Business Arena 13.08

In this edition of Business Arena, the focus is on Turkey’s first unmanned vessel, Baltic states quitting East European cooperation with China and OPEC cutting the 2022 world oil demand forecast, among other topics, including a review of global markets' recent dynamics.

Europe's stock rally may be at first glance lagging the US. American stocks have been boosted by a massive easing in financial conditions. Conversely, European financial conditions continue to tighten, with the region's equivalent index around levels last seen a decade ago — barring a brief period during the peak pandemic fears in 2020.

Yen falls against recovering US dollar

The Japanese yen fell the most against a recovering US dollar on Friday, as a two-day rally in equities conceded to market expectations that the Fed would have to do a lot more to contain inflation.

Asian stocks tracked Wall Street losses and the yen fell on Friday as investors remained filled with uncertainty over how aggressively the Federal Reserve would raise interest rates to tackle inflation despite softer numbers earlier this week.

China stocks slip

China stocks slipped on Friday as domestic COVID-19 cases rose sharply, while uncertainty over the Federal Reserve's monetary tightening trajectory also dented sentiment in regional markets.

Shanghai Composite Index fell 0.2 percent at the end of the morning session. The Hang Seng index added 0.3 percent, while the Hong Kong China Enterprises Index gained 0.5 percent.

The daily caseload for COVID-19 has risen to more than 2,000 in recent two days from around 1,000 earlier. “COVID-19 resurgence still weighs on market confidence in macro recovery despite continuous containment policy re-calibration,” according to Morgan Stanley.

OPEC cuts its 2022 forecast for growth in world oil

OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia's invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic.

The view from the Organization of the Petroleum Exporting Countries contrasts with that of the International Energy Agency, which earlier on Thursday raised its demand outlook.

OPEC in a monthly report said it expects 2022 oil demand to rise by 3.1 million barrels per day (bpd), or 3.2 percent, down 260,000 bpd from the previous forecast.

Seventeen carefully selected purebred Arabian horses at the Pride of Poland

This year’s edition of Pride of Poland and Summer Sale in Michałów State Stud. A highly diversified offer consists of 17 carefully selected purebred Arabian horses. On August 14-15, in Janów Podlaski, buyers from all over the world will have a unique opportunity to find the horse of their dreams among 15 mares and 2 stallions offered for sale.

Turkey's First Indigenous Armed Unmanned Surface Vehicle

Turkey's First Indigenous Armed Unmanned Surface Vehicle, so-called AUSV, enters production. To discuss what change it can bring on the market and how important it is for the Turkish economy, which is currently in turmoil with inflation not seen in the last 24 years, TVP World was joined by retired Colonel Ray Wojcik, Senior Fellow, Center for European Policy Analysis.

Samsung’s vice chairman Lee pardoned

Samsung heir and vice chairman Lee Jae-young was pardoned by South Korean President Yoon Suk-yeol, as well as Latvia and Estonia jettisoning the 16+1 economic initiative designed to boost Eastern European-Chinese cooperation is in the eye of TVP World.

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