The European Union (EU), the G7 group of nations, and Australia have settled details of a plan to limit the price Russia can charge for oil it exports to $60 a barrel.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – Nov 8 2022
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SPOTLIGHT: BIGS GETTING BIGGER
As forecast, the Merger and Acquisition trend which we have been long reporting would peak when the Federal Reserve would aggressively raise interest rates and cut off the cheap money supply.
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SPOTLIGHT: CHINA
In dollar terms, the value of China’s exports in October fell 0.3 percent, year on year, falling far short of the 4.3-percent increase that analysts had predicted, due to the U.S. and European Union buying less.
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TORONTO’S HOME SALES FALL BY HALF IN OCTOBER
The number of homes sold in October in metro Toronto, Canada’s largest city, fell by 49.1 percent from a year earlier, with the number of homes for sale falling to a level last seen in 2020, the Toronto Regional Real Estate Board reported last week.
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IRON ORE PRICES FALL TO THREE-YEAR LOW
The price of iron ore fell to $79.50 a metric ton on 31 October, down 17 percent last month from September and reaching its lowest point since November 2019 as the world’s economy—and China’s in particular—continue to slow, S&P Global Commodity Insights reported.
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NORWAY’S CENTRAL BANK RAISES RATE BY SMALLER AMOUNT
Norges Bank, the central bank of Norway, added a quarter-point to its benchmark interest rate last week, after raising the rate by a half-point in September.
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ADJUSTABLE-RATE MORTGAGES PUT SPANISH HOMEOWNERS AT THE BRINK
The European Central Bank’s (ECB’s) recent interest rate increases are pushing Spain’s homeowners toward default, the Financial Times reported.
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BRACE FOR LONGEST U.K. RECESSION EVER
The Bank of England (BoE) has warned that Great Britain will fall into a “very challenging” two-year recession, during which real incomes will decline and unemployment will double to about 6.5 percent before 2025.
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MILD RECESSION WILL NOT CONTROL INFLATION, LAGARDE WARNS
A recession in Europe brought on by painfully high energy prices and soaring food costs will not have a significant impact on the 19-country Eurozone’s inflation rate, Christine Lagarde, president of the European Central Bank (ECB), said last week in comments quoted by Bloomberg.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
DRAGFLATION, slower economic growth and rising inflation, plus rising interest rate hikes are causing companies in many sectors to lay off employees.