MH Daily Bulletin: September 23

September 23, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

Supply

  • Oil rose 1% Thursday as the market focused on short supplies in the face of rebounding Chinese demand.
  • U.S. natural gas prices hit a six-week low Thursday on news that U.S. production topped 100 billion cubic feet per day for the first time ever.
Natural gas

Supply Chain

Domestic Markets

United States Current Account
  • The Conference Board’s gauge of future U.S. economic activity declined for a sixth consecutive month in August, potentially signaling a recession.
  • JPMorgan Chase, Citigroup and Wells Fargo are raising their prime lending rates to the highest levels since 2008 after the Federal Reserve’s hefty interest-rate hike on Wednesday. 
  • U.S. growth funds are seeing massive outflows this year as interest rates rise, while value funds attracted over $4.3 billion in August, the most in three months.
  • The U.S. House of Representatives could consider a stop-gap government spending bill as soon as next week, an effort to keep the government operating beyond the current fiscal year that ends on Sept. 30.
  • U.S. luxury home sales dropped 28.1% in the three months through August, the biggest decline since at least 2012, according to Redfin.
  • The U.S. median asking rent rose 11% year over year to a record-high $2,039 in August, according to Redfin.
  • Target plans to hire up to 100,000 seasonal workers in U.S. stores and warehouses this year, consistent with last year. 
  • U.S. flight cancellations fell to 1.8% of total flights in July, down from 3.1% in June, although service complaints rose by 16.5%.

International Markets

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