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Supply
Oil prices rose between 1% and 2% in volatile trading Thursday.
Recession fears drove energy prices lower today. In mid-morning trading today, WTI futures plunged 5.2% to $111.40/bbl, Brent was off 4.4% at $114.50/bbl, and U.S. natural gas was down 3.1% at $7.24/MMBtu.
Heavy rains caused major flooding in Montana this week, destroying infrastructure and prompting the state’s governor to ask for a federal emergency declaration.
A dangerous heat wave will remain over Western Europe into the weekend, sending temperatures above 100°F.
A major baby formula plant in Michigan was shut down Thursday due to flooding, less than two weeks after it resumed operations following contamination concerns.
Workers at Chile’s state-owned Codelco, the world’s largest copper producer, will go on strike starting today if contract talks fail.
Tesla raised prices by 5% for all its U.S. car models in response to soaring raw material costs.
Toyota plans to suspend more Japanese production in June and July due to computer chip shortages and a COVID-19 outbreak at one of its suppliers, the automaker’s third adjustment of June production plans.
Volkswagen’s top U.S. executive said the nation faces major challenges in ramping up battery production in its shift to electric vehicles, including attracting skilled workers, mining for key metals and reducing supply chain disruptions.
The New York Fed’s global supply chain pressure index was at 2.9 in May, down from 3.4 in April and a peak of 4.38 in December.
Auction prices for used trucks are falling almost as quickly as they rose last year, leaving owner-operators stuck with overpriced equipment in a cooling freight market.
Truckload carrier P.A.M. Transportation made its first acquisition in 19 years with a $77.4 million deal for New York-based Metropolitan Trucking.
Supply chain software firm Descartes Systems is buying e-commerce parcel shipper XPS Technologies for $65 million.
Insurance claims related to 2021’s months-long grounding of the Ever Given container ship in the Suez Canal will top $2 billion.
May credit-card spending was just 10% higher than the same month last year, a sharply slower rate than gains seen throughout 2021.
U.S. mortgage rates jumped over 50 basis points to 5.78% last week, the largest one-week increase since 1987, according to Freddie Mac.
New U.S. home construction fell 14.4% last month to a 1.55 million annualized rate, the lowest in more than a year, while building permits for single-family homes declined 5.5%.
Kroger raised its profit expectations for the year, the latest retailer to defy inflation-driven slumps by focusing on essential products.
Stellantis announced a second round of indefinite layoffs at its Sterling, Michigan, stamping plant “in order to operate the plant in a more sustainable manner…”
Boeing says demand for its widebody jets, including freighters, is starting to recover.
Investors pulled $3.5 billion from sustainable U.S. mutual funds in May, a break from years of net deposits.
The Bank of England raised interest rates by 25 basis points to 1.25% Thursday, as the nation’s inflation rate approaches 11%.
The Bank of Japan maintained its ultra-low interest rate of minus 0.1% today, a sharp policy divergence with the rest of the world.
Argentina’s central bank hiked its benchmark interest rate by 300 basis points to 52%, the sharpest rise in three years, as the nation’s inflation rate tops 60%.
New home prices in China dropped 0.17% in May, the ninth straight month of declines.
British job vacancies hit a new high last week as the nation’s labor market remains extraordinarily tight.
Amsterdam’s Schiphol and London’s Gatwick airports set a cap on the number of passengers they will handle this summer, citing labor shortages.
Employees from Air France-KLM and Brussels Airlines followed Ryanair employees in planning a limited strike over working conditions later this month.
Qatar Airways posted its first annual profit since 2017 in the year ended March 31 after the international-only carrier tripled passenger traffic.
European vehicle registrations fell 12.5% in May, the 11th consecutive month of declines.
A third of vehicles sold in India will be electric by 2030, a new report predicts.
Honda, behind its major competitors in the electric vehicle (EV) race, formally entered a 50-50 joint venture with Sony with plans to introduce 30 EV models by 2030.