Central Banks Continue to Raise Interest Rates
December 16, 2022
US retail sales fell by 0.6% in November 2022 from October 2022, which was 3 times higher than the 0.2% fall expected by economist.
US manufacturing showed signs of peaking. Production was up by just 1.4% in November compared with the same month a year earlier, the smallest increase for almost two years.
China Industrial output rose by 2.2% in November, which was well below the 3.6% expected. The growth rate has also been declining progressively since February.
Energy prices are down to start today as some early profit taking is in order. Also, pressuring prices is the fact that central banks are still raising rates, as the US Federal Reserve, the European Union Central Bank and Bank of England all raised rates this week .
France’s Purchasing Managers Index fell to its lowest level in two years.