January 26, 2023
United States:
US GDP Expands at Healthy 2.9% Pace While Slowdown Signs Mount
The US economy expanded at a healthy pace in the fourth quarter, though signs of slowing underlying demand mounted as the steepest interest-rate hikes in decades threaten growth this year.
Gross domestic product increased at a 2.9% annualized rate in final three months of 2022 after a 3.2% gain in the third quarter, the Commerce Department’s initial estimate showed Thursday.
Europe:
Russian Oil Exports to India May Hit New Highs as Interest Grows
India’s oil processors are open to buying even more Russian crude if the price is right, said refinery executives, potentially providing a bigger outlet for Moscow almost a year after its invasion of Ukraine.
The South Asian nation increased Russian oil imports in 2022, ending the year with record monthly volumes as discounted barrels enticed buying. Executives said more cheap crude may be available to India from early next month, with a European Union ban on seaborne Russian fuel shipments possibly weighing on refining rates.
Asia:
Hong Kong Exports Drop Most Since 1950s as Demand Weakens
Hong Kong’s exports plunged in December by the most since the 1950s, extending a monthslong streak of declines fueled by China’s slowdown and a global demand dropoff that probably pushed the financial hub into economic contraction last year.
Overseas shipments plummeted 28.9% last month from a year earlier, the Census and Statistics Department said Thursday. That was worse than the 23.4% decline economists had expected and more severe than November’s 24.1% fall.
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