We are exhibiting during 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.
Oil rose less than a percent Monday as worries of tight supplies won out in a day of volatile trading.
In mid-morning trading today, WTI futures were down 2.2% at $83.89/bbl, Brent was down 1.4% at $90.72/bbl, and U.S. natural gas was down 0.4% at $7.72/MMBtu.
Hurricane Fiona churned north Monday evening after bringing torrential rain and powerful winds to the Dominican Republic. The entirety of Puerto Rico remains without power and 60% is without water in the wake of the storm, which has strengthened to a level 3 hurricane.
A magnitude 7.6 earthquake struck southwestern Mexico on Monday and was felt in Mexico City, less than an hour after a public commemoration of the devastating earthquakes in 1985 and 2017.
Typhoon Nanmadol, one of the biggest storms to hit Japan in years, brought high winds and record rainfall to the country’s western region Monday, causing transport disruptions and forcing manufacturers to suspend operations.
Shipping officials fear labor talks between tens of thousands of West Coast dockworkers and their employers could take months to resolve, raising the chance of smaller work disputes that could escalate into major disruption.
The Cass Freight Index, a measure of monthly freight activity in North America, rose 6.6% from July to August for the highest reading since May 2018.
Spot market rates for bulk shipping’s largest vessels shot up 45% in a single day last week on impacts from bad weather in the North China Sea.
The head of the Port of Long Beach, which together with its sibling Port of Los Angeles handles 40% of U.S. container imports from Asia, sees demand cooling after two consecutive months of lower container traffic.
Europe-based companies could be forced to prioritize production of key products and stockpile goods under a new proposal that would give the EU emergency powers to tackle supply chain crises, a response to bottlenecks caused by the pandemic and Russia’s invasion of Ukraine.
China’s state-owned Cosco Shipping plans to spend $4.9 billion to add 32 container ships in a renewed quest to become the world’s biggest container line.
Big ocean shippers are turning to the once shunned market of airfreight as ongoing supply snarls make the expensive but reliable mode of transport more attractive. Airfreight shipping grew 21% from 2020 to 2021 and will likely grow another 4.4% this year.
Major U.S. shippers that overinvested during the pandemic may have delivery capacity that is 18 million packages per day higher than demand this holiday season, consultants say.
The two-year Treasury yield approached 4% yesterday and the 10-year hit 3.5%, the highest levels in over a decade, reflecting investor pessimism about the economy.
Confidence among U.S. single-family homebuilders fell for the ninth straight month, the longest decline on record, as rising mortgage rates and high material prices weigh on sales to first-time buyers.
Meanwhile, mortgage refinancings have fallen 75% from their peak in the first quarter of 2021:
Opendoor Technologies, a pioneer of data-driven home-flipping known as iBuying, lost money on 42% of its transactions in August, reminiscent of the pricing problems that doomed Zillow Group’s iBuying business last year.
A U.S. judge on Monday denied the Justice Department’s bid to stop UnitedHealth Group from buying Change Healthcare in an $8 billion deal that rose antitrust concerns with regulators.
The world’s central bank umbrella body, the Switzerland-based Bank for International Settlements, urged major economies to forge ahead with interest-rate hikes despite growing risks of recession. Interest-rate hikes are likely to come from the U.S. Federal Reserve, Bank of England and Swiss National Bank this week, while Japan is expected to remain one of the world’s last holdouts in negative-rate territory.
Norway’s central bank is poised to raise its benchmark interest rate again this month by 50 basis points, bringing rates to the highest level in a decade.
Japan’s annual inflation rate quickened to 3% in August, the fastest pace in eight years.
Japan plans to spend $24.31 billion of its budget reserves to continue its response to COVID-19 and cope with ongoing price hikes.
The IMF tentatively agreed to a $44 billion extended fund facility for Argentina that should unlock nearly $4 billion for the embattled South American country to build reserves and tamp down spiraling inflation.
The price of bread rose by almost 20% in the EU last month as Russia’s invasion of Ukraine choked off Eastern Europe’s normally plentiful supplies.
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