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☆ WEF president: 'We haven't seen this kind of debt since the Napoleonic Wars'
▼ + stars: | 2024-04-28 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

Borge Brende, president of the World Economic Forum, gave a stark outlook for the global economy saying the world faces a decade of low growth if the right economic measures are not applied. "The global growth [estimate] this year is around 3.2 [%]. "Trade will change and global value chains — there will be some more near-shoring and friend-shoring — but we shouldn't lose the baby with the bathwater ... Then we have to address the global debt situation. We haven't seen this kind of debt since the Napoleonic Wars, we are getting close to 100% of the global GDP in debt," he said. He also motioned persistent inflationary pressures and that generative artificial intelligence could be an opportunity for the developing world.

Persons: Borge Brende, CNBC's Dan Murphy, shoring Organizations: Economic, Energy Locations: Saudi Arabia

☆ Citi upgrades energy sector, says geopolitical tensions could keep oil prices higher for longer
▼ + stars: | 2024-04-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The energy sector should continue to outperform as oil prices are likely to remain higher for longer on geopolitical risk even without a major escalation in the Middle East, according to Citi. The energy sector has gained 13% this year, outperforming the broader S & P 500 . .GSPE .SPX YTD mountain S & P 500 energy sector outperforms Refinery stock Marathon Petroleum is leading the sector's performance with a gain of 33% year to date. "Our commodity team see higher for longer oil given the geopolitical risk even as a severe escalation seems unlikely." "However, in the short-term, the global reflation theme and tensions in the Middle East are keeping prices supported," the Citi team told clients.

Persons: Dirk Willer Organizations: Citi, Energy, Marathon Petroleum, Exxon Mobil, Chevron, Brent Locations: Refinery, Israel, Iran, Rafah, Russia, Saudi Arabia

☆ U.S. tech CEOs give India PM Modi boost ahead of election
▼ + stars: | 2024-04-18 | by ( Seema Mody | ) www.cnbc.com time to read: +2 min

The ironclad relationship that India Prime Minister Narendra Modi has developed with CEOs of the largest U.S. tech companies is giving his nation the foreign support that India has craved for more than a decade. The promise of further economic growth in India as China's economy slows has led many American CEOs to support Modi's policies. Ahead of the election, Apple's expansion into India in particular has given Modi political clout and created more investing interest among U.S. companies, experts told CNBC. Modi has established an ongoing dialogue with a range of powerful Silicon Valley CEOs as India's national election starts. The election, which will end in early June, is expected to see more than 960 million citizens vote.

Persons: Sundar Pichai, Tim Cook, Narendra Modi, Manjari Chatterjee Miller, Modi, India's, –, Pravin Krishna, Chung Ju Yung Organizations: Apple, Washington , D.C, India, Indian, CNBC, Council, Foreign Relations, Johns Hopkins University, Bharatiya Janata Party Locations: Washington ,, India, Washington, Beijing, Pakistan, South Asia, Modi's

☆ India’s economy and elections: Is the hype around Narendra Modi’s vision justified?
▼ + stars: | 2024-04-16 | by ( Diksha Madhok | Rachel Wilson | ) edition.cnn.com time to read: +9 min

New Delhi/London CNN —In just a few days, India will commence the world’s largest democratic election. So, is the hype around Modi’s India, which remains a largely impoverished country, justified? The world’s largest biometric database has also helped the government save millions by reducing corruption in welfare initiatives. Domestic investors, both retail and institutional, have been driving India’s stock market to unprecedented peaks. Still, India’s economy, much like its democracy, is far from perfect.

