Oil prices closed lower today, weighed down by weak business activity in the eurozone.

The price of oil was lower at the start of the week due to concerns about weak demand. There has been an unexpected contraction in business activity across the eurozone, with the service industry remaining static and manufacturing output declining. The United States of America (USA) has demonstrated stable business activity, accompanied by an increase in prices for goods and services, which suggests the potential for inflation. China, the largest importer of oil, is facing challenges in achieving growth and combating deflationary pressures. The disappointing economic data has resulted in a decline in crude oil demand.

https://internasional.kontan.co.id/news/harga-minyak-ditutup-melemah-terseret-aktivitas-bisnis-zona-euro-yang-lemah

China's auto stocks have shown resilience in the face of a potential ban on Chinese car parts by the United States.

Following the announcement of policy easing by Beijing, shares of Chinese automakers, including Li Auto, Nio, BYD, Geely, and Leapmotor, rose amid a broad rally. However, the US proposal to ban some types of vehicles equipped with auto parts from China and Russia may have limited impact on China's auto industry due to the relatively small sales volume and the fact that many factories in China are already established in South America. Car dealers in China have faced significant losses due to selling new cars at discounts.

https://www.cnbc.com/2024/09/24/chinas-auto-stocks-rise-unfazed-by-us-proposal-to-ban-chinese-car-parts.html

Australia’s central bank keeps rates on hold, stays hawkish

The Reserve Bank of Australia (RBA) maintained interest rates at 4.35% during its September policy meeting, adhering to a policy of tight monetary conditions to ensure inflation returns to target. The decision resulted in a 0.4% increase in the Australian dollar and reduced the probability of a rate reduction in December. The RBA has maintained interest rates since November, believing that current rates are sufficient to achieve its inflation target and support employment gains. With underlying inflation at 3.9% and a robust labour market, there is no immediate need for a rate cut.

https://www.cnbc.com/2024/09/24/australias-central-bank-keeps-rates-on-hold-stays-hawkish.html