MH Daily Bulletin: October 20

October 20, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • During M. Holland’s Plastics Reflections webinar last week, our panelists discussed the macroeconomic factors influencing global and domestic economies — including what it means for suppliers, distributors and manufacturers in the plastics industry. In case you missed it, click here to gain access to the full recording.
  • A recent Plastics News article focuses on M. Holland’s distribution of Purell medical-grade resins from LyondellBasell. Click here to read the article.

Supply

Releases Diminish Strategic Petroleum Reserve
  • The average U.S. gasoline price is down 30% from summer highs above $5 a gallon.
  • Baker Hughes kicked off earnings for oil field service companies with a quarterly loss, due largely to a $230 hit from a voluntary restructuring. The firm expects U.S. crude production to jump next year on easing supply-chain issues.
  • U.S. pipeline operator Kinder Morgan saw a 16.4% gain in quarterly profit on surging jet fuel volumes.
  • China’s LNG imports are expected to plummet 14% this year in what would be the steepest drop since it began importing the fuel in 2006.
  • Workers at several French refineries voted to end a month of strikes on Wednesday. A large share of the nation’s nuclear plants are still affected by strikes.
The Countries With the Most Nuclear Reactors

Supply Chain

Domestic Markets

United-states-housing-starts

International Markets

  • COVID-19 remains a global health emergency, the WHO says.
  • Shanghai will spend $191 million to build a 3,250-bed quarantine facility on a small island close to its city center. The Chinese government is also in talks to cut mandatory quarantine periods for incoming travelers.
  • Canada’s inflation hit 6.9% in September, slightly lower than August but still ahead of forecasts. Analysts say its central bank will almost certainly hike interest rates by another 75 basis points next week.
Canada-inflation-cpi
  • Europe’s central bank is widely expected to raise its benchmark interest rate by another 75 basis points when it meets next week.
  • Japan’s administration signaled it will stick to its loose monetary policy despite rising voter dissatisfaction and a crashing currency.
  • U.K.’s prime minister resigned less than two months after taking office, becoming the shortest-serving PM in the nation’s history.
  • The Bank of England will resume bond sales in two weeks, after its effort to shrink its balance sheet and temper inflation was interrupted when the government’s ill-fated announcement for unfunded tax cuts sent the British pound crashing.
  • Italy’s GDP is set to shrink 0.2% in the third quarter due to impacts from high energy prices and lower consumer spending.
  • Amazon is launching a home insurance portal in Britain and has signed up three big-name insurers as it pushes further into financial services across the globe.
  • The number of global firms disclosing environmental data rose 42% year over year in the third quarter.

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