MH Daily Bulletin: August 1

August 1, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight. For more information, email our 3D Printing team.
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Supply Chain

Domestic Markets

United States Personal Spending
  • The University of Michigan consumer sentiment index rose to 51.5 in July from a record-low 50 in June:
United States Michigan Consumer Sentiment
  • Consumer one-year inflation expectations eased.
  • U.S. labor costs rose 1.3% in the second quarter as a tight job market continued to boost wage growth, while real wages declined 3.1% due to inflation. 
  • Credit card balances for people aged 25 and younger rose by 30% in the second quarter from a year earlier, as surging inflation causes younger Americans to accrue more debt.  
  • In the latest news from second-quarter earnings season:
    • Sony trimmed its full-year forecasts after a 37% drop in operating profit at its key gaming unit. 
    • Strong sales of AstraZeneca’s COVID-19 antiviral therapy led the firm to boost its revenue forecast for 2022. 
    • Agricultural and construction machine maker CNH Industrial beat estimates with a 14% rise in operating profit. 
    • Leading copper producer Codelco saw profit drop 35% to $2.4 billion in the first half, dragged down by lower production and higher costs. 
    • Procter & Gamble saw net sales rise 3% as higher pricing offset a slip in volume. The firm’s stock fell after it said rising transport and commodity costs would dent forward sales growth
  • Walmart will start selling refurbished items made by Apple, Samsung and Whirlpool to help consumers cope with surging prices for new electronics amid surging inflation. 

International Markets

  • Japan posted a record 233,094 COVID-19 cases last Thursday, putting pressure on the nation’s hospitals and disrupting some company operations. 
  • One in every 12 Australian hospital beds is filled by someone with COVID-19 as the nation continues to post record virus fatalities. 
  • New Zealand’s borders fully reopened to foreign visitors for the first time of the pandemic today.
  • COVID-19 infections are beginning to drop from recent highs in the U.K. 
  • Surprise economic growth in Spain, France and Italy led the euro zone economy to stronger-than-expected growth of 0.7% in the second quarter. Germany’s economy, the euro zone’s largest, was flat
  • Canada’s economy likely grew at an annual rate of 4.6% in the second quarter, leading economists to expect another big interest-rate hike in September. 
  • Mexico’s economy expanded 1% in the second quarter, its third consecutive quarter of growth, beating forecasts. However, manufacturing activity contracted in July.
  • China’s manufacturing activity unexpectedly contracted in July. Separately, recent trouble in the nation’s property sector has banks worrying over mortgage losses that could extend into the hundreds of billions of dollars. 
China NBS Manufacturing PMI
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