Basis Points The U.S. producer-price index was unchanged in November and posted a year-over-year increase of 0.9%, the Labor Department said. Core producer prices in November were also unchanged for the month and up 2% year over year. (Investor's Business Daily) Taiwan's central bank left its key interest rates unchanged Thursday, citing expectations of easing inflation, alongside concerns that cooling global economies could disrupt domestic growth. The central bank kept its benchmark discount rate at 1.875%, as expected in a poll of analysts by The Wall Street Journal. The Philippine central bank left its benchmark rates unchanged Thursday, saying the risk of higher inflation in the populous Southeast Asian nation will remain into 2024. The Bangko Sentral ng Pilipinas said it would keep its overnight reverse repurchase rate steady at 6.50%, in line with the unanimous expectation of analysts polled by The Wall Street Journal. It held its benchmark lending rate at 7.00%. Germany's economy is expected to contract again in the current quarter, cementing a recession, according to a government forecast published Wednesday. It said the German economy shrank 0.1% in the third quarter, suggesting another slight decline in gross domestic product in the final three months of the year. (Dow Jones Newswires) Switzerland's economy is being hampered by the fragile state of the global outlook, according to the Zurich-based KOF Economic Institute. It has downgraded the outlook for Swiss economic growth for next year to 1.3%, from 1.5% previously, driven by weak economies among key trading partners, including Germany. (DJN) The Organization of the Petroleum Exporting Countries left its expectations for global oil demand unchanged for this year and next and raised its 2023 global economic growth forecast, against a backdrop of falling oil prices the cartel has been unable to halt. The International Energy Agency projects global oil-demand growth will weaken next year , reflecting the slowdown in major economies in the wake of higher interest rates. Feedback Loop
This newsletter is compiled by James Christie in San Francisco.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
12-14-23 0730ET
