Wednesday, May 15

Author: Patti Mohr

Patti Mohr is a U.S.-based journalist. She writes about global diplomacy, economics, and infringements on individual freedom. Patti is the founder of the Global Economic Report. Her goal is to elevate journalistic principles and share the pursuit of truth in concert with others.
Oil Prices Jump As Saudi Arabia And Russia Make Output Deal
19Sep By Patti MohrNo Comments
Energy Policy, Oil & Gas, Geopolitics, Types of News: Brief

Oil Prices Jump As Saudi Arabia And Russia Make Output Deal

Photo by Johannes Havn on Pexels.com The Decision Indirectly Impacts Inflation, Interest Rates, And Russia's Brutal Assault On Ukraine September 19, 2023—As oil prices prop up inflation and the Russian war economy, policy decisions impacting oil are significant. So it matters when two of the world's largest oil-producing countries make a deal to restrict output to push up prices. The two countries are Saudi Arabia and Russia. As oil prices continue to rise so does the scrutiny of Saudi Arabia's decision to side with Russia. The Price of Oil This story starts with a look at the cost. The price of oil rose in August and again in September to $92 a barrel WTI (U.S.) and $95 a barrel Brent (British). On average, oil output from OPEC countries also jumped month-on-month by 6 per...
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Big Banks See Slower Growth In China
13Sep By Patti MohrNo Comments
Global Economics, Types of News: Bit

Big Banks See Slower Growth In China

September 13, 2023— China is estimating its economic growth to average 5 percent this year. However, even that modest forecast might be rosy. Six international banks, including JP Morgan, Barclays, and UBS, have downgraded their economic forecasts for China in light of the country's falling exports and persistent problems in the real estate sector, according to reporting by the South China Morning Post. Estimates for annual GDP from financial institutions range from 4.2 percent to 4.8 percent. SCMP's Ralph Jennings suggests China's economic problems could have global ripple effects for businesses, particularly for developing countries that rely on trade with China. The news comes at a time when economists are warning about stability in the global economy.
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U.S. Inflation Inches Up To 3.7 Percent
13Sep By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Bit

U.S. Inflation Inches Up To 3.7 Percent

September 13, 2023—Consumer prices in the United States increased to an annual rate of 3.7 percent in August, up from 3.2 percent in July. Driving the CPI index higher was a spike in energy costs. Gasoline prices spiked by 10.5 percent from July to August while the cost of other fuels rose by 9.1 percent. Even so, energy prices decreased over the last year by 3.6 percent over the previous year. Meanwhile, food prices rose by only 0.2 percent in August and 4.3 percent over the past 12 months. The cost of used cars and trucks dipped while new vehicles cost slightly more. Observers expect the U.S. Federal Reserve to leave interest rates as they are when board members meet September 19-20. For specifics, see the Bureau of Labor Statistics release.
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US, Vietnam Strengthen Strategic Partnership
11Sep By Patti MohrNo Comments
Diplomacy, Geopolitics, Political Systems, Domestic Politics, Types of News: Analysis

US, Vietnam Strengthen Strategic Partnership

New Partnership Paves The Way For Billions Of Dollars In Business Deals U.S. President Joe Biden and General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong deepened strategic ties. September 10, 2023 Credit: White House photo September 11, 2023—The United States and Vietnam elevated their relations to a new level on Sunday—the highest strategic partnership in Vietnam and a significant one in the United States. U.S. President Joe Biden and General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong agreed on Sunday to deepen political and diplomatic ties while paving the way for billions of dollars in business deals. It comes 10 years after the two countries formed the Vietnam–U.S. Comprehensive Partnership, and it re...
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2023 Hottest Summer On Record
6Sep By Patti MohrNo Comments
Climate Action, ESG, Sustainable Finance, Types of News: Bit

2023 Hottest Summer On Record

September 6, 2023—If you've been feeling especially warm this Summer and not quite able to cool down, there's a reason: It's been a hot one. In fact, the June through August Summer season, otherwise known as the "boreal summer," was the warmest on record, according to the Copernicus Climate Change Service of the European Union. Copernicus found that the average global temperature in June-July-August was 16.77°C, or 62.18°Fahrenheit. That's 0.66°C above average, the center says. (Note, that is a global average including the Southern Hemisphere, which is in the Winter season.) From January through August 2023 ranks the second warmest year on record, just shy of the hottest first eight-month average that happened in 2016. The European Union’s Copernicus Climate Change Service reports t...
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Watchdog Warns About Global Economy Ahead Of G20
5Sep By Patti MohrNo Comments
Finance, Investing, Global Economics, Types of News: Brief

