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Oil prices declined this week, with Brent crude down 2.7% and WTI down 3.3%, as Chinese demand continues to underperform amid an uneven economic recovery. Major forecasters have indicated bearish market fundamentals, with the International Energy Agency predicting that global oil supply will exceed demand by 2025, despite OPEC+ cuts. Additionally, U.S. crude inventories rose significantly, while gasoline and distillate stocks fell unexpectedly.
China's home-price declines slowed for the second consecutive month in October, supported by recent policy measures. New-home prices in 70 cities fell by 0.51% from September, marking the slowest decline since March, while used home values decreased by 0.48%, the least in over a year.
The Bank of Japan has decided to keep interest rates unchanged amid significant uncertainties regarding the country's economic activity and prices, following a historic election defeat for the ruling coalition. In other news, China's manufacturing output has shown signs of recovery, expanding for the first time since April, while North Korea conducted a missile test, and Taiwan prepared for the impact of Super Typhoon Kong-rey.
Profits at China's industrial firms fell 27.1% in September compared to the previous year, worsening from a 17.8% decline in August, as deflationary pressures impact corporate finances. For the first nine months of 2023, profits decreased by 3.5% year-on-year, according to the National Bureau of Statistics.
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oil prices decline as chinese demand falters amid economic concerns
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06:57 15.11.2024
China home prices decline slows amid recent policy support
02:36 15.11.2024
Bank of Japan maintains interest rates amid economic uncertainties and election aftermath
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04:05 31.10.2024
china industrial profits decline further amid rising deflationary pressures
03:05 27.10.2024
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