Persons: Narendra Modi, Indranil Mukherjee, Modi, Himanshu Sharma, Guido Cozzi, Arun Sankar, Billionaire Elon Musk Organizations: London CNN —, Getty, CNN, World, University of St, Unified, Bank, ”, National Stock Exchange of India, bourse, Bombay Stock Exchange, NSE, Shenzhen Stock Exchange, Hong Kong Exchange, World Federation of Exchanges, Macquarie Capital, Apple, Foxconn, Billionaire, International Labour Organization Locations: New Delhi, London, India, China, Beijing, Ajmer, Rajasthan, University of St Gallen, Switzerland, Asia’s, Washington, Sriperumbudur, Chennai, Mumbai's Churchgate, AFP

☆ Morgan Stanley sees 'hot summer' ahead for energy sector, gives its favorite picks
▼ + stars: | 2024-04-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A robust oil outlook on stronger-than-expected demand this year should provide a "hot summer" for energy stocks, according to Morgan Stanley. The investment bank has upgraded the energy sector to "attractive" as crude oil demand forecasts have improved on better-than-expected growth in the major economies. Morgan Stanley's top picks to play the oil rally are BP , TotalEnergies and Repsol . Strong demand combined with geopolitical risk should support Brent prices of $94 a barrel by the end of the summer, according to Rats and his colleagues. BP YTD mountain BP shares year to date BP stands out with a compelling distribution yield of nearly 11%, according to Morgan Stanley analysts.

Persons: Morgan Stanley, Morgan Stanley's, Martijn, Brent, Morgan Organizations: BP Locations: Ukraine

☆ Fed likely to cut rates before ECB blinks, former BOE member says
▼ + stars: | 2024-04-11 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The U.S. Federal Reserve is likely to cut interest rates before the European Central Bank does, a former member of the Bank of England said, defying current market expectations. Investors are closely monitoring central bank moves on the back of a considerable reduction in inflation across major economies. So far, Switzerland was the first major economy to cut interest rates back in late March. Market players are currently pricing in a 92.8% chance that the ECB will cut rates in June from the historically high level of 4%, according to LSEG data. Her comments come just ahead of a European Central Bank meeting due on Thursday.

Persons: DeAnne Julius, Julius, Christine Lagarde, Lagarde Organizations: U.S . Federal, European Central Bank, Bank of England, Monetary, CNBC, Tuesday, ECB, Federal Reserve Locations: Switzerland, U.S, United States

☆ Mexican drug gangs ‘increasingly targeting’ Australia as meth supplies overtake rivals, police say
▼ + stars: | 2024-04-11 | by ( Chris Lau | ) edition.cnn.com time to read: +4 min

CNN —Drug cartels from North America have overtaken rivals in Southeast Asia to become Australia’s top suppliers of methamphetamine, police said, warning that Mexican gangs are “increasingly targeting” the country. Meanwhile, Southeast Asian meth fell to less than 15% of seizures of the drug, a highly addictive and potent stimulant. A wastewater detection program led by the Australian Criminal Intelligence Commission projected meth to be Australia’s second most used drug. In 2022, authorities stopped 1.8 tons of liquid meth masquerading as coconut water in Hong Kong before it reached Australia. They were bound for New Zealand, Australia and the surrounding Pacific region, police said.

Persons: Jared Taggart, Taggart, ”, Sam Gor, Terry Goldsworthy, Criminologist John Fitzgerald, Masood Karimipour Organizations: CNN —, Australian Federal Police, Police, ”, Australian Institute of Health, Welfare, Australian Criminal Intelligence, AFP, Bond University, Australian Capital Territory, University of Melbourne, Drugs, New Zealand police, Southeast, Pacific, United Nations Office Locations: North America, Southeast Asia, Australia, AFP, Mexico, United States, Canada, ” Australia, Thailand, Laos, Myanmar, Japan , New Zealand, Hong Kong, Asia, Pacific, Queensland, American, Europe, Ukraine, New Zealand

☆ Gold has broken through the $2,300 level, and one market veteren has a bullish call looking ahead
▼ + stars: | 2024-04-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The precious metal has hit successive record highs this year, including another on Thursday when spot gold broke above $2,300 before easing slightly. Juerg Kiener, chief investment officer at Swiss Asia Capital, told CNBC's "Street Signs Asia" on Wednesday that his forward curve analysis for gold "looks fantastic." "If you look at your forward curve for a year it's about 26 [$2,600]. He added that an inventory collapse in the gold market is putting "a lot of derivative structures at risk." Kiener also cited geopolitics, a shift to a "multipolar world," and changing international trade structures as reasons for his bullishness on the gold price.

