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US Industrial Production Plunges As March Auto Manufacturing Tumbles Most Since 2008The US economy has never - ever - seen Industrial Production drop YoY for seven months in a row without being in a recession. Down 2.0% YoY in March, the weakest since December and down 0.6% MoM (weakest since Feb 2015) the decline in factory output is driven a 1.6% plunge in vehicle production (2.8% collapse in motor vehicles specifcally) in March. This 1.76% drop is the worst for a March since 2008.
Draghi says he’ll do ‘whatever needed’ to bolster inflation
European Central Bank President Mario Draghi warned Friday that the economic outlook for the euro area remains clouded by uncertainty and underlined the ECB’s readiness to take further action if needed to drive up weak inflation.
In a statement to senior financial officials in Washington [ist Draghi dort "report-pflichtig??], Draghi said recent economic data had showed “mixed signals” regarding the outlook for the currency bloc.
He pledged to do “whatever is needed” to drive inflation back up to its near-2% target, which it has missed for about three years. ....
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A.L.: Wirklich "dringend nötig" ist, Draghi umgehend aus dem (Geld)Verkehr zu ziehen, ehe der von ihm verursachte Schaden für Europa irreparabel wird.
Vorgestern habe ich in # 728 eine News gepostet, in der steht, dass Iran an der Doha-Konferenz am Sonntag nicht teilnehmen wird. Wenn das weiterhin zutreffen sollte, ist eine einvernehmliche Einigung auf Produktions-Drosselung praktisch ausgeschlossen. Denn die Saudis wollen nur mitziehen, wenn ALLE drosseln, als auch Iran.
Die einzige - recht unwahrscheinliche - Chance wäre, dass Iran telefonisch zustimmt oder doch noch jemanden nach Doha schickt.
Iran wird zwar einen Repräsentanten nach Doha schicken, aber eine Einigung wird möglicherweise nicht zustande kommen.
Who’s going?
In addition to the four signatories to the preliminary deal, Algeria, Angola, Azerbaijan, Colombia, Ecuador, Indonesia,Iran, Iraq, Kazakhstan, Kuwait, Mexico, Nigeria, Oman and the United Arab Emirates will attend.
Who’s not attending?
Some of the world’s biggest producers including the U.S., Canada, China, Brazil and Norway won’t be showing up. Among the 13 nations in the Organization of Petroleum Exporting Countries, only Libya -- whose output is crippled by conflict -- has ruled out going to Doha. The key OPEC member resisting a production freeze is Iran. While it will send a representative to observe the discussions in Doha, Iran has insisted it won’t constrain production before restoring output to pre-sanctions levels.
Forty traders and analysts surveyed by Bloomberg this week were evenly split on whether there will be a deal. While Russia’s Energy Ministry is “optimistic” and Qatar’s has a “positive feeling,” Saudi Arabia has said it will only cap its output if Iran follows suit -- a notion Tehran has dismissed as “ridiculous.”
Gewaltig steigender Ölbedarf in China.
A dramatic build-up in China’s strategic petroleum reserve and surging demand for imported crude oil are likely to transform the global energy markets this year, regardless of any production freeze agreed by OPEC and Russia this weekend.
Chinese credit stimulus and a 20pc rise in public spending has set off a fresh mini-cycle of growth that is already sucking in oil imports at a much faster pace than expected.
Barclays estimates that the country will import an average of 8m barrels per day (b/d) this year, a huge jump from 6.7m b/d last year. This is arguably enough to soak up a big chunk of the excess supply currently flooding global markets.
Standard Chartered said Chinese imports could reach 10m b/d by the end on 2018, implying a supply crunch and a fresh spike in oil prices as the market is turned on its head.
Energy consultancy Wood Mackenzie says $400bn in oil and gas projects have been shelved since the onset of the commodity slump. A great number of depleting fields will not be replaced.
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