Canada aims to boost oil and gas exports by 300,000 bpd this year to help nations distancing themselves from Russian energy.
Germany, Poland and Italy firmly rejected Russia’s demand to pay for Russian gas in rubles, creating uncertainty about some orders. Britain is considering the measure.
Germany unveiled a second relief package to provide cash to households and subsidize fuel costs to help consumers cope with surging power and heating costs. The nation’s utilities are calling for an automatic emergency support system triggered if gas imports suddenly decline.
U.S. oat production declined almost 40% last year on a record-low harvest, with effects rippling through the global food supply chain.
The U.S. reported 44,134 new COVID-19 infections and 1,033 virus fatalities Thursday.
Widespread immunity from the U.S.’s record number of COVID-19 infections last winter could blunt a possible surge of the more transmissible BA.2 subvariant, officials say. Cases of the so-called “stealth” subvariant jumped 130% in Los Angeles last week.
New York City public schools saw over 1,400 new COVID-19 infections last week, the biggest weekly gain since the peak of Omicron in January. The city administration said it would not rehire the roughly 1,400 unvaccinated workers who were fired earlier this year.
Cornell University elevated its pandemic warning level to yellow as it experiences a renewed uptick in COVID-19 infections.
S&P Global’s composite purchasing managers index for U.S. services and manufacturing activity is at an eight-month high of 58.5 so far in March, while a measure of input prices accelerated to a near-record 76.8.
The average U.S. mortgage rate hit 4.42% this week, the highest level since January 2019. Declining mortgage applications suggest the U.S. housing boom will cool over the coming months, according to Pantheon Macroeconomics.
The United Nations lowered its forecasts for global economic growth this year from 3.6% to 2.6%, with much of the slowdown pegged for the eurozone. An index of European services and manufacturing activity fell by a point to 54.5 so far in March.
Yesterday, Mexico’s central bank raised interest rates by half a percentage point to 6.5%, the highest level of the pandemic and its seventh consecutive rate hike.
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