MH Daily Bulletin: December 5

December 5, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

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Euro Area Producer Prices Change
  • The euro zone’s unemployment rate dropped to a record-low 6.5% in October, holding up well despite forecasts for a bloc-wide recession.
  • The European Central Bank is expected to start offloading some of its $5.3 trillion of bond holdings next year as part of quantitative tightening used to cool credit and investment.
  • German exports fell a larger-than-expected 0.6% in October as inflation and supply-chain snags hit demand in its key trading partners. 
  • The Bank of England signaled that higher interest rates could lead to a deeper and longer recession than initially thought.
  • Ratings agency S&P Global cut France’s outlook from “stable” to “negative,” reflecting its view of rising risks to the country’s public finances.
  • Brazilian industrial production rose 0.3% from September to October, returning to positive territory after two straight monthly declines.
  • Top U.S. and Mexican trade officials agreed to set out a plan by early 2023 to spur the relocation of companies from Asia to North America.
  • Tourist visits to Spain soared 39% year over year in October but remained just shy of pre-pandemic levels.
  • Global food prices fell marginally for the eighth consecutive month in November, according to the United Nations.

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