Cryptocurrency
The postponement of expectations regarding interest rate cuts by the US Federal Reserve Fed, due to the strong economic data announced, caused investors to increase their cash positions again.
The German Central Bank (Bundesbank) shared its prediction that the contraction in the German economy will continue in the first quarter of this year.
Chinese banks cut the mortgage reference interest rate to a record level. As expectations for the Fed’s start date of interest rate cuts are postponed, investors continue to pour money into money market funds.
China increased real estate financing by lowering key loan interest rates for the first time since June. While the People’s Bank of China reduced the five-year benchmark interest rate for the first time since June, it left the one-year maturity unchanged. The five-year loan interest rate (LPR) was reduced by 25 basis points from 4.20 percent to 3.95 percent, while the one-year loan interest rate, which is fixed for most household and corporate loans in China, was kept constant at 3.45 percent. . Economists were predicting a 5-15 percentage point reduction in the 5-year LPR.
China’s State Administration of Foreign Exchange Clearing (SAFE) announced the current account for the period January-December 2023. The current balance, which represents the sum of the income-expenditure balance in foreign trade, services, investment and current transfers, gave a surplus of 264.2 billion dollars throughout the year.
Oil held gains near the highest level in more than three months after the Houthis launched another offensive into the Red Sea, as tensions continued to rise in the key region for crude production and trade.
The Israeli economy shrank by 19.4 percent in the last quarter of 2023 due to the impact of the attacks on Gaza. Thus, the economy contracted on a quarterly basis for the first time in 2 years.
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