Hence, our bearish bias." The team thinks oversupply could push the energy component into the "mid-30s." West Texas Intermediate crude oil is trading down 1% at $42.70 a barrel.ĪB InBev upped its bid for SAB Miller. In a note to clients, Morgan Stanley researchers led by Adam Longson wrote: "We see worrisome trends for supply, demand, refined products, the macro and positioning that may all coalesce in late summer. Morgan Stanley thinks oil is headed lower. The reading of 9.2 was the highest since the peak of China's credit boom, and it helps explain the country's 6.7% growth rate recorded for the second quarter. ![]() That's according to HSBC's latest China Monetary Conditions Indicator. "However, the sharp appreciation of the exchange rate since the start of the year is threatening to derail the Bank's efforts to lift price pressures, and we expect policymakers to step up the pace of asset purchases and probably also cut the interest rate on excess reserves at the upcoming meeting."Ĭredit conditions in China are the loosest since 2010. "An imminent shift from fiscal tightening to loosening has reduced the pressure on the Bank of Japan to provide more stimulus," Capital Economics Japan economist Marcel Thieliant wrote. ![]() The currency is stronger by 1.3% at 104.47 per dollar, a two-week high, as traders position themselves ahead of Friday's Bank of Japan policy meeting. Account icon An icon in the shape of a person's head and shoulders.
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