Persons: Kiener, CNBC's, —, We've Organizations: Swiss Asia Capital, U.S . Federal Locations: Gaza, Ukraine, Asia

☆ Half of adults globally are stressed about their finances, and inflation is a key reason
▼ + stars: | 2024-04-03 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Roughly half of adults are stressed about personal finance, a new survey spanning various advanced economies found. D3sign | Moment | Getty ImagesAt least half of adults in a range of major economies report being stressed about their personal finances, and say inflation is one of the main reasons. In the U.S., Australia, Spain and Mexico, around 70% of adults said they were "very or somewhat stressed" about money. The percentage reduced slightly to 63% in the U.K., 57% in Germany, 55% in Switzerland, and roughly half of people in Singapore and France. Across those countries, between a half and two thirds of people said they considered themselves to be part of the middle class — except in the U.K., where it was a lower 37%.

Persons: SurveyMonkey Organizations: Financial Security Locations: U.S, Australia, Spain, Mexico, Germany, Switzerland, Singapore, France

☆ Japanese people could all be called Sato by 2531, study warns. But they’d need to get married first
▼ + stars: | 2024-04-03 | by ( Chris Lau | Mai Nishiyama | ) edition.cnn.com time to read: +3 min

Tokyo CNN —Everyone in Japan could one day have the same surname unless its restrictive marriage laws change, according to a new study. But the country’s dwindling marriage rate could buck that trend and a rapidly declining population might render it moot entirely. If the rules carry on, all Japanese people could have the surname Sato by 2531, according to Hiroshi Yoshida, an economist from Tohoku University in Sendai, who led the study. According to Myoji Yurai, a company that tracks Japan’s more than 300,000 surnames, Sato is currently the most common, followed by Suzuki. About 1.8 million people out of Japan’s 125 million population have the surname Sato, Myoji Yurai says on its website.

Persons: Sato, Hiroshi Yoshida, Myoji, Suzuki, Takahashi, Myoji Yurai, Yoshida –, Yoshida, ” Yoshida, ”, Fumio Kishida, Wang, Li, Zhang, Liu, Chen, Galton, Watson Organizations: Tokyo CNN, Tohoku University, CNN Locations: Japan, Sendai, East Asia, China

☆ East Asia's growth is faster than the rest of the world but China headwinds weigh, World Bank says
▼ + stars: | 2024-04-01 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

As inflation continues to impact global economies, Asia-Pacific is the only region that will see real salary growth in 2023, according to ECA International. Growth in developing East Asia and Pacific is outpacing the rest of the world, but the region will likely see slower growth in 2024 amid headwinds in China and broader policy uncertainty, according to the World Bank. "It is a region that is still outperforming the rest of the world, but it is underachieving relative to its own potential," Aaditya Mattoo, East Asia and Pacific chief economist at the World Bank, told CNBC's "Street Signs Asia" on Monday. Growth in the region is expected to ease to 4.5% this year, slowing from last year's 5.1% expansion, according to the bank's East Asia and Pacific (EAP) update for 2024, which was released Monday. However, excluding China, growth in the region is predicted to reach 4.6% this year — higher than 4.4% in 2023.

Persons: CNBC's Organizations: ECA International, World Bank Locations: Asia, Pacific, East Asia, headwinds, China

☆ BYD’s profit soared 80% in the year the Chinese EV giant overtook Tesla
▼ + stars: | 2024-03-26 | by ( Laura He | Anna Cooban | ) edition.cnn.com time to read: +2 min

Net profit almost doubled to 30 billion yuan ($4.2 billion) last year, from 16.6 billion yuan ($2.3 billion) in 2022, the Shenzhen-based company said Tuesday. BYD sold 525,409 battery electric vehicles (BEVs) during that period, compared with Tesla’s 484,507. In 2023 as a whole, BYD sold a record 3.02 million vehicles globally, up 62% from 2022. Its entry-level model sells in China for the equivalent of just over $10,000; the cheapest Tesla car, a Model 3, costs almost $39,000. But intensifying competition and a brutal price war last year have impacted the profit margins of many Chinese car makers, including BYD.

