The US market today maintains growth. Inflation Ahead
The main U.S. index closed the week near the highs of recent months, the highest prices since early May. The US market today has rallied for four straight weeks as the S&P500-index closed above its 50- and 100-day averages.
At the end of last week, the July jobs report came out: more than +500K new jobs — almost double the estimate. The unemployment rate of 3.6% is a long-term low. Technically, the U.S. is in a recession — GDP decline in Q1 and Q2, but employment remains strong, although there are reports that the labor market has begun to cool noticeably.
Energy. Oil is up for the week opening, +1%, but oil is below $100; Brent is $95. Oil is under pressure on expectations of slowing demand in China and the U.S.
Europe faces a difficult winter in the economy and a difficult 2023 — said the president of Finland. The reasons are the sharp rise in energy prices and the difficulty in quickly restructuring the energy sector, especially in gas suppliers.
Grain crisis — signs of improvement, several grain carriers left the port of Odessa over the weekend.
U.S.-China trade increased in 7 months, +11.8%, to $452 bln.
The Palestinian-Israeli crisis appears to have been resolved by the beginning of the week — after intense mutual shelling, the sides stopped shelling under an agreement brokered by Egypt. Israel’s Iron Dome missile defense system is doing very well — it has shot down as many as 97% of the missiles the Palestinians have launched at Israel.
Warren Buffett’s Bershire Hathaway posted a very large loss, of $43 billion for Q2, compared to a profit a year earlier. The reason was the stock’s decline in Q2. Nevertheless, the company is in good shape and has significant assets in the money.
Tesla reported the release of its 3 millionth car.
The EU adopted by a majority a plan in case of an emergency gas supply shortfall — limiting gas demand. Hungary and Poland opposed it, but the decision was passed by a qualified majority.
The U.S. market remains up despite expectations of a +0.5% Fed rate hike in September, despite a slowing economy. The US market is buyable — but we have to wait for a strong pullback down to the 50-day average.
ITB (International Trading Brachium) Broker Announced Its YouTube channel
(Mahe, Seychelles-March 08, 2023) – ITB BROKER, LLC, an international forex broker, has announced that with our community growing, we believe that this will be the most effective medium to communicate with and so, we’re proud to announce the launch of ITB YouTube channel .
When a picture speaks a thousand words, How about a video?
- Throughout our community building initiative, we strongly believe in video as our means of communication. Video has played a pivotal role in describing our futuristic services to our audience and in communicating our disruptive vision to potential traders or investors.
- Over the next few weeks, we will be launching interesting videos on upcoming ITB features, bonuses, partnership or IB announcements and financial market expert interviews.
- YouTube is a great place to pick up forex trading tips and learn how to use them in the real world.
There are a number of YouTubers that make great educational videos, perfect for beginners or those considering taking up forex trading. ITB group with over 10 years of financial experience provides you with useful tips and hints of forex trading via its YouTube channel.
ITB Broker or ITBFX is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services.
Founded in 2017, the company’s mission is to provide enthusiastic traders with access to the world’s largest and most liquid market by offering innovative trading tools, applying excellent trading platform, meeting strict financial standards, and striving for the best online trading experience in the market.
In addition, ITB offers educational courses on FX trading and Cryptocurrencies on academy section of ITBFX website.
U.S. budget deficit totaled $262 billion in February
According to a report from the U.S. Treasury Department, the U.S. budget deficit in February was $262,434 billion compared to a $38.8 billion deficit in January. The Dow 30 also had problems.
Analysts at DailyFX suggested that the nation’s budget deficit for February was expected to be $256 billion. A year earlier, in February, the U.S. posted a budget deficit of $216,590 billion.
According to the GAO report, U.S. government spending rose 3.5 percent year over year last month to $524.548 billion, while revenue, in contrast, declined 9.5 percent to $262,114 billion.
Earlier, the U.S. edition of the Washington Post published an editorial stating that the new draft budget proposed by the Biden administration undermines U.S. national security and its ability to invest in the future, because it suggests a further growth of the U.S. national debt.
The WP editorial board noted that the new draft budget assumes a $2 trillion budget deficit, including due to the high cost of providing health insurance to the elderly of the baby boomer generation.
Earlier we reported that the EU has agreed to reduce energy consumption by 11.7% by 2030.
The EU has agreed to reduce energy consumption by 11.7% by 2030
The European Union has agreed to reduce the bloc’s energy consumption by 11.7 percent by 2030, Reuters reported.
“This will mean a real change in favor of the climate and to the detriment of Putin,” the Danish Niels Fulsang, the European Parliament’s lead negotiator, told the agency.
Initially, in 2021, the EU proposed to reduce consumption by 9%, but in May 2022, against the background of events in Ukraine, increased the target to 13% to quickly abandon Russian energy, writes Forbes. The European Parliament considered it necessary to reduce consumption by 14%. The DAX Index also had problems.
Some EU countries have continued to insist on a 9% cut. An all-night negotiation between the EU and the European Parliament resulted in a compromise: the energy consumption of EU end-users, such as households and businesses, must be 11.7 percent lower than expected in 2030.
The agreement must pass final approval by the European Parliament and EU countries before it can become legally binding.
Earlier, we reported that consumers expect lower inflation in the eurozone, higher wages.
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