Watchdog Warns About Global Economy Ahead Of G20

Historically High Debt Beginning To Feel Credit Crunch From Higher Interest Rates September 5, 2023—As world leaders travel to New Delhi, India for the G20 Summit, the head of an international body monitoring global finance issued a stark warning about debt and stability. In short, interest rate hikes since March 2022 are beginning to impact markets, according to Klaas Knot, a Dutch economist and chair of the Financial Stability Board. 'Historically High Debt' Writing on behalf of the board, Knot warned that a combination of factors could "impair the capacity of borrowers to service the historically high stock of outstanding global debt." Those factors include high global debt, interest rate hikes, persistent inflation, tighter financial markets, and a slowing economy, ac...
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U.S.-China Talk Trade, Technology As Commerce Secretary Visits Officials
30Aug By Patti MohrNo Comments
Diplomacy, Global Trade, Types of News: Brief

U.S.-China Talk Trade, Technology As Commerce Secretary Visits Officials

Investing In China Is Now 'Risky Business,' Raimondo Says Aug. 30, 2023—Commerce Secretary Gina Raimondo completed a four-day visit to China this week as part of a diplomatic effort to smooth economic relations between the world's largest economies. The challenge for Raimondo and President Joe Biden is coordinating a new approach to China amid a shift in sentiment away from trade liberalization. Adding to the challenge for U.S. diplomats are China's state control of the economy, tense foreign relations, and a tougher environment for U.S. businesses practicing in China. Raimondo told reporters she raised concerns about theft of intellectual property, raids on businesses, a new counterespionage law, and extreme fines under that law. "Increasingly, I hear from businesses Chi...
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5 Takeaways From Fed Chair Powell’s Jackson Hole Speech
25Aug By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

5 Takeaways From Fed Chair Powell’s Jackson Hole Speech

August 25, 2023—Federal Reserve Chair Jerome Powell delivered a carefully worded speech this morning to the annual economic symposium in Jackson Hole, Wyoming. The Kansas City Federal Reserve hosts the event. Moran, Wyoming, US, on Wednesday, Aug. 23, 2023. Photographer: David Paul Morris/Bloomberg Here are the key takeaways from the highly anticipated speech: 1. 3 Percent Is Not The New 2 Percent With the annual inflation rate in the United States down to 3.2 percent, some observers have wondered if that lower rate would suffice. Powell made clear it does not. The target is still 2 percent, and the central bank will not end a restrictive financial policy until the rate reaches that. "It is the Fed's job to bring inflation down to our 2 percent goal, and we will do so," P...
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Despite High Interest Rates, U.S. Housing Sector Sees An Usual Rise
17Aug By Patti MohrNo Comments
Global Economics, Types of News: Brief

Despite High Interest Rates, U.S. Housing Sector Sees An Usual Rise

Housing Costs Squeeze Buyers August 17, 2023--Even as mortgage rates in the United States hover at a 22-year high, the housing sector continues to defy logic by rising in price. In fact, increasing costs of shelter in the United States were "by far the largest contributor" to the inflation rate, according to the latest CPI report. The cost of housing rose by an annualized rate of 7.7 percent last month. Meanwhile, the overall inflation rate stood at 3.2 percent. The unusual resilience to rate increases by the Federal Reserve has led Goldman Sachs to revise its prediction for the sector from a drop of 2.2 percent to a rise of 1.8 percent, several news outlets including Axios reported. An 'Aberration' of Trends The investment firm described the unusual occurrence as "unsust...
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China Sees Sharpest Decline In Trade Since Early Pandemic
8Aug By Patti MohrNo Comments
Global Trade, Globalization, Global Disintegration, Types of News: Brief

China Sees Sharpest Decline In Trade Since Early Pandemic

August 8, 2023—China's trade with the rest of the world fell by 14.5 percent year-on-year in July, according to government data. That was the sharpest drop in imports and exports since early 2020. The decline was more than the 12.5 percent fall predicted by a poll of economists conducted by Reuters. Exports from the world's second-largest economy have fallen for three straight months, as the consumer and business appetite for China's goods in Europe and the United States has fallen. The decline may reflect weaker demand for China-made products as well as other factors such as shifts in supply chain, high global inflation, and rising interest rates. The largest drops in foreign buying of goods occurred in the computer, steel, and clothing sectors, according to reporting by the Finan...
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