EUR/USD 1.02749
-0.225%
Gold 2700.86
-0.497%
Oil 77.288
-0.681%
USD/JPY 156.146
0.645%
GBP/USD 1.21698
-0.580%
GBP/JPY 190.028
0.104%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
IDF: Sirens sounded in southern Israel after Yemen fired a missile for the second time today. The missile was intercepted before it entered Israeli territory.On January 18, the Financial Times reported, citing people familiar with the matter, that Commerzbank is considering laying off thousands of employees to fend off the strong stake of Italys UniCredit Group. Two people familiar with the matter said the plans have not yet been formalized and are expected to be announced to the workers committee in the coming weeks. A person familiar with the negotiations said the figure could be in the low range of "thousands." The report said that after approaching UniCredit Group, the German bank is under pressure to cut costs and improve returns. Bettina Orlopp, the new CEO of Commerzbank, will submit an updated strategy on February 13 to show that the bank can improve profitability and pay dividends to shareholders on its own. Earlier reports said that UniCredit Group suddenly took a stake in Commerzbank and could become the largest shareholder of Commerzbank if it obtains regulatory approval. Andrea Orcel, CEO of UniCredit Group, has made no secret of his ambitions for Commerzbank, including a full acquisition of the German competitor.On January 18, local time, the Houthi armed forces in Yemen issued a statement announcing that they had launched a military operation that day, using the "Zolfagar" ballistic missile to accurately strike the Israeli Ministry of Defense in Tel Aviv, and had successfully hit the target. In response, Israel has not yet responded. Earlier, the Israeli military said on the 18th that after a ballistic missile was launched from Yemen, air defense alarms sounded at Ben Gurion International Airport and other places. The Israeli military is investigating this.A spokesman for the Yemeni Houthi armed forces: They will coordinate closely with Palestinian resistance organizations to respond to any Israeli actions that violate the Gaza ceasefire agreement.According to the Financial Times: Commerzbank is considering cutting thousands of jobs to fend off a strong stake from Italys United New Low Group.

WTI rebounded from $73.00, but a decline appears probable as negative US PMI spark recession fears

Daniel Rogers

Jan 05, 2023 14:41

 43.png

 

West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have regained some ground in the Asian session after falling to near $73.00. Oil prices experienced a slaughter on Wednesday, which was precipitated by a consecutive dip in United States Manufacturing PMI data provided by the Institute of Supply Management (ISM) department.

 

The U.S. Manufacturing PMI dipped to 48.4 vs estimates of 48.5 and the previous publication of 49.0, marking the lowest figure since May 2000. The Federal Reserve's (Fed) aggressive policy tightening actions to combat persistent inflation have reduced the volume of manufacturing operations. To avoid increasing interest costs, companies are avoiding debt-raising negotiations, which has resulted in unaltered production capacities and diminished investment options.

 

In the meantime, the robust U.S. job market gives the Federal Reserve (Fed) a compelling justification to maintain higher interest rates for an extended period. The Unemployment Rate is extremely steady at lower levels, and pay growth is robust, which continues to keep inflationary pressures in check.

 

The American Petroleum Institute (API) stated that oil inventories grew by 3,298 million barrels for the week ending December 30. As people were preoccupied with New Year's celebrations, the majority of operational activity ceased. The official US oil inventory figures will provide fresh impetus moving forward.

 

In the Asian region, increased Covid infections in China are indicative of a delayed economic recovery. Analysts at Rabobank believe that China is still attempting to deal with the increase in Covid infections following the easing of restrictions. "The current increase of Covid infections is stressing the Chinese health care system in more ways than one. Bloomberg adds that this may also impede Beijing's aspirations to launch a homegrown semiconductor industry to compete with US-controlled supply chains.

Suggestion