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World waits for Proposed US economic rescue plan – “HCS Worldwide”.
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World waits for Proposed US economic rescue plan – “HCS Worldwide”.
“HCS Worldwide” monitor world reaction as global economies wait to hear details of a proposed $700 billion plan to buy bad mortgage debt and stabilize the U.S. financial system. A spokesperson for “HCS Worldwide” stated that oil prices had risen slightly this week in Asia as Oil traders speculate on the finer points of the proposed rescue plan because of its possible impact on the global economy as well as the subsequent effects on the demand for oil.
According to top analysts at “HCS Worldwide” Crude prices have dipped dramatically since mid July of this year, amidst concerns surrounding slowing global growth.
A source close to “HCS Worldwide” apparently commented that such concerns were not unfounded. This followed a statement by Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson as they told senators recently that without the bailout plan, neither businesses nor consumers would be able to borrow money, and the world's largest economy would grind to a virtual halt.
Reports received by “HCS Worldwide” indicate that Congressional leaders predict this week that the emergency measure would pass, but with significant changes. Both Democrats and Republicans demanded that the bailout included limited pay packages for company executives benefiting from the rescue.
Oil investors have also been weighing what impact the bailout plan will have on the value of the dollar. “HCS Worldwide” explained that investors often buy crude futures as a hedge against a weakening dollar and inflation.
Investors were also waiting for the U.S. Energy Department's Energy Information Administration to release its report on U.S. oil stocks for the current week.
The petroleum supply report was expected to show that oil stocks rose 1.6 million barrels, according to the average of analysts' estimates in a survey conducted by "HCS Worldwide”.
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