Weekly Global Economic News Update

European Union Retail Sales m/m

Retail sales in the European Union statistics were released on 7 October 2024 and it hit 0.2%. This just edged above merely 0.0% forecasts. The small gain indicates a frail recovery of consumer spending against regional economic conditions. The next data will be released on November 7, 2024, but growth has been forecasted to stagnant at 0.0%

The Reserve Bank of India, maintained its benchmark interest rate at 6.50% in its latest decision that came out on October 9, 2024, the same level as the previous decision. In a way, this unchanged rate reflects the RBI's cautious stance in the face of existing headwinds on inflation and economic spillovers that prevail across the country currently. The next decision is scheduled for December 6, 2024, so all eyes in the market will closely be upon the RBI to see whether the interest rate amidst the changes in inflation dynamics or the economic growth to be seen in the next quarter.

EIA United States Crude Oil Stocks Change

The US Crude Oil Stocks built 5.810 million barrels for the week that ended on 9th October 2024, which negated the anticipated draw of -1.448 million barrels. Thus this sudden spurt in stockpiles of oil, after the preceding build of 3.889 million barrels, seems to suggest weakening demand or an oversupply in the market. The U.S. Energy Information Administration is expected to update figures on October 17, 2024, and will most likely show a rise in inventory by 4.224 million barrels in its estimation, which may further reduce oil prices.

Core Consumer Price Index (CPI) m/m

The United States Core Consumer Price Index (CPI) for September was 0.3%, below the forecasted 0.4% but in line with last month's reading of 0.3%. The second release on November 13, 2024, will be a key indicator for markets since further increases in core inflation might prompt the Federal Reserve to reconsider its stance regarding interest rates.