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U.S. refineries have cut the volume of crude processed so far this year, but stocks of gasoline and distillates remain ample, highlighting the slack demand for transportation fuels.
Fuel consumption has stalled, part of a worldwide slowdown in oil demand associated with the slackening of manufacturing and freight activity.
The Federal Reserve should cut interest rates more quickly than the market expects, not to address U.S. economic conditions but because of looming risks to the financial plumbing, according to Credit Suisse Group AG analyst Zoltan Pozsar.
Fed funds futures are pricing in about 100 basis points of interest-rate cuts by September 2020, though three Fed policy makers -- two of whom dissented from the July 31 cut -- this week said there’s no urgency to move again. By contrast, Pozsar says the cuts are needed now to restore a positive slope to the hedging curve before the next deluge of Treasury debt issuance exacerbates stresses in the funding markets.
European Union officials have drawn up an aggressive 173-page plan to counter both President Donald Trump’s trade moves and American tech giants including Google, Apple, Amazon, Microsoft and Facebook.
According to a document obtained by POLITICO, European Commission officials are pushing their president-elect, Ursula von der Leyen, to set up a European Future Fund that would invest more than $100 billion in equity stakes in high-potential European companies.
The U.S. Federal Reserve is under pressure from President Donald Trump to cut interest rates. Investors expect the Fed to cut, perhaps by a lot.
What’s the hold up? Perhaps more than at any time in the last few years, the data flowing into the Fed isn’t telling a clear story, partly because of contradictory signals - rising employment but slowing factory output, for example - but also because everything may be clouded by a trade war that shows no signs of ending.
German manufacturers are reinforcing concern that Europe’s largest economy is headed into a recession. A nationwide gauge showed orders at factories and services companies are dropping at the fastest pace in six years, and more companies now expect output to fall than rise over the next 12 months. That’s the first time that’s happened since 2014, according to the Purchasing Managers’ Index from IHS Markit.
The peek into the engine room of European industry provides a damning snapshot of the economy, which shrank in the second quarter. The persistent weakness -- driven by mounting global trade tensions, car industry woes and slowing demand in China -- doesn’t bode well for the broader euro area.
European Central Bank policy makers have already started laying the groundwork to add monetary stimulus and are expected to cut interest rates at their next meeting in three weeks. In Germany, the government has made only tentative steps toward a fiscal stimulus program aimed at supporting growth. (BBG – Continue Reading)
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