Market Moves: China's GDP, Oil Prices, Singapore's Export Problem
(a daily blog post featuring 3 important news story in the financial markets)
Bottom Line Bulletin
"China's GDP Growth Slows Down, Raising Concerns About the Post-COVID Boom's End"
"Oil Prices Decline 1% Amid China's Economic Slowdown"
For the second consecutive session, oil prices have dropped, largely influenced by China's economic downturn. The 1% decrease reflects waning confidence in one of the world's largest economies. Simultaneously, Libya resumed production at its major oilfields after the pandemic, contributing to the price decline. Brent crude features fell by 57 cents (0.7%), and U.S. West Texas Intermediate crude also dropped by 0.7% after a 52 cents price decrease. The resumption of production in two of Libya's largest oilfields, with a combined capacity of 370,000 barrels per day, had an impact on the global oil market.
"Singapore's Exports Face Challenges, Non-Oil Exports Down 15.5%"
Singapore's non-oil exports experienced a significant decline of 15.5% compared to the previous June, with both electronic and non-electronic products showing decreased demand. The country narrowly avoided a technical recession with a quarter-on-quarter growth of 0.3%. During the first quarter, Singapore encountered a decline of 0.4% in growth. Additionally, Singapore's oil exports to its top 10 markets decreased last month, with exports to Malaysia dropping by 30.7% and exports to Indonesia falling by 35.7%. This deceleration in exports raises concerns about economic challenges in the Asian region.
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