March 21, 2023
United States:
Oil Prices Climb as Banking Turmoil Fades Before Fed Decision
Oil advanced for a second day, with investors watching for any signs of fresh banking-industry turmoil ahead of the Federal Reserve’s rate meeting this week.
West Texas Intermediate rose above $68 a barrel after swinging in a $3-plus range on Monday. Traders are starting to return to risk markets after authorities stepped in to shore up the financial system. US officials are also studying ways they might temporarily expand protection for all deposits.
Europe:
Britain Set to Break From Eurozone With Cooling Core Inflation
Britain’s underlying price pressures are set to diverge with those in the eurozone, with signs of cooling inflation intensifying the debate over whether the Bank of England should halt its cycle of interest rate increases.
Forecasters expect figures due Wednesday will show core inflation – which excludes volatile food and energy prices – easing to 5.7% in February from 5.8% the month before. A second straight cooling in the UK contrasts with the nations sharing the euro, where core inflation has picked up in each of the last three months.
Asia:
Korea’s Early Exports Fall Further as Global Demand Cools
South Korea’s early trade data showed a deepening slump in exports as global demand for semiconductors remains weak and China’s reopening is yet to generate any boost.
Daily shipments decreased 23.1% on average in the first 20 days of March from a year earlier, the customs office said Tuesday. While total exports fell 17.4%, chip sales plummeted 44.7% and shipments to China tumbled 36.2%.
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