OECD: The Global economy Will Not Stop Into Recession This Year
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The OECD said the global economy will avoid a recession this year, and next year, and that unemployment rates won’t skyrocket. That was the good news.
But growth will be low and slow, and inflation will remain high, keeping central bank policies tight. That was the bad news.
Stocks
The S&P500 gained, as strong earnings from retailers improved sentiment before Thanksgiving. Energy stocks performed well on the back of a sustained recovery in crude oil.
Shell rallied 5% on announcement that the company will be reviewing its investment in the UK to avoid paying windfall taxes to the British government. BP rallied 6.52%.
Central Banks
In central bank news, the Reserve Bank of New Zealand (RBNZ) raised its rates by 75bp as expected today. The US dollar softened, and the EURUSD rebounded past 1.0320 in the middle of mixed comments about what the European Central Bank (ECB) should do at its next meeting.
Gold
In precious metals, gold slid yesterday despite a softer US dollar, and softer yields.
China
In China, stocks were not looking good as Beijing and Shanghai put stricter rules to slow the Covid contagion, again! But Alibaba rebounded almost 4% in HK today, on news that Ant Group would pay a fine over a billion USD.
Crypto
In cryptocurrencies, traders remain on the edge, on news that a ‘substantial amount’ of FTX assets have either been stolen or are missing. Bitcoin however resists. The price of a coin recovered above $16K yesterday, but risks remain tilted to the downside.
Watch the full episode to find out more!
- 0:00 Intro
- 0:30 OECD says no recession, slow growth but not for UK!
- 1:45 Market update
- 2:52 Oil, natural gas up
- 4:41 Goodbye Shell!
- 6:15 EUR traders expect softer Dec rate hike
- 8:00 Gold under pressure
- 8:22 Alibaba jumps on $1 billion fine
- 9:08 Bitcoin resists
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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