Persons: London CNN — BYD, That’s, Warren Buffett, BYD, Tesla, Elon Musk’s carmaker Organizations: London CNN, Elon, Tesla, Chinese Passenger Car Association, Geely, Chery, XPeng Motors Locations: Hong Kong, London, Shenzhen, China

☆ Millennial women are taking over the economy
▼ + stars: | 2024-03-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Millennial women are having an outsized impact on the global economy, according to Ned Davis Research. "The rise in millennial female participation should have positive implications for the economy and equities in the long-term," NDR said. "The unemployment rate tends to be lower among people with higher education, which helps explain the greater take-up of women in the workforce. Younger women are more likely to have higher education and thus, be employed productively." Ned Davis Research"The premise is that when the economy has a large proportion of maturing population, workers are more productive, and incomes are higher," Grindal said.

Persons: Ned Davis, Alejandra Grindal, —, Grindal, millennials Organizations: Ned Davis Research, NDR Locations: Australia, Japan, Germany, Italy, South Korea

☆ China growth target: Beijing wants to upgrade the economy. Why are investors so skeptical?
▼ + stars: | 2024-03-08 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Chinese leaders have pledged to achieve an ambitious growth rate this year, while reshaping its economic model to focus on technology innovation. On Tuesday, Premier Li Qiang announced that economic growth target of around 5% for 2024, which he said “will not be easy” to hit, given that a Covid-battered 2022 had provided a lower base of growth for last year. “The level of support is likely too little to rocket the economy to its 5% growth target this year,” said Sarah Tan, an economist at Moody’s, referring to the measures announced by Li Tuesday. “China is walking a tightrope on the fiscal front between infrastructure stimulus and LGFV [local government financing vehicle] deleveraging,” said Goldman Sachs analysts on Wednesday. In order to achieve the ambitious 5% growth target, more specific stimulus is needed, such as increasing manufacturing investments, Liu said.

Persons: Li Qiang, “, ”, Sarah Tan, Li Tuesday, Goldman Sachs, Li, ” Nomura, Xi Jinping, Peiqian Liu, Liu, Pan Gongsheng Organizations: Hong Kong CNN, AFP, Getty, Goldman, Fidelity International, People’s Bank of China, Jefferies Locations: China, Hong Kong, Beijing, ‘, Asia, —

☆ Premarket stocks: Retailers warn Wall Street to expect less shopping this year
▼ + stars: | 2024-03-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Lowe’s: The home improvement giant projected total sales of $84 billion to $85 billion for 2024 in fourth-quarter results reported on Tuesday. Mortgage rates edge closer to 7%, dampening start of spring homebuying seasonUS mortgage rates climbed for the fourth week in a row, inching closer to 7% just as peak homebuying season gets underway, reports my colleague Anna Bahney. “Mortgage rates continued their ascent this week, reaching a two-month high and flirting with 7% yet again,” said Sam Khater, Freddie Mac’s chief economist, in a statement. Since reaching a 20-year high of 7.79% in October, mortgage rates have been slowly falling. But in recent weeks, as the market absorbs expectations that the Federal Reserve will not cut its benchmark lending rate until later this year, mortgage rates have trended higher.

Persons: they’re, ”, Marvin Ellison, Macy’s, Tony Spring, Corie Barry, ’, ” Barry, Diksha Madhok, Hanna Ziady, “, Thamashi De Silva, Knight Frank, Read, Anna Bahney, Freddie Mac, Sam Khater, Freddie Mac’s, Khater Organizations: CNN Business, Bell, New York CNN — Companies, Federal Reserve, Commerce Department, United States’s, Gross, Capital Economics, “ Locations: New York, That’s, India

☆ India GDP: Country’s economy ended 2023 ‘with a bang’ as growth surged to 8.4%
▼ + stars: | 2024-02-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

Gross domestic product in India surged 8.4% in the final three months of 2023 compared with a year prior, up from growth of 7.6% in the June-to-September period, the country’s statistics office said Thursday. The latest rise is much stronger than analysts expected and means India’s economy “ended last year with a bang,” Thamashi De Silva, assistant India economist at Capital Economics, wrote in a note. “That pace of growth was the strongest among major economies last quarter,” she said, also noting that in 2023 as a whole GDP grew 7.7%. Analysts at Jefferies expect the country to become the world’s third-largest economy by 2027, up from fifth currently. But “any slowdown in growth will be mild, particularly as the government’s infrastructure drive is likely to prop up activity,” she added.

