Archiv für den Monat: Oktober 2024
Libya set to restart production from largest oil field
- LIBYA TO RESUME OIL PRODUCTION TODAY
- SAYS OIL MINISTER
LIBYA’S LARGEST OIL FIELD TO TO RESUME OUTPUT THURSDAY
Kneejerk lower in crude.As always with Libya info – it’s rarely straightforward, and rarely stays that way for long.
This article was written by Ryan Paisey at www.forexlive.com.
US September Challenger layoffs 72.821K vs 75.891K prior
- Challenger layoffs 72.821K vs 75.891K prior.
U.S.-based employers announced 72,821 cuts in September, a 4% decrease from the 75,891 cuts announced one month prior. It is up 53% from the 47,457 cuts announced in the same month in 2023,
according to a report released Thursday from global outplacement and
business and executive coaching firm Challenger, Gray & Christmas,
Inc.
In the third quarter, companies announced plans to cut
174,597 jobs, down 16% from the 177,391 cuts announced in the second
quarter of this year. It is up 19% from the 146,305 cuts announced in
the same quarter of 2023.
For the year, companies have announced 609,242 job cuts,
up 0.8% from 604,514 announced during the same period last year. Though
less than a percentage point separates them, this is the first time this
year that year-to-date cuts are higher than those tracked during the
same period in 2023.
“We’re at an inflection point now, where the labor
market could stall or tighten. It will take a few months for the drop in
interest rates to impact employer costs, as well as consumer savings
accounts. Consumer spending is projected to increase, which may lead to
more demand for workers in consumer-facing sectors.
“Layoff announcements have risen over last year, and
job openings are flat. Seasonal employers seem optimistic about the
holiday shopping season. That said, many of those who found themselves
laid off this year from high-wage, high-skill roles, will not likely
fill seasonal positions,” said Andrew Challenger, Senior Vice President
of Challenger, Gray & Christmas, Inc.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
Canadian dollar expected to strengthen in 2025 as rate cuts boost economy
Canada’s loonie has rallied by 3.3% since hitting a near two-year low of 1.3946 per U.S. dollar, or 71.71 U.S. cents, in August.
The median forecast of nearly 40 foreign exchange analysts in the Sept. 30–Oct. 2 poll showed the loonie consolidating those gains in three months, edging 0.1% lower to 1.3514, but remaining stronger than the 1.3650 expected in a September poll.
In a year, the currency was predicted to advance 1.7% to 1.3275, compared to 1.3333 seen previously.
The Bank of Canada is expected to continue reducing its benchmark interest rate over the coming months after cutting it by 75 basis points since June to 4.25%, while the U.S. Federal Reserve began its own easing campaign in September.
This article was written by Ryan Paisey at www.forexlive.com.
Goldman Sachs now sees the SNB delivering more easing
Full Story via Newsquawk on PiQ Suite
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GS writes given the SNB’s dovish guidance at its September meeting, benign inflation developments, a rise in geopolitical tensions adding further upward pressure to the currency, and Chairman Schlegel’s recent comments emphasizing the SNB’s commitment to keep CHF appreciation at bay
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GS now expects a further cut of 25bps at the March 2025 meeting, to a terminal rate of 0.5%
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GS sees risks skewed towards more easing in the event of further downside surprises to inflation and CHF strength, and assigns a 40% probability to a 50bps move in December.
This article was written by Ryan Paisey at www.forexlive.com.
Tesla to recall over 27,000 Cybertruck vehicles
Tesla is recalling 27,185 Cybertruck vehicles in the U.S. as a delayed rear view image reduces visibility behind the vehicle, the U.S. National Highway Traffic Safety Administration said on Thursday.
This article was written by Ryan Paisey at www.forexlive.com.