OPEC+ might have to raise oil output so market doesn’t overheat, Kazakhstan says
OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels to the market while most members have already exhausted their output potential.
As US eyes new China chip curbs, turmoil looms for global market
Export restrictions being considered by Washington to halt China’s advances in semiconductor manufacturing could come at a substantial cost, experts say, potentially disrupting fragile global chip supply chains – and hurting U.S. businesses.
Factbox: Economic sanctions China has imposed on Taiwan over Pelosi visit
China on Wednesday suspended exports of natural sand to Taiwan and halted imports of fruit and fish products from the self-governed island as U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan in a trip condemned by Beijing. read more
GLOBAL ECONOMY Factories squeezed by higher prices, weak demand
Factories across Asia and Europe struggled for momentum in July as flagging global demand and China’s strict COVID-19 restrictions slowed production, surveys showed on Monday, likely adding to fears of economies sliding into recession.
U.S. considers crackdown on memory chip makers in China
The United States is considering limiting shipments of American chipmaking equipment to memory chip makers in China including Yangtze Memory Technologies Co Ltd (YMTC), according to four people familiar with the matter, part of a bid to halt China’s semiconductor sector advances and protect U.S. companies.
Oil drops as weak Chinese factory data heightens demand concerns
Oil prices dropped on Monday as weak manufacturing data from China and Japan weighed on the demand outlook while investors braced for this week’s meeting of officials from OPEC and other top crude producers on supply adjustments.
Sony trims profit forecast after games business falters
Sony Group Corp (6758.T) trimmed its profit forecast on Friday after a weak first quarter for its PlayStation business, which it blamed on waning consumer interest due to a lack of new games and an easing of COVID-19 constraints dampening stay-at-home gaming.
Italy’s Ali Group sees shelter from economic storm in Welbilt deal
Welbilt’s exposure to the U.S. fast-food market will make new Italian owner Ali Group more resilient in a slowing global economy, while the deal will bring $100 million in cost savings, the chief executive of the catering equipment company told Reuters.
Swiss National Bank posts record H1 loss, says no policy impact
The Swiss National Bank (SNBN.S) reported a first-half loss of 95.2 billion Swiss francs ($100.08 billion) on Friday, the biggest six-month loss since the central bank was founded in 1907.
Euro zone inflation hits yet another record high after big jump
Euro zone inflation rose to another record high in July and its peak could still be months away, keeping pressure on the European Central Bank to opt for another big interest rate increase in September.
