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Weekly news summary for Dec 14 to Dec 20

Friday, Dec 14: US Recession Risks Hit Highest Level since 2008

The risk of a US recession happening in the next couple of years has grown to 40%, according to survey of economists conducted by a UK-based news agency.

The latest result topped the 35% forecast in November and was the highest since January 2008, just eight months before the fall of US investment Bank Lehman Brothers, which triggered the Great Recession, took place.

Monday, Dec 17: Boeing, Embraer Agree to Terms of $4.2B JV

Boeing and Embraer have agreed to the terms of a joint venture that will allow the US planemaker to own 80% of the Brazilian aerospace group’s commercial jet division.

Still, the deal remains subject to approval by the government of Brazil, which would only be likely to come on January 1. The transaction also needs shareholder approvals at both companies.

Tuesday, Dec 18: Oil Prices Weaken on Oversupply & Stocks Sell-off

Oil prices edged lower for the third straight session on Tuesday as reports of an inventory build, record forecasts of US and Russian output, as well as a sharp sell-off in stock markets worldwide pulled prices down to their weakest levels.

US West Texas Intermediate dropped 4.1% to its lowest since September 2017 of $47.84, while Brent crude oil futures fell 4% to hit a 14-month low of $57.23.

Wednesday, Dec 19: Pound at One-week Low on Fears of a No Brexit Deal

The pound hit a one-week low against the euro on Wednesday, pressured by worries about the UK making a disorderly exit from the European Union and stronger economic sentiment in the euro zone.

The euro rose as much as half a percent to 90.38 pence against the sterling before easing at 90.24 pence, while the British currency slipped against the US dollar before recovering at $1.2664.

Thursday, Dec 20: Asian Shares Down on Bullish Fed Rate Outlook

Asian equities sank on Thursday after the US Federal Reserve hiked interest rates and retained most its guidance for additional increases over the next couple of years.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.1%, while Australia’s S&P/ASX 200 fell 1.3% to a two-year closing low and Japan’s Nikkei declined 2.8%, ending the session at its weakest since September 2017.

 

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