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Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil rose 1% Tuesday after Saudi Arabia said OPEC+ would stick with output cuts despite rumors to the contrary.
In mid-morning trading today, WTI futures were down 4.4% at $77.42/bbl, Brent was down 4.0% at $88.29/bbl, and U.S. natural gas was up 10.1% at $7.47/MMBtu.
U.S. crude stocks dropped by a larger-than-expected 4.2 million barrels last week, according to the American Petroleum Institute. Government data is due today.
European gas prices surged 5% Tuesday after Gazprom threatened to cut flows sent via Ukraine next week, citing a dispute with Moldova.
Dec. 5 will see the start of an EU ban on Russian crude imports as well as a G7 plan to cap the price of Russia’s oil exports, which Europe proposed softening.
Germany plans to spend some $55.5 billion next year to cap domestic energy prices for companies and households. Experts say the nation’s economic picture is getting brighter due to improvements in gas supply.
Millions of lives could be at risk in Ukraine as some 10 million people, or 25% of its population, are without power.
Bulgaria’s only oil refinery may have to shut down if the government does not allow the Russian-owned business to continue exporting due to Western sanctions, executives said.
Earnings from product tankers, which carry clean petroleum, have grown some 300% since February as vessels travel longer routes in response to disruption from the war in Ukraine.
Mazda unveiled a $10.6 billion spending plan to electrify its vehicles and potentially invest in battery production.
Australia’s Syrah Resources, the largest supplier outside China of graphite, a critical material in electric-vehicle batteries, warns supply could be tight in the coming years due to pricing opacity in the China-dominated market.
New York private equity firm Stonepeak Partners is looking to raise $20 billion to invest in North American infrastructure amid strong demand from investors.
Trade and investment between the U.S. and Europe are booming as Russia’s war in Ukraine and fraying ties between the West and China draw the Atlantic allies closer.
COVID-19 cases in Florida appear to have plateaued, but a rise in other respiratory viruses could put undue strain on hospitals recovering from pressures of the pandemic.
The Richmond Fed’s index of factory activity in the region stretching from Maryland down to South Carolina edged higher in November despite generally weak conditions for manufacturing firms:
In the latest news from earnings season:
American Eagle beat third-quarter estimates, but said it expects a larger-than-expected fall in fourth-quarter sales.
Abercrombie & Fitch saw a surprise quarterly profit and forecast a smaller-than-expected drop in current-quarter sales.
Fintech giant Fidelity National Information Services plans to cut thousands of workers, targeting $500 million in cost savings in coming quarters.
Shares of Zoom Video Communications have tumbled 90% from their pandemic peak as the firm struggles to adjust to a post-COVID world.
Teva Pharmaceuticals and AbbVie finalized settlement terms worth over $6.6 billion to resolve thousands of U.S. opioid lawsuits.
Barry Callebaut, the world’s largest maker of bulk chocolate, plans to boost production capacity by 15% in the Americas to meet rising demand from the ice cream industry.
Hundreds of workers at Foxconn’s locked-down Zhengzhou complex rioted this morning in protest of China’s COVID-zero policy and living conditions at the site.
Euro-area consumer sentiment hit a five-month high of -23.9 in November.
Mexico’s headline inflation probably dropped slightly from October to November despite remaining well above official targets, according to a Reuters poll of economists. New data shows the nation’s retail sales rose 3.3% in September, the second month of slowing growth:
Ukraine began receiving emergency funds of over $2.5 billion from Europe and over $4.5 billion from the U.S. this week.
Collective global debt fell by $6.4 trillion to $290 trillion in the third quarter, a positive, although economists warn of drastic consequences from rising debt-service costs. Debt-to-GDP ratios in emerging markets are already at record highs.
Dubai’s main airport saw passenger traffic nearly triple in the third quarter from a year ago.
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