European Central Bank Governing Council member Vujcic: Inflation is expected to gradually slow down.

Brazilian economists predict that the SELIC interest rate will be 9% at the end of 2024, compared with the previous forecast of 9%.

Saudi Arabia cut prices for crude oil shipped in February more than expected, suggesting warning signs about oil market conditions are still flashing in Riyadh. Current prices below $80 a barrel are still too low for Saudi Arabia’s fiscal needs. Unless expanding conflict in the Middle East threatens oil shipments, crude oil prices look set to be anchored in this lower range, at least for the current quarter. Typically, the market consumes less crude oil during February and March, and refineries use this time to shut down some facilities for scheduled maintenance. Saudi Arabia has cut crude oil costs to their lowest levels in more than a year, to levels not seen since November 2021. That would help bring Saudi crude prices more in line with some cheaper regional spot prices. There appears to be hope that falling oil prices will allow refiners to continue buying and preserve Saudi market share until prices recover.

Market news: The European Union approved France’s 2.9 billion euros in tax subsidies for green industries.

Fitch: It is expected that leveraged financing default rates in Europe and the United States will continue to rise in 2024.

The Hong Kong Monetary Authority provided HK$120 million in liquidity to banks through the discount window.

Market news: Japanese Finance Minister Shunichi Suzuki will visit Sri Lanka from January 11th to 12th.

Spokesperson of the German Economy Ministry: The German Economy Minister will visit Oman, Saudi Arabia, Israel and the West Bank.

French Finance Minister Bruno Le Maire: France needs to find measures to save 12 billion euros in 2025.

French Finance Minister Bruno Le Maire: France’s economic growth is expected to accelerate this year.

French Finance Minister Bruno Le Maire: The inflation rate is expected to be below 3% in the first half of this year.

Brent crude oil hit $77 per barrel, down 2.28% on the day.

UK Maritime Trade Operations Office (UKMTO): Received reports of two small boats approaching a commercial vessel approximately 50 nautical miles southeast of Mocha, Yemen. No weapons have been found and the vessel and crew are reported safe.

Sri Lanka’s Energy Minister: Discussed potential energy sector investments and partnerships with the French Ambassador.