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About: jonywang

Recent Posts by jonywang

What a New Prime Minister Spells for the Pound’s Future

On Tuesday, 25 October, Rishi Sunak was sworn in as the new Prime Minister of the UK. The 42-year-old is the third UK PM in 7 weeks, replacing Liz Truss, who was PM for the whole of 44 days. Sunak comes at a time of great financial instability for the UK, with Truss’ mini-budget causingContinue Reading

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Liz Truss Resigns from Office

UK Prime Minister Liz Truss resigned last week, making her the UK’s shortest-serving PM at just 44 days in office. Truss’ term has been plagued by criticism for her mini budget program, which included the biggest tax cuts since 1972, but would be largely funded  by a massive expansion in borrowing. The markets are nowContinue Reading

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Gold Remains Downbeat as Treasury Yields Hit Decade High

Recession fears are plaguing the markets more strongly than ever. On Wednesday, US Treasury yields hit a 14-year high, with the 10-year note hitting as high as 4.153% as of writing – the highest since 2008’s recession. Meanwhile, the 2-year yield rose by 13 basis points to 4.57%. More importantly, the 3-month rate briefly roseContinue Reading

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More U-turns Foreseen From Bank of England

UK Chancellor of the Exchequer Kwasi Kwarteng made an unprecedentedly dramatic early exit from an International Monetary Fund event in Washington on Friday, with many thinking it was to return to the UK to prepare his fiscal plan. Turns out, Kwarteng was being asked to leave his post by UK Prime Minister Liz Truss, whoContinue Reading

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Fed Inflation Fears and Weak Demand Outlook Weigh on Crude

On Wednesday, 12 October (GMT+3), the US Energy Information Administration (EIA) released its Short-Term Energy Outlook (SETO). Forecasts for 2023 revealed an average global oil production of 100.7 million barrels a day – down 600,000 from September’s forecast and reflecting OPEC+’s announced cuts.  Oil consumption for 2023 is forecasted to be 101 million b/d –Continue Reading

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