MH Daily Bulletin: May 18

May 18, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • Lindy Holland-Resnick, Market Manager for Packaging at M. Holland, is presenting during the upcoming Re|focus Sustainability & Recycling Summit in Cincinnati, Ohio. Her session on Developing a Sustainably Minded Staff will cover how to create a holistically sustainable company from top to bottom. If you’re attending Re|focus, don’t miss Lindy’s session on Tuesday, May 24 at 11:15 am ET.
  • M. Holland is excited to be the Headline Sponsor for the upcoming Injection Molding & Design Expo in Detroit! This two-day trade show will highlight the latest technologies, materials, equipment and opportunities in injection molding. The event is May 25-26 and admission is free. Click here to learn more.
  • If you’re attending the Injection Molding & Design Expo in Detroit, check out M. Holland’s speakers during the show:
    • Haleyanne Freedman, M. Holland’s 3D Printing Market Manager, will be discussing Open Platform Adoption in Additive Manufacturing. Don’t miss her presentation in the Designing the Future Theater on Wednesday, May 25 at 4:00 pm ET.
    • Josh Blackmore, M. Holland’s Global Healthcare Manager, is facilitating a training seminar on Understanding Material Selection for Medical Devices, from Qualification to Approval. Mark your schedules for this session in the Training and Development Theater on Thursday, May 26 at 9:15 am ET.

Supply

  • Oil prices fell 2% Tuesday after the U.S. said Chevron could negotiate with Venezuela — holder of the world’s largest crude reserves — about possibly restarting production there. 
  • In yesterday’s trading, WTI settled higher than Brent for the first time in two years as U.S. reserves continue falling, according to the American Petroleum Institute. 
Weekly Brent, OPEC basket, and WTI crude oil prices from December 30, 2019 to May 16, 2022 (in U.S. dollars per barrel)

Supply Chain

Projected global automotive semiconductor market size from 2020 to 2030 (in billion U.S. dollars)

Domestic Markets

  • The U.S. reported 112,487 new COVID-19 infections and 347 virus fatalities Tuesday. The total confirmed death toll surpassed 1 million Americans.
  • Los Angeles County averaged 2,800 new COVID-19 cases per day last week, up 18% from the prior week, while infections also are spiking in the Bay Area. Rising infections prompted Apple to delay its return-to-office plans.
  • New York City went into COVID-19 “high alert” Tuesday, triggering an official recommendation to wear masks indoors.
  • Key COVID-19 antiviral drugs will be in short supply this summer and may run out without more funding from Congress, the White House warned.
  • The FDA authorized booster doses of Pfizer’s COVID-19 vaccine for children aged 5 to 11
  • The Federal Reserve Chairman warned the U.S. economy could suffer from its more hawkish stance but vowed to keep tightening monetary policy until it is clear that inflation is declining.
  • Alongside the 0.9% rise in retail spending in April, the Commerce Department raised its March reading from 0.5% to 1.4%, an additional positive signal.
  • U.S. factory production rose at a better-than-expected 0.8% in April, a third consecutive month of solid growth, with gains recorded for metals, machinery, vehicles and food.
  • Airfares surged 18.6% in April from a month earlier and will likely remain high for the foreseeable future, according to Frontier.
  • Shares of Walmart fell by double digits Tuesday after the retailer’s first-quarter results showed a 25% drop in income and 30% higher labor costs.
  • Target shares were down 25% in mid-day trading today after the company announced a more than 50% drop in net income due to cost inflation and shifting consumer buying patterns.
  • Home Depot posted a better-than-expected rise in Q1 same-store sales and raised full-year profit guidance as demand remains steady for pricier tools and building materials, while competitor Lowe’s blamed unseasonably cold weather for a drop in first-quarter revenues.  
  • Netflix is cutting 150 employees in a new round of layoffs as the streaming firm grapples with slowing revenue growth and fewer subscribers.
  • Online furniture seller Wayfair, a pandemic darling, is freezing corporate hiring for 90 days.
  • Companies are expected to have 22.6% more interns this academic year compared to last, with the largest gains in tech and finance.
  • United Airlines’ fleet of Boeing 777s powered with Pratt & Whitney engines has been cleared to fly again by the FAA. The planes were grounded after an engine failure showered plane parts over Colorado in February 2021.
  • Tesla restricted reservations for its Cybertruck to North America ahead of a delayed launch in 2023, four years after it was introduced.
  • The CEO of Stellantis said the U.S. must produce more electric vehicle batteries to keep pace with demand.

International Markets

Euro Area GDP Growth Rate
  • Britain’s jobless rate hit a 48-year-low of 3.7% in the first quarter, while pay levels rose a larger-than-expected 7%. The annualized inflation rate in the country jumped to 9% in April, a four-decade high.
  • Japan’s economy contracted 0.2% in the first quarter as resurgent COVID-19 held back consumer spending. Unlike the U.S., China and Europe, the Japanese economy has yet to recover to pre-pandemic strength.
  • A measure of new home prices in China fell for the first time in six years after Beijing began cracking down last year on housing speculation, pushing several prominent developers to the edge of collapse.
  • International air travel is making a strong recovery this year with the exception of the Asia-Pacific region, where passenger volumes are only about 13% of pre-pandemic levels.
  • New U.K. legislation could unilaterally override key parts of the Brexit deal related to Northern Ireland, raising the possibility of a trade war with Europe.
  • British retailer Marks & Spencer expects the nation’s food prices to rise 10% this year.
  • Hyundai says it will invest $16.54 billion by 2030 to expand its electric-vehicle business in South Korea.
  • Coca-Cola’s British unit will introduce packaging that keeps plastic lids tethered to bottles when opened, making it easier for consumers to recycle drinks in their entirety.
  • Nine million global deaths could be linked to industrial pollution in 2019, new research suggests.
  • Carbon emissions from the global steel industry could drop 30% by 2050 as more mills switch to less-polluting furnaces, analysts say.

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