EUR/USD 1.16181
-0.128%
Gold 4358.52
-0.978%
Oil 96.751
2.695%
USD/JPY 153.923
0.244%
GBP/USD 1.35147
-0.231%
GBP/JPY 208.029
0.032%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On September 10th, European Central Bank (ECB) President Christine Lagarde emphasized the uncertainty of the outlook at her post-policy press conference. Following Thursdays hawkish statement, financial markets are now almost evenly divided on whether the ECB will raise interest rates again next month. The ECB raised rates by 25 basis points to 2.5% on Thursday, in line with expectations. However, according to LSEG data, the probability of a rate hike on October 29th is currently 49%; if not, the probability of a hike before December 17th is 89%, and the probability of the deposit rate reaching 3% before Christmas is 36%. ECB staff raised their inflation forecasts for 2027 and 2028, citing inflationary pressures from the Middle East conflict, and also raised their GDP growth forecasts for 2026 and 2027, citing "the eurozone economys resilience exceeding expectations." The ECB stated that the outlook remains highly uncertain, a point Lagarde attempted to convey at her post-policy press conference. She said the uncertainty is so great that the situation could change overnight—for example, with rising diesel prices. "We simply cannot predict what will happen next," Lagarde said.U.S. existing home sales totaled 3.98 million units annualized in August, in line with expectations and down from 4.06 million units in the previous month.US existing home sales fell 2% month-over-month in August, compared with a previous reading of -1.70%.U.S. wholesale sales rose 0.8% month-on-month in July, with the previous figure revised from -3.00% to -2.9%.Gold prices fell more than 1% on Thursday as strong U.S. inflation data and rising oil prices increased market bets on a Federal Reserve rate hike next week. Kyle Rodda, senior financial markets analyst at Capital.com, said the producer price index data tells us that underlying inflation in the U.S. economy is picking up, partly due to rising energy costs. U.S. producer price increases in August were largely in line with expectations, but energy prices rebounded. According to the CME FedWatch Tool, traders now expect a 70% probability of a rate hike next week, up from 62% before the data release. However, most economists surveyed by Reuters expect the Fed to keep rates unchanged at its September 15-16 meeting and for the remainder of the year. A stronger dollar makes dollar-denominated gold more expensive for holders of other currencies, while rising yields on benchmark 10-year U.S. Treasury bonds further pressured gold prices. Rodda added that higher bond yields reflect more persistent and higher inflationary pressures from rising oil prices, which also contributed to the decline in gold prices. Rising bond yields typically increase the opportunity cost of holding non-yielding assets, thus putting downward pressure on gold.

Al Gore asserts that climate change action has reached a "tipping point"

Haiden Holmes

Sep 21, 2022 10:35

26.png


Al Gore, a former vice president of the United States and co-founder of Generation Investment Management, stated in an interview with Reuters that the world has reached a "positive tipping point" in the fight against climate change as rising oil and gas prices prompt governments to decarbonize more rapidly.


His examples included the $430 billion Inflation Reduction Act, which is widely regarded as the largest climate package in U.S. history, and Australia's promise earlier this month to decrease carbon emissions by 43 percent by 2030 and to net zero by 2050.


Gore anticipated policy shifts on climate change from Brazil following an impending election and from China following the resumption of talks between President Joe Biden and Chinese Vice Premier Liu He at the November G20 summit in Indonesia.


The war in Ukraine, which Russia refers to as a "special military operation," has caused oil and gas prices to spike, he said, adding that he was concerned about the efforts of some nations to increase fossil fuel production in response.


Gore stated that there is no such thing as a clean fossil fuel, just as there is no such thing as a healthy cigarette. According to the authors, "we do not want to see investments in fossil fuel infrastructure that A will not alleviate the short-term crisis and B would guarantee decades of increasing emission levels."


He stated, "There is evidence nearly everywhere in the world" of the accelerating rate of change, and added that worsening weather events were also pushing the imperative to act.


Al Gore stated that heatwaves in China, floods in Pakistan, and drought in Europe are examples of how "Mother Nature has joined the climate discussion."


In both "An Inconvenient Truth" (2006) and "An Inconvenient Sequel" (2017), Al Gore, the former vice president of the United States, argues that the struggle against climate change is a moral one.


In 2007, he shared the Nobel Peace Prize for his efforts to address climate change while serving as the chairman of Generation Investment Management, a London-based firm that invests in sustainable public and private markets and conducts research.


He said that some governments are removing fossil fuel facilities with decades of remaining life due to the declining cost of renewable electricity, while others are considering banning the sale of fossil fuel-powered automobiles.


"When the technology provides three times as many jobs per invested dollar as investments in fossil fuels, a very good tipping point will be reached," he stated.


In its most recent annual sustainability trends report, published on Wednesday, Generation anticipated that annual investments in the clean economy would surpass $1 trillion over the next few years.


According to the research, while this is less than what is required to keep global warming at 1.5 degrees Celsius over the pre-industrial average, it is increasing "at a rapid rate."

Suggestion