Persons: “, Thamashi De Silva, ”, Narendra Modi, Elon Musk, India “, Modi, ” Musk, De Silva Organizations: London CNN, Gross, Capital Economics, Monetary Fund, Jefferies, Apple Locations: India, China, Washington, Beijing

☆ Why India’s economy under Modi offers a real alternative to China
▼ + stars: | 2024-02-26 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

The market value of companies listed on India’s exchanges crossed $4 trillion in late November. But the country is stuck in recession and recently lost its position as the world’s third biggest economy to Germany. While interest in the world’s fifth largest economy is rising, the lofty prices of India’s stocks are scaring some international investors away. According to Macquarie, retail investors alone own 9% of India’s equity market value versus foreign investors at slightly under 20%. China “has a few too many companies which are $100 and $200 billion plus [in value],” Mittal said.

Persons: Peeyush Mittal, there’s, ”, Mittal, They’ve, Narendra Modi, Indranil Mukherjee, Jefferies, “, MSCI, Aditya Suresh, Modi’s, Modi, there’ll, ” Suresh, shoring, Hubert de Barochez, Elon Musk, India “, ” Musk, Suresh, Satish Babu, China “, ” Mittal, Priyanka Agnihotri, Nirmala Sitharaman Organizations: New, New Delhi CNN —, Matthews Asia, Getty, Macquarie Capital, Bharatiya Janata Party, Monetary Fund, Jefferies, Capital Economics, Apple, Foxconn, ”, Workers, Chennai Metro Rail, Advisory, Indian Locations: New Delhi, Jaipur, San Francisco, India, China, Shanghai, Shenzhen, Hong Kong, Japan, Germany, Beijing, Washington, “ India, Macquarie, Chennai, Baltimore

☆ Opinion: Conflict is the new normal
▼ + stars: | 2024-02-23 | by ( Fareed Zakaria | ) edition.cnn.com time to read: +6 min

Editor’s Note: Fareed Zakaria is the host of Fareed Zakaria GPS, airing at 10 a.m. and 1 p.m. But conflict is the new normal. The war is going badly for Ukraine, which is critically outgunned and outmanned by its much larger adversary. The IDF’s goal is to weaken Hezbollah to the point that the roughly 80,000 Israelis who fled their homes in northern Israel can return. At some point, Hezbollah might respond forcefully, which could trigger an Israeli incursion into Lebanon, truly widening the war.

Persons: Fareed Zakaria, Fareed, Read, Vladimir Putin, Benjamin Netanyahu’s, Netanyahu, Amir Levy, —, don’t Organizations: CNN, Fareed’s, European, Gulf, Israel Defense Forces, United, British Navy, Republicans Locations: Ukraine, Europe, Russia, European, North Korea, Cuba, China, India, Turkey, Gulf States, Gaza, Hamas, British, Palestinian, Israel, Lebanon, North, Suez, United States, Red

☆ Indonesia Votes for New President Under Shadow of Influential Incumbent
▼ + stars: | 2024-02-13 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +4 min

Those surveys show Prabowo with 51.8% and 51.9% support, with Anies and Ganjar a whopping 27 and 31 points adrift respectively. To win outright, a candidate needs over 50% of votes and to secure 20% of the ballot in half of the country's provinces. "Jokowi as the decisive factor has been proven by the rising popularity of Prabowo," said Arya Fernandes of Indonesia's Center for Strategic and International Studies. "But whether or not Prabowo can win in one round, there are some other factors outside of Jokowi," he said, noting turnout would be crucial for Prabowo. "The candidates' programmes will be the decisive factor... Populist pledges that are easy to remember will be very influential."

