Forex signals

Brazil’s industrial production fell by 0.3% in January

According to official data released on Thursday, Brazil’s industrial production fell by 0.3 per cent in January on a monthly basis. The data aligns with market expectations, following a 0.1 per cent decline in December 2022.

At the same time, the production of pharmaceuticals in Brazil fell by 13 per cent every month, motor vehicles by 6 per cent, and food products by 2.1 per cent, reports Anadolu Agency.

On an annual basis, industrial production increased by 0.3 per cent in January, according to a statement from the Institute of Geography and Statistics (IBGE).

Market expectations for the annual forecast had an increase of 1.3 per cent. 

Saudi Arabia joins the SCO

The Council of Ministers of Saudi Arabia, headed by King Salman bin Abdulaziz Al Saud, approved the decision to join the Shanghai Cooperation Organization (SCO). This demonstrates that Riyadh is forming a lasting alliance with China, even though the US is apprehensive about this.

The Council of Ministers approved a memorandum granting the kingdom the status of a dialogue partner in the SCO, Reuters reports, citing the Saudi state agency SPA. The SCO is a regional intergovernmental organization encompassing China, India, and Russia and stretches across most of Eurasia. Moreover, it provides a platform for political, economic, and security cooperation.

Riyadh’s joining this organization was discussed during the visit of Chinese President Xi Jinping to Saudi Arabia in December last year. Dialogue partner status is an intermediate step in integration before Saudi Arabia gains full membership in the medium term.

The announcement of the world’s largest oil company, Saudi Aramco, which increased its investments in China by several billion dollars and took over a stake in a private petrochemical group in northeastern China, preceded SA’s decision to access the SCO.

Riyadh’s strengthening ties with Beijing have worried Washington, its longtime ally. The US claims that China’s attempts to influence worldwide will not change US policy towards the Middle East.

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