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!
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.
Oil rose 1% on Thursday, holding at three-week highs.
In mid-morning trading today, WTI futures were up 2.3% at $90.45/bbl and Brent was up 1.9% at $96.24/bbl. Prices are headed for their second weekly gain.
U.S. natural gas fell 3.4% to $6.74/MMBtu this morning after hitting two-week highs on Thursday. Prices remain well above the five-year average for this time of year:
U.S. banks are raising forecasts for oil prices next quarter following OPEC’s production cuts planned for November. Saudi Arabia says the cuts, pegged at 2 million bpd, will be closer to 1 million bpd due to OPEC’s persistent underproduction.
Weaker-than-expected demand for consumer electronics is hitting chipmakers’ quarterly results, with Samsung posting a 32% dive in operating income and PC-processor maker, AMD, saying it would miss forecasts by $1 billion. Taiwan’s TSMC, an outlier, saw a 48% surge in quarterly revenue to over $19 billion.
Taiwan’s’ exports, a bellwether for global tech demand, fell 5.3% in September, the first decline in over two years.
Samsung and SK Hynix will likely be left out of the new U.S. restrictions on China’s computer chip makers that will be announced in the coming days.
In the latest news from the auto industry:
One week after its initial public offering, Porsche has already surpassed the market value of its parent Volkswagen, becoming Europe’s most valuable automaker.
U.S. private-sector activity picked up in September but remained in contraction territory due to slowing services activity.
U.S. apparel makers are missing third-quarter estimates as inflation turns consumers away from discretionary purchases. On Thursday, Levi Strauss posted a slight sales boost but said disruptions in the U.S. supply chain cost an extra $40 million.
U.S. retailers are putting a significant share of holiday workers on store floors this year as Americans are widely expected to shift back to in-person shopping rather than mostly online.
More retail stores opened than closed in the U.S. last year for the first time since 1995, while second-quarter asking rents were 16% higher than five years ago.
Conagra Brands beat quarterly estimates as a 14.3% rise in selling prices offset a 4.6% decline in sales.
Google unveiled a new lineup of smartphones and other tech Thursday as the firm expands its role in the hardware space. Pixel smartphone sales rose 131% in the first half of the year compared to 2021.
Peloton will lay off an additional 12% of global employees, its fourth round of cuts this year, in a scramble to cut costs and stay afloat.
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