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Oil Prices Slip in Thin Holiday Trade as Traders Await Economic Data

Oil prices edged lower on Monday in light holiday trading, as traders awaited key economic data releases from China and the US this week, according to Reuters. The upcoming data is expected to shed light on the health of the world's two largest oil consumers and the outlook

Japan's Factory Contraction Slows in December: Reuters PMI

Japan's manufacturing sector continued to contract in December, but at a slower pace than in November, according to a private-sector survey released Monday by S&P Global Market Intelligence. The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) edged up to 49.6 in

South Korea's Factory Output Plunges on Weak Exports and Confidence

South Korea's factory output fell sharply in November, according to government data released Monday by Statistics Korea, exceeding economists' forecasts and signaling further strain on the manufacturing sector. The industrial output index (KRIO) dropped 0.7% on a seasonally adjusted monthly basis, compared to expectations of a

Argentina Central Bank Depletes Reserves Amidst Importer Dollar Demand Surge

Argentina's central bank sold approximately $803 million in foreign reserves this week to meet a surge in demand from importers seeking US dollars, as reported by Bloomberg. This comes after President Javier Milei's administration eliminated a key tax on imports earlier in the week, prompting a

China, Nigeria Extend $2 Billion Currency Swap to Boost Trade, Reduce Dollar Reliance

China and Nigeria have renewed their three-year, 15 billion yuan ($2 billion) currency swap arrangement, aiming to deepen financial cooperation and reduce reliance on the US dollar for bilateral transactions. The People's Bank of China, as reported by Bloomberg, announced the renewal on Friday, stating that the currency

US Equity Funds Bounce Back on Inflation Cool-Down and Holiday Rally

US equity funds enjoyed a significant influx of cash last week, rebounding from the previous week's sell-off, as reported by Reuters. The positive shift was attributed to a combination of factors, including a lower-than-expected inflation report, the passage of a stopgap funding bill averting a government shutdown, and

Japan's Inflation Accelerates, But Factory Output Dips, Complicating Rate Hike Outlook

Inflation in Tokyo, Japan's capital, accelerated in December, bolstering expectations for an interest rate hike by the Bank of Japan (BOJ), as reported by Reuters. However, a decline in factory output for November suggests that softening overseas demand could be weighing on the export-reliant Japanese economy. The Tokyo

Soaring Food Prices Dampen Festive Cheer in Russia

Soaring food prices are casting a shadow over holiday celebrations in Russia, forcing many to tighten their belts, reports Reuters. Despite rising wages in some sectors, stubborn inflation has driven up the cost of staples like butter, potatoes, and chicken, significantly eroding purchasing power for many Russians. Reuters spoke with

China's Industrial Profits Stabilize, But 2024 Set for Decades-Worst Performance

China's industrial profits narrowed their decline in November, signaling a potential stabilization, but the full-year performance is expected to be the worst in over two decades, as reported by Reuters. The world's second-largest economy continues to grapple with sluggish domestic consumption and uncertainty surrounding global trade.

Gas Prices Surge as Ukraine Transit Deal Uncertainty Deepens

European natural gas prices surged on Friday, driven by Russian President Vladimir Putin's latest pronouncements casting doubt on a post-2024 gas transit deal through Ukraine, as reported by Bloomberg. Benchmark futures jumped as much as 5%, marking the most significant weekly increase, following Putin's Thursday statement