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India’s Nov Russian oil imports up 3% from October
India’s Russian oil imports in November rose to a 4-month high of 1.6 million barrels per day (bpd), up 3.1% from October, making up about 36% of the nation’s overall imports last month, data obtained from trade sources showed. Russia became India’s top oil supplier this year as the south Asian nation was drawn to Russian oil discounts after some Western companies shunned purchases from Moscow following its invasion of Ukraine in February last year. India, the world’s third biggest oil importer and consumer, has traditionally relied on Middle Eastern producers for meeting the bulk of its oil needs and rarely ... (full story)
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- From bankofengland.co.uk|Dec 14, 2023|10 comments
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 13 December 2023, the MPC voted by a majority of 6–3 to maintain Bank Rate at 5.25%. Three members preferred to increase Bank Rate by 0.25 percentage points, to 5.5%. In the MPC’s November Monetary Policy Report projections, conditioned on a market-implied path for Bank Rate that remained around 5¼% until 2024 Q3 and then declined gradually to 4¼% by the end of 2026, GDP was expected to be broadly flat in the first half of the forecast period, in part reflecting relatively weak potential supply, and an increasing degree of economic slack was expected to emerge from the start of next year. In the most likely, or modal, projection, CPI inflation returned to the 2% target by the end of 2025 and fell below the target thereafter. The Committee continued to judge that the risks to its modal inflation projection were skewed to the upside, such that the mean projection for CPI inflation was 2.2% and 1.9% at the two and three-year horizons. Since the MPC’s previous meeting, advanced-economy government bond yields have fallen materially, including at shorter horizons, and risky asset prices have risen. Global GDP growth has been a little stronger than projected in the November Report. Consumer price inflation in the euro area and the United States has declined more quickly than expected. There remain upside risks to inflation given events in the Middle East, although oil and wholesale gas futures prices have fallen. UK GDP was flat in 2023 Q3, in line with the November Report projection, and fell by 0.3% in October. Based on the latest official and survey data, Bank staff expect GDP growth to be broadly flat in Q4 and over coming quarters. The Committee continues to consider a wide range of data on developments in labour market activity. Employment gr post: BoE's Bailey: `Still Some Way To Go' In Inflation Fight
- From bankofengland.co.uk|Dec 14, 2023|2 comments
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- Posted: Dec 14, 2023 6:15am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 240