Global Container Freight Rates (cost of 40′ Containers) are lower today than they were in February 2020...
Feb 7, 2020: $1,468 (pre-covid rate)
Sep 10, 2021: $11,109 (peak rate)
Jun 2, 2023: $1,380 (-88% from peak)
Simply incredible.
Global Container Freight Rates (cost of 40′ Containers) are now lower than they were in February 2020...
Feb 7, 2020: $1,468 (pre-covid rate)
Sep 10, 2021: $11,109 (peak rate)
Apr 14, 2023: $1,406 (-87% from peak)
Simply incredible.
Today Russia, Saudi Arabia, UAE, Iraq and OPEC stated they are cutting oil production until the end of 2023. Barrels per day to be cut:
-500,000 🇸🇦 SAUDI ARABIA
-500,000 🇷🇺 RUSSIA
-211,000 🇮🇶 IRAQ
-144,000 🇦🇪 UAE
Here is what you need to know and how it may affect you:
Biggest market puzzles
1. If global growth is so strong, why are oil prices flat?
2. Why no China reopening lift to commodity prices?
3. Why are yield curves inverted if there's no recession?
4. Why do so many people want to be long Euro?
5. Why has Fed pivot not lifted S&P 500?
#ECB Balance Sheet keeps shrinking. Total assets drop by another €29.7bn due to quarter-end adjustments (-€42.7bn) to €7,955,8bn, lowest level since July 2021. ECB Balance Sheet now equals 61% of Eurozone GDP vs Fed's 33% and BoJ's 126%.
Treasury Secretary Janet Yellen called the positive October inflation report “a good reading” but cautioned against relying too much on one data point https://t.co/0AVcOwPiH9