MH Daily Bulletin: March 10

March 10, 2023 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • 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.


  • Oil fell 1% to a two-week low on Thursday amid increased worries of a U.S. recession.
  • In mid-morning trading today, WTI futures were up 0.4% at $76.04/bbl, Brent was up 0.5% at $82.02/bbl, and U.S. natural gas was down 2.3% at $2.48/MMBtu.
  • TotalEnergies was unable to make deliveries from its French refineries Thursday due to widespread worker strikes.
  • The EU is adding eight LNG regasification terminals, raising the total to 35, as it continues its transition from Russian energy sources. 
  • Refiner Citgo Petroleum reported record net profit of $2.8 billion last year on strong motor fuel demand.
  • China’s crude imports are down 1.3% year to date from the same time in 2022 but are expected to pick up significantly later this year.
  • Oil majors with operations in Brazil filed an injunction against the government’s surprise new export tax on oil passed a week ago.
  • By the end of 2023, governments across the globe could end up spending a combined $1.65 trillion to subsidize energy costs after Russia’s invasion of Ukraine.
  • New U.S. solar installations dropped 16% to 20.2 GW last year, largely due to an import ban on some Chinese components.
  • The U.S. administration is proposing much stricter limits on wastewater pollution from coal-burning power plants.
  • The EU unveiled new rules Thursday that would in some cases match government funding for clean-energy projects with U.S. incentives.
  • German hydrogen firm Thyssenkrupp Nucera has seen project interest soar in the U.S. as a result of the Inflation Reduction Act.
  • The rise of more advanced artificial-intelligence tools will significantly boost energy requirements of major companies, experts say.

Supply Chain

Domestic Markets

  • The four biggest U.S. banks lost $52 billion of market value Thursday, part of a broad rout across financial stocks after a Silicon Valley lender exposed potential cracks in the financial system, saying a drop in bond values and withdrawals by companies forced it to sell assets and seek more equity capital.
  • Household net worth rose 2% to a total of $147.71 trillion in the fourth quarter of 2022, as rising stock market prices offset falling real estate values.
  • U.S. employers added 311,000 jobs in February, a slower but still robust growth rate, as unemployment rose to 3.6% and hourly wages grew 4.6%.  
  • Layoffs rose fivefold year-over-year in February to 77,770, with tech jobs accounting for about a third of the total, according to analysts.
United States Challenger Job Cuts
  • Experts say that America’s wide-ranging worker shortage could become a tax on growth and trigger a new wave of offshoring, like the one the $52 billion Chips Act is aiming to reverse.
  • U.S. buyback announcements are running at a record pace this year despite the majority coming from only five companies, according to JPMorgan.
  • Rising interest rates and remote work are prompting some of the nation’s wealthier landlords to skip payments on office buildings.
  • The U.S. State Department said that passport renewals can take up to 11 weeks due to a surge in international travel.
  • General Electric forecast a hefty revenue gain at its aviation business through 2025, driven by strong demand for jet engines and aftermarket services.
  • Bayer AG plans to spend $1 billion on drug research and development in the U.S. this year as it works to double its sales in the country by 2030.
  • Walmart’s online subscription service, Walmart+, is gaining ground against Amazon’s Prime service, new figures show.
  • Vinyl records outsold CDs last year for the first time since 1987.

International Markets

  • European bank stocks plunged today following the rout in U.S. bank stocks after a Silicon Valley lender faced a capital squeeze.
  • China’s annual inflation rate fell to a lower-than-expected 1% in February from 2.1% the prior month:
China Inflation Rate
Mexico Inflation Rate

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