Russia is about to surpass Saudi Arabia as the top oil producer in the OPEC+ cartel, according to the IEA. The agency estimated Saudi Arabia would produce just 9 million barrels per day of oil in July and August. The kingdom voluntarily slashed production by 1 million bpd and extended that cut through July. Loading… Continue reading Russia is about to overtake Saudi Arabia as the top OPEC+ producer
China’s trade with Russia surges to the highest level since Putin launched his war on Ukraine
Chinese-Russian trade hit its highest level since February 2022, data shows. Last month, trade between the countries rose to $20.83 billion. China’s imports from Russia rose 15.7%, and exports to Russia soared 90.9%. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. Bilateral trade… Continue reading China’s trade with Russia surges to the highest level since Putin launched his war on Ukraine
Russia’s economy is spiraling. The state of its car industry shows just how badly it’s deteriorated.
Car sales in Russia are hovering near a quarter of what they were before the war in Ukraine. Soaring prices, deteriorating consumer sentiment, and lack of supply has crushed Russia’s auto market, per Yale data. In the months after the invasion, purchases of foreign-made cars in Russia neared a standstill. Loading Something is loading. Thanks… Continue reading Russia’s economy is spiraling. The state of its car industry shows just how badly it’s deteriorated.
Larry Summers warns US deficits have never looked as ominous as they do now and are on a ‘completely unsustainable path’
Former Treasury Secretary Larry Summers said US deficits are on an unsustainable trajectory. Deficits are stoking inflation and forcing the Fed to raise rates more than it would otherwise, he told the Atlantic. “I don’t think there’s ever been a moment when the trajectory looks nearly as ominous as it does now.” Loading Something is… Continue reading Larry Summers warns US deficits have never looked as ominous as they do now and are on a ‘completely unsustainable path’
The economy is in a ‘rolling financial crisis’ as private sector debt balloons, GMO says
The economy is in a rolling financial crisis, GMO’s James Montier said in a recent paper. Montier pointed to rising debt in the US, with the ratio of private debt to GDP above 150% for most of the last 20 years. That could spell trouble as the US is on the verge of tipping into… Continue reading The economy is in a ‘rolling financial crisis’ as private sector debt balloons, GMO says
Here’s where history says the latest bull market is headed next
The current bull market in stocks is more of the slow-and-steady variety than the high-octane type, according to DataTrek.The research firm compared the current rally in stocks to prior bull markets, and the results suggest sluggish gains ahead.”If that analog continues, the [S&P 500] may be mostly flat over the next three months until it… Continue reading Here’s where history says the latest bull market is headed next
Investors think the Fed has won the war against inflation
Stocks rallied after the June CPI report showed inflation slowed to its lowest rate in two years. Fed officials this week said they think rates still need to go higher, indicating a “couple” more hikes are in the cards. But markets think the Fed is probably going to be done with its rate-hiking cycle this… Continue reading Investors think the Fed has won the war against inflation
If artificial intelligence’s boost to productivity disappoints, here’s how to invest
AI’s boost to productivity could be transformational or just marginal, Bank of America said. If it’s transformational, BofA said to buy the providers of the technology. But if it’s more marginal, then buy companies that are effectively implementing AI. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed… Continue reading If artificial intelligence’s boost to productivity disappoints, here’s how to invest
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