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Yoshimura Hirofumi, leader of the Japan Restoration Party: There are major differences with the Liberal Democratic Party on the issue of corporate donations.On October 17, analysts at JPMorgan Chase and Goldman Sachs estimated that the number of initial unemployment claims in the United States may have fallen last week, but many people are still unemployed due to weak hiring. According to their estimates, the number of initial unemployment claims in states fell to 217,000 in the week ending October 11 from 235,000 in the previous week after seasonal adjustment.On October 17, Euro Stoxx 50 index futures fell 0.6%, German DAX index futures fell 1%, and British FTSE index futures fell 0.8%.On October 17th, as news of bank loan defaults hit Wall Street, CNBC commentator Jim Cramer said the latest developments would pave the way for the Federal Reserve to cut interest rates, a move widely anticipated by investors. He said, "Todays market is indeed terrible, but at least we finally have a reason for the Fed to rush to cut rates sooner rather than later: bank loan defaults. Nothing prompts the Fed to act faster than credit losses, as they are a clear signal that the economy is heading for a downturn." On Thursday, US stock indices generally fell as investor concerns grew about the health of regional banks loan books. Cramer pointed out that non-performing loans are an early warning sign that it is time for the central bank to ease monetary policy. The banking system has "sufficiently accrued enough problem loans" within a week, which is enough for the Fed to cut interest rates quickly without worrying too much about inflation. He emphasized that lower borrowing rates not only stimulate the economy generally but also make it easier for borrowers to avoid default.The Bank of Japan index fell 1.88%, leading the decline in Japanese stocks.

Oil Prices Rise As U.S. Gasoline Supplies Decline; Economic Concerns Loom

Haiden Holmes

Jan 06, 2023 11:40

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Oil prices increased over 1% on Thursday following the greatest two-day decline for the first two trading days of the year in three decades, with U.S. data indicating lower fuel inventories providing support and economic concerns limiting gains.


Concerns of a global recession precipitated huge declines over the previous two trading days, especially in the aftermath of negative short-term economic data in the world's two largest oil consumers, the United States and China.


According to data issued by the U.S. Energy Information Administration on Thursday, distillate inventories declined more than anticipated when a winter storm struck the United States at the end of December.


Last week, the Energy Information Administration reported a fall in gasoline stocks of 346,000 barrels, whereas a Reuters survey had projected a decrease of 486,000 barrels.


According to EIA data, distillate stockpiles, which comprise diesel and heating oil, declined by 1,4 million barrels during the previous week, contrary to the predicted decrease of 396,000 barrels.


John Kilduff, a New York-based partner of Again Capital LLC, stated, "The consequences of the hurricane during that time period are clear here."


Futures for Brent crude closed at $78.69 a barrel, up 85 cents, or 1.1%. The price per barrel of West Texas Intermediate crude oil in the United States climbed by 83 cents, or 1.2%, to $73.67.


According to data from Refinitiv Eikon, Tuesday and Wednesday's cumulative losses of more than 9 percent were the greatest two-day losses at the start of the year since 1991.


The largest U.S. pipeline operator, Colonial Pipeline, published a statement earlier in the session suggesting that its Line 3 had been shut down for unscheduled maintenance, with a resume date of January 7 predicted for the products line.


Tamas Varga, an oil dealer at PVM, linked the early-session price surge to the pipeline interruption and remarked, "The market is unquestionably in a bear market."


The contracts for the two proximate benchmarks traded at a discount to the following month, a phenomenon known as contango.


On Wednesday, statistics indicating a steeper decrease in U.S. manufacturing in December weighed on prices, along with fears of economic disruption as COVID-19 makes its way through China, where travel and activity restrictions have been substantially lifted.

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