Markets Weighs Chinese Growth, Fed Rate Decision
April 18, 2023
Data from China was positive overnight helping to support markets. China’s economy grew faster than expected with first quarter GDP up 4.5%. The data also showed that refinery throughput was up in March by 8.8% from the prior year.
Balancing out the positive China news is the ongoing concerns of the Fed raising rates and the tight credit picture. These outlooks keep the market stuck in a range, but starting to trend lower. The bulls need to get to work if they hope to revive the upside.
There is also weaker demand in Asia and the refinery margins in the US have started to come down, causing some refiners to consider scaling back production.