MH Daily Bulletin: October 6

October 6, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • Plastics News interviewed experts at M. Holland about how material and chemical suppliers are working to meet automotive OEM demands for both electric and internal combustion vehicles amid an ongoing market shift. Click here to read the article!
  • We are sponsoring MAPP’s Benchmarking & Best Practices Conference in Indianapolis on Oct. 5-7! If you’re planning to attend, don’t forget to stop by M. Holland’s booth and tune in for our session featuring Debbie Prenatt, Market Manager, Sustainability. Click here to read more.
  • Come see us at the IWCS Cable & Connectivity Industry Forum in Providence, Rhode Island, on Oct. 10-13! M. Holland is a Gold Sponsor. If you are attending, please stop by Booth #113 to discuss our materials and offerings serving the wire and cable market.
  • At our Plastics Reflections Web Series event on Oct. 13, M. Holland will host panelists from Maersk and Bank of America to discuss the macroeconomic factors influencing global and domestic economies, including impacts on the plastics industry. Click here to register!
  • M. Holland’s latest press release features our post-consumer recycled (PCR) resins, which are cleaner and easier to color, enabling brand owners and OEMs to meet aggressive sustainability goals. Click here to read the full press release.

Supply

China processed the least crude oil since early 2020 in second-quarter 2022

Supply Chain

Domestic Markets

United States Balance of Trade
  • The U.S. services industry expanded in September, but at a slightly slower pace than in August, the ISM’s latest index shows. Separately, a measure of input costs fell to a 1.5-year low.
  • First-time jobless claims jumped over 13% last week to 219,000, the highest in five weeks, indicating possible softening in the labor market. 
  • U.S. payrolls rose by 208,000 jobs last month, building on August’s 185,000 gain, according to ADP. The news was received positively, prompting at least one major U.S. bank to raise its GDP growth estimate for the third quarter.
  • U.S. national debt surpassed $31 trillion, a record, edging closer to the $31.4 trillion cap imposed by Congress:
U.S. National Debt Surpasses $31 Trillion
  • The average U.S. mortgage rate jumped to a 16-year high of 6.75% last week, while mortgage applications plummeted 14.2%.
  • Urban hotel prices are expected to keep rising next year as demand for business gatherings rebounds from pandemic lows. 
  • Eighteen U.S. retailers, including Bed Bath & Beyond, Party City and Wayfair, face a heightened risk of bankruptcy as demand slows and it grows harder to raise capital, according to researchers. 
  • Wind turbine maker Siemens Gamesa fired the head of its onshore unit and will lay off 2,900 employees after reporting a 446 million euro loss in the three months to August.
  • General Electric is laying off 20% of its onshore U.S. wind workers as part of a broad restructuring.
  • The rising threat of sophisticated cyberattacks is expanding the role of chief information security officers at many firms.
  • Cloud service sales are falling as more companies become mired in a web of multiple providers and higher-than-expected costs.
  • Health insurance companies are set to raise prices next year faster than the projected increase in medical costs, adding pressure on U.S. employers already facing severe inflation.

International Markets

  • A decline in euro zone business activity deepened last month, with S&P Global’s composite PMI falling to a 20-month low of 48.1.
  • British private-sector activity hit a 22-month low in September as the nation’s cost-of-living crisis worsened. Ratings agency Fitch lowered the outlook for U.K. government debt from “stable” to “negative.”
  • Canada’s exports fell for a second month in August as crude prices dropped. 
  • The Middle East and North Africa are expected to post GDP growth of 5.5% this year, the fastest pace in six years, the World Bank says.
  • Spain halved its 2023 GDP growth forecast due to higher energy prices and lower consumer spending.
  • Poland’s central bank surprised markets by holding its benchmark interest rate unchanged at 6.75% this week.
  • Emerging market portfolios and global bond funds are seeing heavy outflows this year amid fears of a recession.

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