Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil prices increased about 1% Monday, rising from their lowest levels in nearly a year. Prices have fallen 35% since June.
Oil futures rose in mid-day trading today on hopes that China would relax its COVID-19 controls, with WTI up 2.47% at $79.15/bbl, Brent up 2.88% at $85.59/bbl, and U.S. natural gas up 1.64% at $7.31/MMBtu.
Tanker rates, already in one of their longest-ever stretches of ultra-high prices, will likely keep rising as sanctions on Russia force ships to take longer routes to new trading partners.
The U.S. president and over 400 trade groups say Congress should pass legislation to end an ongoing labor standoff between rail workers and freight railroads.
Workers at Chile’s Escondida mine, home to the largest copper deposit in the world, accepted a new offer from BHP Group and will not move forward with a strike.
The pace of global shipping activity will lose steam next year as trade weakens, the United Nations says. Xeneta warns that shippers could idle as much as 1 million TEUs of capacity across the world.
The American Trucking Association’s for-hire truck tonnage index fell 2.3% from September to October, the largest monthly decline since the start of the pandemic.
The inverted yield curve between long-term interest rates and short-term rates, often a sign of impending recession, reached the largest spread since 1981.
Spending on Cyber Monday, the biggest U.S. online shopping day, is expected to top $11 billion, a record, according to Adobe Analytics.
U.S. orders for durable goods jumped 1% in October.
The Dallas Fed’s index of Texas manufacturing activity remained well inside contraction territory in November:
Dollar Tree’s quarterly comparable-store sales at its namesake stores grew 8.6%.
Urban Outfitters’ quarterly net sales rose 3.9%, with a decline in sales for its Urban Outfitters brand offset by solid growth at its Anthropologie and Free People business units.
Embattled Bed Bath & Beyond is struggling to keep its stores stocked for the holiday season with over 40% of its SKUs out of stock in October.
Home-furnishings seller United Furniture Industries abruptly laid off all its employees and ordered all its over-the-road truck drivers back immediately as part of a shutdown.
Existing U.S. home sales have fallen for nine straight months as mortgage rates near 7%. Home prices could soon start to plunge as inventory builds, experts say.
Spain’s annual inflation rate fell to 6.8% in November, the lowest since January.
South Korean exports will likely hit a record decline this month on a downcycle in the global tech industry. For the same reason, Taiwan has cut its GDP growth forecast for this year and next.
Vietnamese smartphone production slumped 9.3% in November, a new sign that the country’s largest manufacturer, Samsung Electronics, is adapting to falling global demand.
Moscow is asking India to consider shipping hundreds of products, including parts for cars, aircraft and trains, as sanctions squeeze Russia’s ability to keep vital industries running.
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