GH_Lee

GH_Lee

Last Friday, IHS Markit released the preliminary PMI data for four major economies. Below are the key points from the individual reports. United States Services sector slowed down to a 5-month low pace due to labour shortages. Manufacturing sector expanded at record high pace. Prices of goods and services remained steep as firms pass on the high costs to...

GH_Lee

New monetary policy strategy. Earlier this month, the European Central Bank (ECB) reconvened its policy review that was postponed since last year due to the COVID-19 pandemic. During the review, the central bank revised its current goal of achieving an inflation level of “below, but close to 2%” to the new goal of achieving 2% inflation with overshoots allowed....

GH_Lee

A compromised deal. After a two-week stalemate in the discussion, the OPEC+ reconvened its meeting over the weekend. As part of a compromise, the oil-producing group has agreed for a raise in the production baseline for five members. Oil production baseline increment in barrels-per-day (bpd) Saudi Arabia: 500,000 bpd Russia: 500,000 bpd UAE: 332,000 bpd Iraq:...