BUSINESS & MARKETS
A decision by the OPEC+ oil producer group last week to rein in output has driven up prices and could push the global economy into recession, the International Energy Agency said. The warning from the agency highlights a rift with Saudi Arabia, the world’s top oil exporter and OPEC’s de facto leader.
Federal Reserve officials are pushing back on investors’ mounting concerns that the U.S. central bank’s aggressive campaign to counter high inflation is setting the stage for a market crack-up.
BlackRock posted a 16% drop in third-quarter profit as volatile global markets pressured fee income and sent assets under management further below the $10 trillion mark hit last year.
The French government told TotalEnergies to raise wages as a standoff between the oil major and striking workers which has hit the country’s petrol supplies dragged on for a 16th day. The strikes have reduced France’s petrol output by over 60% and left one in three petrol stations struggling for supplies.
Taiwanese chipmaker TSMC cut its annual investment budget by at least 10% for 2022 and struck a more cautious note than usual on upcoming demand, flagging challenges from rising inflationary costs and predicting a chip downturn next year.
U.S. export restrictions on chip equipment to China are likely to lead to its ‘Sputnik’ moment, prompting Chinese chipmakers to try creative engineering solutions and chart their own course even if it may not succeed commercially in the longer term, experts said.