EU Announces Tariff Increase on Chinese EVs

The European Union announced Wednesday an increase in customs duties on imports of Chinese electric cars to about 38 percent, up from 10 percent currently.

The European Commission explained in a statement that these initial tariffs have been notified to the various companies concerned and the Chinese authorities, and that these initial tariffs will begin to be applied as of July 4, provided that an agreement is reached with China regarding providing support to local car manufacturers, which Europe considers illegal support.

China for its part expressed his regret over the European decision, saying that it contradicts the principles of the market economy and the rules of international trade, and that it undermines economic and trade cooperation between China and the European Union (EU).

Source: Qatar News Agency

IEA: Global Oil Demand Will Peak by 2029

The International Energy Agency (IEA) said Wednesday that global oil demand is expected to reach its highest point by 2029 and start to decrease the following year. Additionally, the IEA projects that oil supply capacity will significantly exceed demand by the end of this decade.

The IEAs June 2024 Oil Market Report published Wednesday forecasts that global oil demand, which includes biofuels, averaged just over 102 million barrels per day (mbbl/d) in 2023 and will level off near 106mbbl/d towards the end of this decade.

Global oil production capacity is expected to increase in the coming years, with the US leading the surge. This increase is anticipated to surpass the growth in demand until 2030. The report predicts that by 2030, total supply capacity will reach nearly 114mbbl/d, or 8mbbl/d more than the projected global demand.

Source: Qatar News Agency

European Stocks Close Higher

European stock indices closed higher on Wednesday, with a jump in shares of sectors sensitive to interest rates, such as real estate, and expectations of a decline in inflation in the United States.

The European Stoxx 600 index rose by 1.2 percent at the close, achieving the largest percentage jump in one day since last January, after it had continued to decline over the past three sessions.

The real estate sector led the gains of the main sectors on the index, with an increase of 2.7 percent, and shares of technology companies rose by 2.4 percent, while shares of European automakers fell by about one percent.

The French CAC 40 index rose by one percent, after recording sharp declines in the previous two sessions, after French President Emmanuel Macron called last Sunday for early legislative elections in his country.

Source: Qatar News Agency

US Fed Keeps Interest Rates Unchanged

The US Federal Reserve (central bank) Wednesday kept the interest rate unchanged in the range of 5.25 percent to 5.5 percent.

At the conclusion of their two-day meetings, US Federal Reserve officials revealed their expectations to reduce the interest rate only once during the current year, after indicating the possibility of reducing it three times in estimates last March, amid the inflation rate approaching the target of about 2. percent slower than expected.

US monetary policymakers expect interest rates to average 4.1 percent by the end of next year, suggesting four additional one-time quarter-point cuts in 2025.

Source: Qatar News Agency

QCB Keeps Interest Rates Unchanged

Doha: Qatar Central Bank (QCB) has maintained the current interest rates for deposit (QCBDR), lending (QCBLR) and repo (QCBRR), according to a QCB statement on X on Wednesday.

The statement said that the interest rates would remain as follows: QCBDR (5.75 percent), QCBLR (6.25 percent) and QCBRR (6.00 percent), based on an assessment of the State of Qatar’s current monetary policies.

The QCB will continue to assess economic conditions, considering all aspects that may affect financial stability, and it will review its monetary policy when necessary to address any changes in economic requirements, the statement read.

Source: Qatar News Agency