HOT NEWS OF THE DAY

Date 07-07-2023 Views 10344

Survey results show that global manufacturing activity weakened in June. This index in the US even fell to a level equivalent to when the first wave of Covid-19 raged. China's recovery momentum after opening the economy is gradually losing momentum.

Brazil posted a record trade surplus in the first half of this year of more than $45.5 billion, up 32.9% year-on-year. This is a record trade surplus in the first 6 months of the year ever recorded in this largest Latin American economy.

If the decisions to cut production by Russia and Saudi Arabia are applied, the total oil production of the OPEC + group is expected to be at least 5.36 million bpd lower than in August 2022 due to some countries. belonging to the group that did not meet the expected output. Tamas Varga, Expert from oil trading company PVM, shared. This is equivalent to about 5% of total global oil production.

“Clearly, Saudi Arabia is taking proactive steps to stabilize oil prices. They want oil prices to hit $80 per barrel to maintain budget stability,” said Andrew Lipow, President of Lipow Oil Associates.

Since the afternoon of July 3, the dollar suddenly increased "hot". That upward momentum was promoted throughout the day 4/7. Entering July 5, the USD not only has not cooled down but is also "hotter", approaching the 24,000 VND/USD mark. The heat comes to both the banking market and the free market.

It can be seen that the USD/VND exchange rate has ended its "smooth" period to enter a hot rising phase. However, the dollar on the world market is moving sideways, holding its breath waiting for a decision from the US Federal Reserve (FED) on interest rates.

Earlier this week, China announced it would restrict exports of two important metals. According to Bloomberg, the decision shows that Beijing has the ability to retaliate against the US, Japan and Europe for trying to prevent China from accessing advanced technologies. However, the new policy also has the potential to backfire. China is dominant in the production of gallium and germanium - two metals used to make semiconductor chips, electric cars and telecommunications equipment.

The Vietnam Steel Association (VSA) said that the real estate market has not shown a positive signal again, not many new social housing projects have been implemented, along with the banking system tightening credit.construction steel consumption is low compared to expectations in the construction season after “Tet”.

Domestic steel enterprises also face difficulties when competing with cheap Chinese steel when the country continuously lowers export steel prices. Therefore, it is forecasted that from now until the end of the year, domestic steel prices will still be sold poorly and there may be many next price reductions.

Quang Ninh approved spending more than 1,400 billion to open a shortcut connecting with Bac Giang.

Labor markets in Europe, Japan and North America remain tight, with low unemployment and recurrent labor shortages. Labor supply failure to keep pace with post-pandemic demand, which is pressuring wages up, has added policy challenges to central banks.

In the developed world, core inflation is expected to fall from 7.8% in 2022 to 4.8% in 2023, but remains above central banks' targets.

In most developing countries, inflation is also on a downward trend as commodity prices fall and supply constraints and currency depreciation ease. However, annual inflation remains above the long-term average, particularly in West Asia, South Asia and Africa.

In the developed world, core inflation is expected to fall from 7.8% in 2022 to 4.8% in 2023, but remains above central banks' targets.

China is taking a series of moves to prevent the yuan from depreciating further in the context that the exchange rate between this currency and the dollar has hit a 6-month low.

U.S. wheat futures prices surged on Wednesday as winter wheat harvests slowed and spring growing conditions deteriorated. Corn prices recovered in line with wheat prices, while soybeans rose on the back of spillover support from wheat and the US Department of Agriculture's (USDA) weekly report on Monday ranked soybean planting worse than expected. ants.

On July 6, the European Union's (EU) climate watchdog Copernicus said the world had just experienced its hottest June ever.

Global food prices have fallen since mid-2022, due to a number of factors such as the resumption of exports from Ukrainian ports under the Black Sea Grains Initiative. Food price index of the Food and Agriculture Organization of the United Nations in April 2023 decreased by 19.7%, to 127.2 points.

29/08/2023