November 14, 2023
United States:
US Inflation Report to Keep Fed Leaning Toward More Rate Hike
A monthly US government report on consumer prices due Tuesday is set to show slower progress toward the Federal Reserve’s 2% inflation target, keeping the central bank biased toward more tightening, according to Bloomberg Economics.
The figures are set to show the consumer price index excluding food and energy rose 0.3% for a second straight month in October, leaving the year-over-year rate unchanged at 4.1%, Bloomberg economists Anna Wong and Stuart Paul said Monday in a preview of the report.
Europe:
Russia’s Seaborne Crude Flows Edge Lower Before OPEC+ Meeting
Russia’s seaborne crude shipments eased slightly ahead of a meeting of OPEC+ oil minsters later this month, bringing flows back below the level pledged by Moscow. The move comes after exports surged in October.
About 3.2 million barrels a day of crude was shipped from Russian ports in the week to Nov. 12, tanker-tracking data monitored by Bloomberg show. That was down by 40,000 barrels a day from the period to Nov. 5, but still 700,000 barrels a day above the levels seen in August.
Asia:
China Economy Likely Struggled for Traction Despite Stimulus
China’s economic activity probably faltered in October, with numbers that look good relative to last year seen masking a slowdown in activity headed into the final months of 2023.
That dynamic will be most evident in retail sales data, which is expected to show a 7% jump year-on-year as it compares to pandemic and lockdown-hit 2022. But economists see activity possibly slowing from September, as other indicators have shown consumer demand and confidence losing momentum. Growth in fixed-asset investment and industrial production, meanwhile, was likely flat.
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