LONDON (Reuters) – OPEC and its allies, including Russia, agreed on Sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand. The surprise announcement helped push up prices by $5 per barrel to above $85 per barrel. Here are the main reasons why OPEC+ is cutting …
BRASILIA (Reuters) – Brazil posted the highest trade surplus ever recorded for March, driven by solid oil sales, according to government data on Monday. The trade balance was positive at $10.956 billion in the month, exceeding the median forecast of a $9.05 billion surplus, according to a Reuters poll of economists. It was the highest …
Brazil posts record trade surplus for March on booming oil, soybean exports Read More »
By Giuseppe Fonte ROME (Reuters) – Italy estimates a 2023 budget deficit broadly in line with its previous goal of 4.5% of national output, people familiar with the matter said, as Rome works to finalise new projections to be published next week. Under current trends, the Treasury forecasts a fiscal gap this year somewhat narrower …
Italy sees 2023 deficit on target despite higher rates, Eurostat setback – sources Read More »
By Lucia Mutikani WASHINGTON (Reuters) – U.S. manufacturing activity slumped in March to the lowest level in nearly three years as new orders plunged, and analysts said activity could decline further due to tighter credit conditions. The Institute for Supply Management (ISM) survey on Monday showed all subcomponents of its manufacturing PMI below the 50 …
US manufacturing near three-year low; casts a shadow over economy Read More »
BRASILIA (Reuters) -Brazilian President Luiz Inacio Lula da Silva said on Monday he believes the country’s economy will grow “more than pessimists think” as his administration sets up new programs to be launched on its 100-day mark next week. The new investment plans come as Lula reinforces economic growth as a top priority, calling for …
Brazil’s Lula says economy to grow ‘more than pessimists think’ Read More »
By Howard Schneider WASHINGTON (Reuters) – Federal Reserve officials, increasingly confident they have nipped a potential financial crisis in the bud, now face a difficult judgment on whether demand in the U.S. economy is falling and, if so, whether it is coming down fast enough to lower inflation. If the U.S. central bank’s policy meeting …
As banking jitterbug dies down, Fed returns to its main dance partner Read More »
By Vivek Mishra BENGALURU (Reuters) – The Reserve Bank of Australia will pause policy tightening on Tuesday according to an updated poll of analysts, although a strong minority still forecast a hike. The Reuters poll median forecast was revised on Monday to anticipate a pause by the RBA at its April meeting, having previously predicted …
RBA to hold rates at 3.60% on April 4- Reuters Poll Read More »
By Leika Kihara and Tetsushi Kajimoto TOKYO (Reuters) – Japanese manufacturers’ sentiment soured in the first quarter to its worst level in more than two years, eclipsing an uptick in service-sector mood, a central bank survey showed, reinforcing views a strong post-COVID economic recovery is some time away. Corporate inflation expectations hit a fresh high …
Japan manufacturers’ mood sours on global slowdown, service sector bounce cushions blow Read More »
By Wayne Cole (Reuters) – A look at the day ahead in European and global markets from Wayne Cole. Oil prices have stolen the show in Asia on Monday, and not in a good way if you care about global inflation and consumer spending power. The Organization of the Petroleum Exporting Countries and their allies …
Marketmind: Oil spike a black mark for inflation, consumer demand Read More »
By Rodrigo Campos and Jorgelina do Rosario NEW YORK (Reuters) – The International Monetary Fund (IMF) executive board approved changes to Argentina’s reserves accumulation target set in their $44 billion program, as the agriculture powerhouse faces a severe drought seen pummeling both exports and economic growth. Easing the reserves accumulation target was part of the …
IMF lowers bar on expectations for Argentina’s FX reserves Read More »
