Global Economy
Oil prices fall, weekly 7% drop on China demand woes, mixed Mideast outlook
Brent crude futures fell $1.39, or 1.87 percent, to $73.06 a barrel. US West Texas Intermediate crude settled at$69.22 a barrel, down $1.45 or 2.05 percent
China posts slowest growth in over a year as property woes drag
The economy expanded 4.6 percent year-on-year in the third quarter, down from 4.7 in the previous three months and the slowest since early 2023
US budget deficit widens to $1.8 tn, third highest on record
This year marks the third highest US deficit, behind 2021 and 2020, according to the Treasury
IMF board approves $1.1 billion disbursal for Ukraine
The loan disbursal is the latest tranche of funding the International Monetary Fund has released to Ukraine as part of an ongoing 4-year, $15.5 billion program approved last March.
Gold sprints to record high in global market
Gold hit an all-time high on Thursday, steered by uncertainty surrounding the US election and expectations of more interest rate cuts by major central banks, while spotlight shifted to a slew of US data.
Japan’s exports fall for first time in 10 months
Japan’s exports fell for the first time in 10 months in September, data showed on Thursday, a worry for policymakers as any prolonged weakness in global demand may complicate the central bank’s path to exit years of ultra-easy monetary policy.
Almost 40% of World Bank's recent climate funds unaccounted for: Oxfam
An Oxfam audit found that as much as $41 billion in climate finance could not be found "between the time projects were approved and when they closed."
ECB set to cut rates again as inflation cools
After cutting rates twice already this year, including at their last meeting in September, policymakers initially signalled a preference to wait until December to cut again
Ukraine lowers key interest rate to 20%
Ukraine’s central bank cut its key interest rate on Thursday to 20 percent to support economic recovery after nearly 19 months of war with Russia, and signalled further reductions were possible.
Oil hits 2023 highs
Oil rebounded on Thursday, with Brent crude topping $93 a barrel for the first time this year, as expectations of a tighter supply outlook for the rest of 2023 overshadowed concerns over weaker economic growth and rising US inventories.
Tata Motors tests export markets for EVs
Tata Motors, India’s biggest electric carmaker, is testing its electric vehicles in some global markets where it could look at a potential launch if the experiment succeeds, its managing director told Reuters.
Japan sees positive signs to escape deflation
Japan’s new Economy Minister Yoshitaka Shindo said on Thursday that positive signs were emerging in output gaps and other areas for the economy to escape deflation.
India rupee ends marginally down as traders await fresh triggers
The Indian rupee declined slightly on Thursday as the impact of equity inflows and some softness in Brent crude oil futures was more than offset by importer hedging and oil companies’ dollar demand, traders said.
India has no immediate plan to scrap import duty on wheat
India has no immediate plans to abolish the import duty on wheat, but it will reduce the limit on the number of stocks that traders and millers can hold, Food Secretary Sanjeev Chopra told reporters on Thursday.
Interest rate cliffhanger as ECB mulls hike or pause
Eurozone interest rate setters face the toughest call of their long battle against red-hot inflation Thursday, when they decide whether to raise borrowing costs again or finally pause the unprecedented hiking campaign.
Oil rebounds as markets refocus on supply tightness
Oil prices rebounded on Thursday as markets turned their attention back to a tighter crude supply outlook for the rest of 2023 with demand set to stay robust through to next year.
EU to assess punitive tariffs on Chinese electric cars
The European Commission started an investigation on Wednesday to into whether to impose tariffs to protect the European Union against Chinese electric vehicle (EV) imports benefiting from state subsidies.
Sugar output in Maharashtra set to fall
Sugar output in Maharashtra, India’s top producing state, is likely to fall 14% in the 2023/24 crop year to its lowest in four years due to lower cane yields following the driest August in more than a century, industry and government officials told Reuters on Wednesday.