Despite recent weakness in US stock prices and some concerns over softening growth, the US Federal Reserve may still hike interest rates by 25 basis points (bps) at its December meeting, National Bank of Kuwait (NBK) said in its latest report.
The report noted the US data for the housing market (e.g. existing home sales - 5.1 percent year-on-year or YoY in October) remains weak, weighed especially by rising mortgage rates, while consumer sentiment also eased in November, perhaps linked to the recent stock market sell-off.
The flash November PMI moderated to 54.4, adding to the view that economic activity is slowing – from a strong base, it added.
In another report, NBK noted that falling oil prices could yet trigger the Organization of the Petroleum Exporting Countries (OPEC) production cuts.
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