Each year, M. Holland joins organizations around the globe to celebrate the profound achievements and ongoing efforts of women on International Women’s Day. To celebrate, a few Mployees shared their thoughts on this year’s theme of #EmbraceEquity. Click here to watch the video.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil climbed over 1% Friday on better-than-expected U.S. jobs data, although both benchmarks fell more than 3% on the week.
In mid-morning trading today, WTI futures were down 2.7% at $76.89/bbl, Brent was down 2.3% at $81.14/bbl, and U.S. natural gas was up 6.0% at $2.58/MMBtu.
Saudi Arabia’s national oil company reported record annual profit of $161 billion for 2022, the largest ever by an energy firm.
Strikes by workers at TotalEnergies’ French refineries and depots continued over the weekend as part of widespread labor unrest spurred by the French government’s pension reform plans.
The White House is close to approving the $8 billion Willow oil project in Alaska but also plans to expand a ban on offshore drilling in the state.
Torrential rains and flooding in California forced evacuations over the weekend, with more severe weather expected this week.
The American Association of Railroads issued a rare warning against using specific railcars following a string of prominent derailments in recent weeks.
The average spot price to ship a 40-foot container from Asia to the U.S. West Coast dropped to $1,040 last week, lower than at any point in 2019.
Logistics operators slashed nearly 17,000 jobs last month as consumer spending shifts to services from goods and e-commerce growth stalls.
Production setbacks are slowing the rollout of Nissan’s much anticipated Ariya crossover electric-vehicle.
Domestic Markets
Silicon Valley Bank (SVB), the nation’s 16th largest, collapsed Friday under the weight of rising interest rates and withdraws from financially challenged tech customers, marking the second-largest bank failure in U.S history and the largest since 2008. The collapse was followed Sunday by the failure of Signature Bank in New York, the third largest bank failure on record.
A former head of the Federal Deposit Insurance Corporation expects more banks to fail, as the agency takes unprecedented steps to protect depositors and shore up the banking system.
The potential banking crisis makes it less likely the Federal Reserve will increase the size of its expected interest rate hike when it meets on March 22.
Saturday marked the third anniversary of widespread shutdowns triggered by the pandemic, the result of a virus that continues to kill about 2,000 people a week but ranks low among priorities for the American public.
The U.S. government posted a $262 billion budget deficit in February, up 21% from a year earlier, as outlays grew, and revenues fell.
Disputes over who should pay for upgrades to utility poles stand in the way of the U.S.’s $60 billion plan to bring high-speed internet to every household in the next decade.
Retailers say theft is rising as more people shop in stores, cutting into profits that were already under pressure.
Retailer Gap aims to reset its business in 2023 after a year of dealing with weaker sales, excess inventory and executive shakeups.
Moderna plans to hire about 2,000 employees globally this year as it scales up development of new products amid declining COVID-19 vaccine sales.
International Markets
Europe is worried some companies could pause or slow investments on the continent in favor of moving more quickly to take advantage of incentives in the U.S.
The U.K. economy returned to growth in January, with output 0.3% higher than the previous month.
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