Authored by Christof Gisiger via Finanz Und Wirtschaft,
Raghuram Rajan, Professor of Finance at the University of Chicago and former governor of the Reserve Bank of India, warns of more turmoil ahead if the developed world fails to adapt to the fundamental forces of global change.
WTI/RBOB prices slipped ahead of DOE data as Canada's growth outlook cut trumped Saudi Arabia's wishy-washy chatter on production cuts. DOE data confirmed the biggest crude draw of 2017 (-2.16mm) and gasopline and distilates saw the 8th week in a row of drawdowns but Cushing's 276k build pushed it to a new record high as US crude production rose once again to its highest sine August 2015.
API
Since the election, it has been popular to talk about global reflation taking place. Many look at the price of stocks, Copper and Steel and feel the rise in prices, means global growth and reflation is taking place.
Below looks at the price of US Steel over the past few years and the message it could be sending to the reflation theme of late-
The Bank of Canada kept its benchmark overnight interest rate on hold at 0.5%, as expected, noting that the "current stance of monetary policy is still appropriate" and adding that the “global economic growth is strengthening and becoming more broadly-based”.
While observing that the global economic situation had brightened since January and acknowledged "the strength of recent data", it cautioned that “there is still considerable uncertainty about the outlook”. It also said that “material slack remains” in the Canadian labor market.
Authored by Charles Hugh-Smith via OfTwoMinds blog,
Where's the growth going to come from as the dominant generation makes less, borrows less, spends less, saves more and turns away from long commutes, malls and suburban living and abandons the worship of private vehicles?