Author: Bruno T

WTI oil prices closed higher for the ninth consecutive session, the longest winning streak since January 2019. Brent rose for the seventh session. Commodity markets continue to be affected by announcements by Saudi Arabia and Russia to extend production cuts until December. The higher-than-expected US services PMI, as measured by the ISM, although triggering global…

Economic growth was modest during July and August, according to the Federal Reserve’s Beige Book report on economic conditions in the country’s 12 major regions. The document also adds that employment growth was moderate. “Contacts from most districts indicated that economic growth was modest during July and August,” the report says. “Consumer tourism spending was…

The US trade balance registered a deficit of $65.0 billion in July, after showing a deficit of $63.7 billion in June, according to the country’s Department of Commerce. Analysts had expected a $63.8 billion deficit in July. Exports totaled $251.6 billion in July, which represents an increase of 1.5% in relation to June and a…

The shares of the Chinese real estate developer Evergrande rose by as much as 82% on Wednesday, leading gains in the Hang Seng Index. Since then, the shares have reduced some of their gains but were still up by about 70%. The real estate sector was the biggest gainer in the HSI, but the overall…

Goldman Sachs has revised its forecast for the probability of a U.S. recession starting within the next 12 months, reducing it from 20% to 15%. The adjustment is attributed to the ongoing positive trends in inflation and labor market data, as highlighted in a note by Jan Hatzius, Chief Economist at Goldman Sachs. The investment…

The US urban employment report, known as the Payroll, showed the creation of 187,000 jobs in August, above the market consensus estimate of 170,000 jobs, the US Bureau of Labor Statistics said. According to the report, the unemployment rate increased 3.8% in the month, with 6.4 million unemployed in the country. The number was also…