2021-07-19 14:26:50
OPEC+ will increase production by 400,000 barrels per day from August. Saudi Arabia and the UAE have reached a compromise agreement:
With the two-week dispute between Saudi Arabia and the UAE finally resolved, OPEC+ agreed to gradually increase the supply of crude oil to the market. Saudi Arabia and the UAE reached a compromise plan, and Saudi Arabia partially met the UAE’s requirement to increase the production ceiling. Starting from August, OPEC+ will increase production by 400,000 barrels per day per month until all suspended production capacity is restored. According to a statement from the organization, starting in May 2022, the UAE and several other member states will apply a higher production baseline in terms of production cuts.
US consumer confidence unexpectedly fell to a five-month low in July, dragged down by inflation concerns:
US consumer confidence unexpectedly fell to a five-month low in early July, as buying conditions for large-sized commodities deteriorated sharply due to growing concerns about rising prices. Data released on Friday showed that the University of Michigan Consumer Confidence Index fell to 80.8 in early July from 85.5 in the previous month, which was lower than the estimates of all economists in the Bloomberg survey, which had a median estimate of 86.5. Consumers’ estimate of the inflation rate for the next year reached 4.8%, the highest level since August 2008. At the same time, their long-term expectations for prices have also risen. The expected inflation rate for the next five to ten years rose to 2.9% from 2.8% last month.
APEC held a video summit last Friday. Leaders of various countries are worried that the epidemic will continue for some time:
US President Biden and global leaders from across the Pacific held an Asia-Pacific Economic Cooperation (APEC) meeting on Friday to discuss how the world can best get rid of the impact of the new crown epidemic, although countries continue to work hard to cope with the rebound in the number of new crown cases Situation.
The White House: "By no means stand idly by" on inflation:
An economic adviser to Biden said that the White House believes that inflationary pressures are only temporary and that they are addressing tight supply issues to ease rising prices. White House Council of Economic Advisers Jared Bernstein said in an interview with Bloomberg Television Annmarie Hordern on Friday, "We are focused on economic prosperity, and we will never stand by and watch inflation." He said that the White House is addressing supply-side issues related to ports, housing and microchips, and tight supply has pushed up prices. Government officials met with representatives of the residential construction industry on Friday, and Biden tried to solve the housing supply shortage that led to record price increases.
The European Central Bank’s new strategy means a change in the official language, and the actual policy adjustments are expected to come later:
Economists surveyed by Bloomberg predict that the European Central Bank may not implement the recently discussed monetary policy adjustments at its meeting next week, but will wait until the economic outlook becomes clear before making a decision on its bond purchase policy. European Central Bank officials must adjust the wording of interest rates, asset purchases and other policy tools to adapt to the new inflation strategy that allows inflation to be moderately higher than 2% for a period of time.
Yellen will convene U.S. regulators to discuss stablecoin rules:
US Treasury Secretary Janet Yellen will convene US financial markets and banking regulators to discuss stablecoin rules next Monday. Stablecoins are a key part of the cryptocurrency market, and government officials are increasingly worried about the lack of regulation in this area. The Treasury Department said in a statement on Friday that the President’s Financial Markets Working Group will meet to “discuss cross-departmental work on stablecoins.” In addition to the Secretary of the Treasury, members of the working group include the heads of the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission; this meeting will also include two banking regulatory agencies: the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
Yi Huiman, Chairman of the China Securities Regulatory Commission: Resolutely prevent the disorderly expansion of capital and illegal "making wealth":
Yi Huiman, chairman of the China Securities Regulatory Commission, stated in the party history study and education party class that it is necessary to properly control the entrance of the capital market, strengthen supervision and coordination with relevant parties, and resolutely prevent the disorderly expansion of capital and illegal "richness". In the process of steadily advancing the market-wide registration system reform, strengthen the scientific grasp of key issues such as information disclosure supervision, normalization of IPOs, relocation and due diligence of intermediaries, and integrity risk prevention and control.
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