Other news

In line with economists’ forecasts, the People’s Bank of China (PBOC) kept the one-year loan prime rate at the same level of 3.65%. The five-year rate also remained unchanged at the level of 4.3%.

Europe will face a difficult task to replenish gas stocks next year compared to this winter. It will also be harder for governments weakened by high energy prices to bear the cost of purchasing gas on the open market.

Oil prices keep rising on Tuesday, with markets hoping demand for black gold will recover in 2023. This is due to China’s reopening and a colder-than-expected snap coming in the short term. This scenario could take place despite mounting fears of a global recession.

According to a statement made on Tuesday by Australian Foreign Minister Penny Wong, she would urge China to lift trade sanctions and provide consular access to two Australians detained in the country.

After lengthy negotiations, EU countries reached an agreement on a gas price cap on Monday. There was a big controversy over such measures as the bloc's efforts were focused on overcoming the energy crisis.

On the agenda are the BoJ interest rate decision, China's credit rate, the trade balance of New Zealand and Switzerland, the US real estate market, retail sales of Canada and Mexico, as well as the German producer price index.

The sentiment in the oil market has been particularly gloomy this year. Only China was able to dispel the clouds hanging over oil prices.

China’s government announced its intention to focus on supporting the country's economy in the upcoming year. In this regard, business-friendly policies are likely to be created. However, fiscal stimulus may be reduced.

Luis de Guindos, vice-president of the European Central Bank (ECB), said that the growth of borrowing costs is going to be similar to the rate of interest rate hikes. This is due to the regulator's efforts to tame soaring prices in the Eurozone.

According to a Reuters poll, China is projected to leave its benchmark lending rates (LPR) unchanged for the third straight month on Tuesday. However, respondents raised their expectations for further central bank easing.