MH Daily Bulletin: November 23

November 23, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland’s U.S. and Puerto Rico offices will be closed Thursday, Nov. 24 and Friday, Nov. 25 in observance of the Thanksgiving holiday.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.

Supply

Supply Chain

Have Shopping Holidays Jumped the Shark?

Domestic Markets

  • The U.S. reported 34,678 new COVID-19 infections and 552 virus fatalities Tuesday.
  • COVID-19 cases are on the rise in 24 states, led by a 423% increase in Washington state over the past two weeks.
  • 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 White House announced a new campaign to get updated COVID-19 boosters to vulnerable populations ahead of a feared winter wave.
  • 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:
United States Richmond Fed Manufacturing Index
  •  In the latest news from earnings season:
  • 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.

International Markets

Euro Area Consumer Confidence
Mexico Retail Sales YoY
  • Mexican companies are spinning off sports, gambling and cell-tower businesses in a bid to revive depressed stock prices, with more deals likely in the coming months.
  • 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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