MH Daily Bulletin: October 11

October 11, 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!
  • M. Holland is a Gold Sponsor of the IWCS Cable & Connectivity Industry Forum in Providence, Rhode Island, now through Oct. 13! If you are attending, don’t miss M. Holland’s presentation on new products and sustainability solutions this afternoon. Click here for more details.
  • 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!

Supply

Supply Chain

  • Central America’s death toll from tropical storm Julia rose to 25 Monday as the storm weakened and dumped heavy rain on southern Mexico.
  • An 11,000-worker union of rail track builders rejected the latest contract offer from U.S. railroads, joining one of several others to reject the tentative deal brokered by the White House last month.
  • U.S. container imports will fall 9.4% this month and 4% in the second half of the year, according to the Global Port Tracker.
  • Deutsche Post will hike its full-year guidance in the coming weeks after easing logistics snarls helped it move more e-commerce shipments in the third quarter.
  • Global air cargo tonnage was down 12% the past two weeks from a year ago, according to WorldACD.
  • This year, online holiday sales in the U.S. are set to rise at their slowest pace since 2015 as inflation bites consumers.
  • U.S. retailers are already starting Black Friday deals in a bid to clear out excess inventories that have piled up for months.
  • U.S. restrictions on computer-chip equipment to China will hurt the nation’s fast-emerging semiconductor firms and could even halve growth in its largest chipmaker SMIC next year, analysts say.
  • U.S. air transportation jobs increased by 3,000 in September, partially offsetting the 11,400 decline in trucking jobs.
Leisure & Hospitality Sector Lags in Pandemic Jobs Recovery

Domestic Markets

  • The U.S. reported 21,876 new COVID-19 infections and 117 virus fatalities Monday. Yesterday, the seven-day average for new cases fell below 40,000 for the first time in six months.
  • Nearly all Americans can stop wearing masks indoors as less than 1% of the country lives in an area with “high” COVID-19 spread, according to the CDC.
  • Los Angeles reported its first case of the BA.2.75.2 variant of COVID-19 that is evading immunity in Asia and Europe.
  • Webpages for some large U.S. airports were briefly shut down Monday due to alleged cyberattacks.
  • The U.S. Federal Reserve is closely aligned on raising its benchmark interest rate to around 4.5% by March, according to reports.
  • JPMorgan Chase’s chief executive says the U.S. and global economy will likely tip into a recession by the middle of next year.
  • The U.S. unemployment rate fell below expectations to 3.5% in September, matching July’s 29-month low in a sign that overall labor market conditions remain tight.
  • Third-quarter results for big U.S. businesses are poised to soften due to inflationary pressures, despite many being able to boost prices this year with limited pushback from consumers.
  • U.S. startups continue taking on debt at similar levels to recent years despite rising interest rates, data shows.
  • California-based diagnostics firm Bio-Rad Laboratories is in talks to merge with Qiagen NV in what would be one of the biggest mergers in the healthcare testing domain at over $10 billion.
  • Ben Bernanke, the former chair of the U.S. Federal Reserve who oversaw its response to the 2008 financial crisis, won a Nobel Prize in economics along with two others.

International Markets

Air Travel Recovery Lags in Asia and Africa

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