NEWSLETTER
Thursday / September 29Sep 29
Wednesday / November 17
US retail sales
Retail sales in the US rose in October.
Retail sales saw their biggest gain since March, up 1.7% last month, after gaining 0.8% in September.
This was the third consecutive monthly increase, beating economists' expectations for an increase of 1.4%. Sales rose 16.3% year-on-year in October, 21.4% above pre-pandemic levels.
The report from the Department of Commerce on Tuesday showed that high inflation has not yet reduced spending.
Nordstream 2 on hold
Germany's energy regulator has suspended the approval process for the Norsdtream 2 pipeline, in a decision that creates a new obstacle to the controversial project that will bring Russian gas to Europe.
German federal network agency BNetzA said on Tuesday that it has temporarily halted the certification process as the Switzerland-based consortium behind Nord Stream 2 must first establish a German subsidiary under German law in order to obtain a business license.
Natural gas prices in Europe rose almost 11% on the news.
Nord Stream 2 faces fierce opposition from the United States and some European countries, which say it will make Europe too dependent on Russian gas.
Oil prices
As the Biden administration keeps asking to the Organization of the Petroleum Exporting Countries (OPEC) and its allies to increase its energy supply, the CEO of US oil company Occidental Petroleum said Washington should make the request from American shale oil producers instead.
Speaking to CNBC, CEO Vicki Hollub said, "I think we can do it cheaply in the United States, as in other countries."
Phase-1 agreement
Senior US officials said President Biden pressed during a virtual meeting with his Chinese counterpart, Xi Jinping, to honor the Phase-1 trade deal signed under his predecessor, Donald Trump.
Biden and Xi held a virtual meeting Tuesday (Monday evening in the US), in their third meeting since Biden took office in January.
Senior Biden administration officials said the two leaders discussed economic issues involving "a number of different points". One official said Biden brought up China's incompatibilities, particularly regarding former President Donald Trump's phase one trade deal with Beijing.
Meanwhile, the White House said the two leaders discussed the "complex nature of relations" and the "importance of responsibly managing competition" between the United States and Beijing.
"As in previous discussions, the two leaders discussed areas where our interests overlapped, and areas where our interests, values and perspectives diverged," the White House said in a statement after the meeting, adding “President Biden welcomed the opportunity to speak frankly and clearly with President Xi about our intentions and priorities on various issues.”
Referring to Biden as an "old friend", Xi said the two countries should work more closely together.
Retail sales in the US rose in October.
Retail sales saw their biggest gain since March, up 1.7% last month, after gaining 0.8% in September.
This was the third consecutive monthly increase, beating economists' expectations for an increase of 1.4%. Sales rose 16.3% year-on-year in October, 21.4% above pre-pandemic levels.
The report from the Department of Commerce on Tuesday showed that high inflation has not yet reduced spending.
Nordstream 2 on hold
Germany's energy regulator has suspended the approval process for the Norsdtream 2 pipeline, in a decision that creates a new obstacle to the controversial project that will bring Russian gas to Europe.
German federal network agency BNetzA said on Tuesday that it has temporarily halted the certification process as the Switzerland-based consortium behind Nord Stream 2 must first establish a German subsidiary under German law in order to obtain a business license.
Natural gas prices in Europe rose almost 11% on the news.
Nord Stream 2 faces fierce opposition from the United States and some European countries, which say it will make Europe too dependent on Russian gas.
Oil prices
As the Biden administration keeps asking to the Organization of the Petroleum Exporting Countries (OPEC) and its allies to increase its energy supply, the CEO of US oil company Occidental Petroleum said Washington should make the request from American shale oil producers instead.
Speaking to CNBC, CEO Vicki Hollub said, "I think we can do it cheaply in the United States, as in other countries."
Phase-1 agreement
Senior US officials said President Biden pressed during a virtual meeting with his Chinese counterpart, Xi Jinping, to honor the Phase-1 trade deal signed under his predecessor, Donald Trump.
Biden and Xi held a virtual meeting Tuesday (Monday evening in the US), in their third meeting since Biden took office in January.
Senior Biden administration officials said the two leaders discussed economic issues involving "a number of different points". One official said Biden brought up China's incompatibilities, particularly regarding former President Donald Trump's phase one trade deal with Beijing.
Meanwhile, the White House said the two leaders discussed the "complex nature of relations" and the "importance of responsibly managing competition" between the United States and Beijing.
"As in previous discussions, the two leaders discussed areas where our interests overlapped, and areas where our interests, values and perspectives diverged," the White House said in a statement after the meeting, adding “President Biden welcomed the opportunity to speak frankly and clearly with President Xi about our intentions and priorities on various issues.”
Referring to Biden as an "old friend", Xi said the two countries should work more closely together.
