New Zealand’s central bank maintains target interest rate 0.25%
The Bank of New Zealand announced after the interest rate meeting to maintain the benchmark interest rate unchanged at 0.25%, in line with market expectations. However, at the same time, the scale of the Large Scale Asset Purchase Program (LSAP) has been expanded from 60 billion to 100 billion New Zealand dollars. The central bank statement stated that the impact of the new crown virus epidemic on the global economy will continue, and the global and local economic outlook remains highly uncertain. Local social restrictions have also been re-implemented. The uncertainty will undermine household and corporate spending intentions, leaving basic economic forecasts with downside risks.
16 more U.S. energy companies file for bankruptcy protection
The latest report issued by a major US law firm showed that 16 more local energy companies filed for bankruptcy protection in July. Since the oil price plummeted in March this year, more than 50 local oil and gas companies have filed for bankruptcy protection. Among them, about 29 companies are engaged in shale oil exploration and exploitation. The data shows that the current oil price of about US$40 is still lower than the level of profitability of most shale oil producers also further explains why the oil consortium is willing to relax production cuts at the oil price level of US$40.
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