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News
Will China be Saudi Arabia’s New Strategic Partner?
Geopolitical observers anticipating the decline of American hegemony had a lot to chew on in the past week when Chinese leader Xi Jinping visited Saudi Arabia for three days to discuss a host of economic and security issues the countries have intentions of working on. This three-day trip ended with the first China-Arab Summit December 9, 2022.
Trucking recession: Fall 2022 crashed to pandemic lows
Troy Hawkins, a longtime trucking owner-operator, enjoyed a take-home pay of around $70,000 in 2021. But, this year, he estimates his income has sunk to about $45,000 or $50,000. It’s not because the Baltimore-based truck driver worked less. The cost of diesel has soared and his per-mile rate just hasn’t kept up. Hawkins’ situation isn’t unique. Two reports released Tuesday convey just how bad things got in the trucking industry this fall. FTR Transportation Intelligence said trucking conditions hit an 18-month low in October 2022. High diesel costs and sinking rates pushed the firm’s Trucking Conditions Index to its lowest point since April 2020, when it hit a record bottom.
What’s Going to Happen in the Stock Market Next Year?
A reader asks: I know no one can predict the future…yada, yada, yada, but just between us – what’s going to happen with the stock market next year? I’m not sure I can handle another year like 2022. Life would be a lot easier if I knew the answer to this question. I guess the good news is there really isn’t much connective tissue from one year to the next in terms of one year’s price action impacting the next year. I performed a simple analysis of the average annual returns to show the average annual returns following an up year or a down year for the U.S. stock market going back to 1928.
Exclusive: Russia likely to buy yuan on FX market in 2023 - sources
Russia will start buying yuan on the currency market next year if oil and gas revenues meet expectations, two sources said, opening a new front in an accelerating dedollarisation drive designed to reduce its dependency on Western finance. Western sanctions on Moscow over its actions in Ukraine have curbed its use of and access to dollars and euros, and the Chinese currency's role in Russia's economy is growing fast.