MH Daily Bulletin: September 23
September 23, 2022 • Posted in Daily Bulletin
News relevant to the plastics industry:
At M. Holland
- 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.
- 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%.
- In a major policy shift, the U.K.’s new government announced sweeping tax cuts and energy subsidies intended to spur its beleaguered economy.
- British consumer confidence fell to a record-low in September as households continued to grapple with rising costs for food, fuel and homes.
- Canada is joining a group to boost economic ties with Pacific island nations that already includes the U.S., Australia, Japan, New Zealand and the U.K.
- The EU is looking to tighten curbs on high-tech exports to Russia in response to Moscow’s recent escalation of the war in Ukraine, officials said.
- Major central banks across the globe unleashed another 350 basis points of interest-rate hikes after the U.S. Federal Reserve raised its benchmark rate on Wednesday:
- Notably, Britain hiked rates by a lower-than-expected 50 basis points on forecasts of lower peak inflation.
- Japan remained an outlier, keeping its ultra-low rates unchanged.
- Turkey imposed a surprise 100-basis-point rate cut Thursday, sending the lira tumbling to an all-time low even as inflation rises above 80%.
- Switzerland instituted a 0.75% rate hike, emerging from negative rate territory.
- Norway raised rates by 0.5% and signaled future increases will be smaller.
- Indonesia increased rates by a higher-than-expected 0.5%.
- Vietnam raised rates by 100 basis points in an effort to keep inflation below 4%.
- South Africa raised rates by 75 basis points.
Some sources linked are subscription services.