January 16, 2024
United States:
New York Factory Index Slumps to Lowest Level Since May 2020
New York state factory activity deteriorated sharply at the start of 2024 on declining orders and shipments, consistent with persistent struggles for manufacturers across the US.
The Federal Reserve Bank of New York’s general business conditions index decreased 29.2 points in January to minus 43.7. A reading below zero indicates contraction, and the figure was well below the lowest forecast in a Bloomberg survey of economists.
Europe:
European Oil Prices Jump on Red Sea and Libyan Supply Worries
European oil prices have climbed as fears about supply disruptions through the Red Sea and from Libya prompt refiners to rush to secure cargoes.
Spot prices for North Sea and Mediterranean crudes have become much more expensive than global benchmark Dated Brent in recent days. That’s happening as Houthi attacks on commercial vessels threaten trade through the key Red Sea waterway and Libya’s biggest field suffers from a prolonged shutdown.
Asia:
China GDP Grew Around 5.2% in 2023, Premier Li Says at Davos
China’s economy grew around 5.2% in 2023, surpassing the government’s official growth target for the year without relying on “massive stimulus,” Chinese Premier Li Qiang said in Davos.
“Last year in 2023, the Chinese economy rebounded and moved upward with an estimated growth of around 5.2%, higher than the ‘around 5%’ target set at the beginning of last year,” Li said on Tuesday in his first appearance as China’s No. 2 official at the annual World Economic Forum.
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