Industrial production in Brazil fell by 0.3 percent

According to official data released on Thursday, Brazil’s industrial production fell by 0.3 percent in January on a monthly basis.

The data aligns with market expectations, following a 0.1 percent decline in December 2022.

While the production of pharmaceutical products fell by 13 percent every month, motor vehicles by six percent, and food products by 2.1 percent, reports Anadolu Agency.

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

Market expectations for the annual forecast were an increase of 1.3 percent.

Saudi Arabia joins the Shanghai Cooperation Organization

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). It confirms that Riyadh is building a long-term partnership with China despite US security concerns.

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 political, economic, and security union of countries spanning most of Eurasia, including China, India, and Russia.

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.

Saudi Arabia’s decision to access the SCO was preceded by 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.

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.