M. Holland has announced expanded access to 3D printing filaments from Braskem, a global chemical company, providing clients with access to polyethylene (PE) and glass fiber reinforced polypropylene (PP) filaments. Click here to read the full press release.
M. Holland will be attending the North American Detroit Auto Show on Sept. 14-15. This annual showcase for emerging automotive technologies will be held at Huntington Place in Detroit, Michigan. If you’re attending, please RSVP for M. Holland’s reception or contact Mike Gumbko, Strategic Account Manager, to set up a meeting with our Automotive team.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil prices fell over 5% Wednesday on downbeat economic data out of China.
In mid-morning trading today, WTI futures were up 1.1% at $82.85/bbl, Brent was up 0.5% at $88.40/bbl, and U.S. natural gas was up 0.6% at $7.89/MMBtu.
Top oil field firm Schlumberger says North American oil and gas activity is growing faster than expected, with producers more concerned about securing equipment than a sudden drop in prices.
Shelling has damaged the backup power line at Ukraine’s Zaporizhzhia power plant, bringing Europe’s largest nuclear reactor closer to a meltdown. Ukrainian officials called for an immediate evacuation of the nearby town Wednesday.
Some German manufacturers are halting production in response to the surge in energy prices caused by Russia’s squeeze on gas supplies.
Supply Chain
U.S. power consumption will hit a new record this year on rebounding economic activity and hotter weather, according to the administration.
Tropical Storm Earl developed into the Atlantic’s second hurricane of the season and is poised to strengthen into a Category 3 storm as it passes Bermuda today.
The worst flooding in a half-century continued to batter Bangalore, India, Wednesday, home to offices of major tech companies including JPMorgan Chase, Microsoft, Dell and HP.
U.S. labor officials are meeting with rail unions and railroads throughout the week to head off potential strikes by more than 100,000 workers who have yet to reach agreement with their employers.
Tensions continue to mount between FedEx and its ground contract drivers, with a trade group representing some 6,000 contractors calling for a no-confidence vote on FedEx Ground’s CEO.
The New York Fed’s gauge of global supply pressures eased in August, extending a steady decline since December 2021 on shorter delivery times across the board.
The Baltic Dry Index, a widely tracked gauge of dry-bulk shipping rates, has fallen 66% since May to its lowest point in over two years.
Long-term contract container rates are showing signs of peaking.
Container ship backlogs are rising at German ports, with 19 vessels now waiting to unload at Bremerhaven and Hamburg, up from 17 two weeks ago.
Container lines are pulling nearly 9% of their capacity from Asia-to-Europe lanes in the coming weeks amid forecasts of falling demand in the fourth quarter.
Container shipping profits likely totaled $63.7 billion in the second quarter, the seventh record-shattering quarter in a row, according to estimates.
Samsung Electronics, the world’s largest chip maker by revenue, expects a sharp downturn in computer chip sales to extend into 2023.
U.S. tech firms that get government funding will be banned from building advanced facilities in China for at least a decade as the White House doubles down on efforts to boost domestic computer chip production.
Amazon’s chief executive says the company is slowing hiring after the pandemic boom led to overexpansion.
New Jersey logistics firm NFI will roll out autonomous truck-unloading robots, made by Boston Dynamics, at a warehouse in Georgia next year.
In the latest news from the auto industry:
Super-premium car sales from Lamborghini, Bentley and Ferrari are up 35.6% this year compared to five years ago.
Porsche is looking for 80% of its global vehicle sales to be electric by 2030.
Brazilian mining firm Vale says global demand for nickel will rise 44% by 2030 on high demand for electric vehicle batteries.
A federal court in California lifted an injunction that had blocked the state from enforcing its AB5 “gig economy” employment law in the trucking sector.
The Federal Reserve is poised to raise interest rates another 0.75 percentage points this month, according to analysts. Officials maintain the current inflationary pressures are the worst since the 1980s.
The Federal Reserve’s latest “Beige Book” suggested U.S. economic activity was flat from July to August, while businesses saw signs of easing labor shortages and price pressures.
The U.S. trade deficit narrowed a sharp 12.6% from June to July as import demand lagged. Exports edged up to a record-high $259.3 billion.
The U.S. dollar surged to 24-year peak against the Japanese yen and a 37-year high against British sterling yesterday.
U.S. home prices dropped 0.77% from June to July, the first monthly drop in almost three years, according to data firm Black Knight.
The average U.S. mortgage rate rose to 5.94% last week while mortgage applications dropped 23% below the same time last year.
Dozens of flights were canceled at Austin-Bergstrom airport Wednesday morning due to a power outage, with disruption likely to last through today.
Shares of American Eagle Outfitters plunged 14% Wednesday as the apparel retailer missed quarterly profit estimates, paused its dividend and announced plans to freeze hiring and reduce capital spending.
Struggling retailer Bed Bath & Beyond expects to have burned through more than $800 million in cash through the six months ending in August, a sum greater than its current market capitalization.
Apple unveiled its newest lineup of iPhones and smartwatches Wednesday, with sales of iPhones expected to rise 6.7% this year to a record $205 billion. The company surprised many by not raising prices on the new lineup.
Regal Cinemas’ parent company, the second-largest theater chain in the world, filed for Chapter 11 bankruptcy protection Wednesday after a sluggish pandemic rebound in movie attendance.
Walmart and healthcare giant UnitedHealth Group entered a 10-year partnership to provide preventive care to over-65s and virtual care for all age groups.
China’s exports to Russia rose 26.5% in August while its imports from Russia surged almost 60%.
Canada’s central bank hiked its benchmark interest rate by 0.75 percentage points to a 14-year high on Wednesday while signaling more rate increases to come.
Canadian exports dropped in July for the first time this year due to lower energy prices. In August, the nation’s economic activity expanded while employment rose at a faster pace, according to surveys.
The European Central Bank raised interest rates by 0.75% today.
Mexico’s economy is projected to grow 3% in 2023, higher than this year’s 2.4% pace, as inflation cools and oil output picks up, according to government forecasts.
British homebuyer inquiries fell to their lowest level of the pandemic in August and are expected to stall for much of the next year due to recession fears.
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