this year, but as the economy slows and tariff levels stabilize, we expect three more rate cuts in 2026.The letter shows that the automotive industry and technology groups called on the Trump administration to speed up the deployment of self-driving cars.

Oil Prices Fall as 'Imminent' Iran Nuclear Deal Becomes Visible

Haiden Holmes

Aug 22, 2022 10:52

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On Monday, oil prices dropped significantly on reports that Iran and Western nations were close to an agreement that would ease sanctions on the country's petroleum exports.


West Texas Intermediate futures, the U.S. crude benchmark, fell more than 1% to $89.39 per barrel as of 20:01 ET, while London-traded Brent oil futures down 0.5% to $95.59 per barrel (0002 GMT).


Al Jazeera, a Qatari news outlet, reported over the weekend that a nuclear agreement with Iran was 'imminent,' while other sources indicated that Tehran was prepared to withdraw its demand that the Islamic Revolutionary Guard Corps be removed from the State Department's List of Foreign Terrorist Organizations.


Iran's desire for the corps was a major obstacle to the accord and had impeded EU-mediated negotiations with the United States to this point.


Al Jazeera said that the conclusion of an agreement will result in sanctions against 17 Iranian banks and 150 economic organizations being eased. In addition, Tehran will be authorized to export 50 million barrels of oil per day four months after the signing of the pact.


It is estimated that the decision will instantly release more than 1 million barrels of oil per day onto the market, which will have a negative effect on oil prices.


Nonetheless, this increase in supply may push the Organization of the Petroleum Exporting Countries to implement measures to restrict output. Oil prices surged late in the previous week due to speculation over supply restrictions, but they concluded the week in the red.


In recent weeks, oil prices dropped to six-month lows as speculators feared a demand deficit caused by a worldwide economic slowdown and recession. Indicators of economic stress in the world's largest oil importer, China, have been of particular concern to oil markets. This year, Beijing's zero-COVID plan has led to a succession of COVID lockdowns that have crippled the Chinese economy.


Nonetheless, statistics from the previous week's U.S. oil inventories indicated that demand in the world's largest economy was recovering from a downturn. Nonetheless, a further tightening of monetary conditions by the Federal Reserve could threaten this recovery.

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