Persons: Ananda Teresia, Stanley Widianto, Joko Widodo, Ganjar, Anies, Prabowo Subianto, Suharto, Prabowo, Jokowi, Arya Fernandes, Jokowi's, Wasisto Raharjo, Martin Petty, Nick Macfie Organizations: Defence, Widodo, Indonesia's Center, Strategic, International Studies, Central Java, Prabowo, National Agency for Research, Innovation Locations: Stanley Widianto JAKARTA, Indonesia, country's, Jokowi, Jakarta, Jokowi's

☆ China producer prices dip in January for a 16th month; consumer prices slip again
▼ + stars: | 2024-02-08 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +2 min

China's producer prices declined for a 16th month in January, while consumer prices slipped for a fourth month. CPI slipped 0.3% in December. On a monthly basis though, CPI climbed 0.3% in January from December, slightly weaker than median expectations for 0.4% growth. On a monthly basis, this translated into a 0.3% growth in January from December, NBS said. China stands as a stark outlier among the world's major economies, which are mostly battling stubbornly high inflation.

Organizations: National Bureau of Statistics, NBS Locations: Beijing, reflating, China

Global inflation is expected to fall to 5.8% in 2024 and to 4.4% in 2025. “The global economy begins the final descent toward a soft landing, with inflation declining steadily and growth holding up. That is not to say the global economy is without challenges. It also raises concerns about a revival of global inflation pressures as importers face surging shipping costs,” said Lydia Boussour, senior economist at EY-Parthenon. “For now, we don’t expect the situation in the Red Sea to substantially alter the outlook for global inflation and global monetary policy this year,” she added.

Persons: ” Pierre, Olivier Gourinchas, ”, Lydia Boussour, Gourinchas, ” Gourinchas, Eric LeCompte, LeCompte Organizations: Monetary Fund, IMF, Federal Reserve, . News, USA Locations: U.S, China, –, Ukraine, Iranian, Suez, EY, India, Russia, East, Central Asia, Saudi Arabia, “, Brazil

☆ The global economy is expanding, but the Red Sea crisis could spell trouble, says IMF
▼ + stars: | 2024-01-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The outlook for the global economy is brightening, the International Monetary Fund said Tuesday as it upgraded its growth forecast for 2024. It expects global growth in gross domestic product — a key measure of economic activity — to pick up slightly to 3.2% next year. Despite the IMF’s upgrades, its projections for global growth for 2024 and 2025 are below the annual average of 3.8% clocked up over the first two decades of this century. The longer and costlier journeys have raised fears of a renewed rise in global inflation. An escalation in the Israel-Hamas war into a wider conflict in the Middle East would threaten global growth, the fund added.

Persons: Pierre, Olivier Gourinchas, Valerie Plesch Organizations: London CNN, International Monetary Fund, IMF, Federal Reserve, Bloomberg, Getty Images, Hamas Locations: Ukraine, Red, United States, India, Washington , DC, Getty Images Iran, Israel

☆ No 'economic collapse': Top Citi strategist says healthier economic growth is coming
▼ + stars: | 2024-01-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The global economy does not need a "collapse" in order to bring inflation back to target and return to sustainable growth, according to Steven Wieting, chief investment strategist and chief economist at Citi Global Wealth. Major economies have proven surprisingly resilient to sharp interest rate increases from central banks over the last two years. This has been particularly evident in the U.S., with recession thus far avoided and the labor market remaining robust. Talk has now turned to rate cuts as inflation remains on a downward trajectory toward central banks' targets, while growth has slowed. Wieting told CNBC's "Squawk Box Europe" on Monday that he is optimistic the global economy does not need an "economic collapse" to rein in inflation.

Persons: Steven Wieting, Wieting, CNBC's Organizations: Citi Global Wealth Locations: U.S

☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

☆ Inflation isn’t beaten yet and risks of a new price shock are rising
▼ + stars: | 2024-01-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.

Persons: Sergio Ermotti, ”, “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, “, Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia

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