Page 14 - IBT August 2021 Issue
P. 14
SNIPPETS
A $75 hike in oil prices
Oil rose to around $75 a barrel on 28 July 2021 ahead of an
industry report expected to show US crude inventories fell more
than expected, bringing the focus back to a tight supply and
demand balance rather than rising coronavirus infections mentions
a report in The Daily Star
US crude stocks fell 4.7 million barrels, two market sources citing
$75 forecast. Brent crude rose 57 cents, or 0.8 per cent, to $75.05 a
American Petroleum Institute figures said, more than analysts
barrel. Oil has risen 45 per cent this year, helped by demand
recovery and supply curbs by the Organization of the Petroleum
Exporting Countries and allies, known as OPEC+. OPEC+ agreed to
increase supply by 400,000 barrels per day from August, unwinding
more of last year's record supply cut, but this is seen as too low by
some analysts given the rebound in demand expected this year.
Emerging Asia
growth forecast cut
by IMF
The International Monetary Fund on
27 July 2021 cut this year's
economic growth forecast for
emerging Asia, as a spike in
coronavirus cases from new variants
and slow vaccinations cloud the
region's recovery prospects.
According to a report in The Daily
Star, the downgrade, which
contrasted with an upward revision
in the IMF's forecast for advanced
nations, highlights the divergence Asian stocks plummet to a
emerging across countries on the 7-month low
pace of recovery from Asia's stocks fell to a fresh seven-month trough on 27
pandemic-induced strains. July 2021 led by a third straight session of heavy selling
In an update to its World Economic by the Chinese internet giant, while bond and money
Outlook (WEO), the IMF forecast markets remained in tight range ahead of the Federal
emerging Asia will grow 7.5 per cent Reserve policy meeting, states The Daily Star. MSCI's
this year, down 1.1 per cent points broadest index of Asia-Pacific shares outside Japan fell
from its previous projection made in 0.97 per cent to its lowest level since December, having
April. That was a much bigger fallen 2.45 per cent the previous day. The Hong Kong
downgrade than a 0.4-point benchmark fell 2.84 percent on 27 July 2021, marking
mark-down for emerging economies its third day of decline, with the Hang Seng Tec Index
across the globe. falling 6.46 per cent to its lowest level since its inception
in July 2020. Three days and a decline of 41 per cent
from the February peak.
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