23:33 GMT+3 / 03.12.2023

TOP 5 economic news for the week - TeleTrade exclusives


Optimism about a potential peak in interest rates is fading, while the quarterly reporting season continues. The most important news of the week is in our publication!

Optimism about rates is fading

Last week, the main Wall Street indexes showed the best week of the year and showed a slight increase. The era of unprecedented tightening of the Fed's monetary policy may be coming to an end.

In addition to the negative sentiment, the Reserve Bank of Australia raised interest rates earlier on Tuesday, citing a slower-than-expected decline in inflation.

Three Fed representatives are due to speak at the session ahead of two speeches by Chairman Jerome Powell in the coming days. At the same time, investors are waiting for clues about the next steps of the central bank in its quest to curb inflation.

Earnings season continues

The quarterly reporting season continues this week, but is coming to an end, as more than 80% of the S&P 500 companies have already reported.

WeWork (NYSE:WE) has filed for bankruptcy in a New Jersey court as a supplier of coworking spaces is struggling with a post-pandemic decline in office occupancy and expensive rentals.

Crude oil is getting cheaper

Oil prices fell sharply on Tuesday, dropping to more than two-month lows. Disappointing trade data from China has raised concerns about weak demand from the world's largest oil importer.

Chinese exports declined more than expected in October, amid deteriorating demand abroad. The unexpected increase in imports has caused China's trade surplus to shrink to its worst level in 17 months.

This prolonged weakness in exports can slow down economic growth in the country in the future and, thus, reduce the demand for oil.

U.S. crude futures were trading down 1.6% to $79.56 per barrel, while the Brent contract fell 1.8% to $83.67 per barrel. Both indicators fell to the lowest levels since the end of August.

Speech by Fed representatives

The yield on Treasury bonds recovered after the recent sell-off, the yield on 10-year securities rose by 11 basis points to 4.664%. Investors were expecting a number of Fed speakers to speak this week, including two speeches by Chairman Jerome Powell. The second performance on Thursday includes a question and answer session.

Fed Governor Lisa Cook said on Monday that the expectation of an increase in long-term interest rates is not a reason to raise them.

Regional banks are losing ground

Regional banks including Zions Bancorporation (NASDAQ:ZION), Comerica Inc (NYSE:CMA) and PacWest Bancorp (NASDAQ:PACW) fell on Monday as bank lending conditions tightened in the third quarter. This has slowed demand for loans, a survey of the Fed's senior loan officer for the third quarter showed.

The survey renewed concerns about the state of regional banks after the quarterly results of several regional lenders showed an increase in reserves for possible loan losses and a reduction in deposits.

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09 November 2023

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