Coal futures in China had their worst week in five months, dropping roughly 15%, as the nation’s government gave free reign to miners to increase production and meet surging demand.
The largest power generating company in India is looking for bids to import at least 1 million tons of coal for the first time in two years, as an energy crisis has depleted coal stocks in the country.
Shell will resume operations next month at an offshore facility knocked offline by Hurricane Ida, restoring transfers of oil and gas from three major fields for processing at onshore terminals.
Top oil field services firm Schlumberger reported better-than-expected third-quarter profits, capitalizing on a worldwide rig count of 1,448 at the end of the quarter compared to just 1,019 a year earlier.
The S&P 500 energy sector has rebounded 54% this year, more than doubling the index’s 21% climb.
California’s governor ordered state agencies to propose new measures aimed at alleviating congestion at the state’s ports.
U.S. warehouse availability dropped to record lows in the third quarter, with demand exceeding supply by 41 million square feet as vacancy rates dropped from 4.3% to 3.6%. Vacancy rates fell to 1% in the Los Angeles area.
A lack of truck drivers, equipment and warehouse workers is causing congestion at main U.S. rail yards, forcing operators including CSX and Union Pacific to turn down business despite skyrocketing demand.
The National Association of Wholesaler-Distributors is seeking a delay in the government’s Dec. 8 deadline for employees of government contractors to be vaccinated, citing fears the mandate will aggravate supply chain congestion.
Volvo’s North American truck orders rose by 75% in the third quarter from a year ago while deliveries increased by 67%, as the company warned component shortages could slow production the rest of the year.
Appliance-maker Whirlpool expects a shortage of dishwashers and refrigerators to stretch well into 2022, as the company cut projected revenue growth for the year to 13% from 16%.
The U.S. composite purchasing managers index rose to a three-month high of 57.3 in October, driven by an increase in service-sector activity and hiring. Manufacturing activity slowed with firms reporting longer delivery times.
Billed business on American Express cards soared to a record $280 billion in the third quarter, with consumers spending significantly more on goods and services, up 18% from a year ago and 19% from 2019.
The supply of entry-level housing in the U.S. is near a 50-year low, resulting in bidding wars on properties and more young people cut out of wealth growth opportunities of home ownership. Meanwhile, home-price appreciation slowed for a second straight month in September, indicating a cool down in the nation’s hot housing market.
Pet care costs have increased sharply during the pandemic, with 35% of pet owners reporting spending more money on their pets in the past 12 months compared to a year earlier.
Toymaker Mattel expects sales to grow by 15% in 2021, several percentage points higher than earlier predictions on forecasts of smaller-than-expected shipping disruptions and a strong holiday shopping season.
Completely switching U.S. power generation to renewable sources could cost between $7.8 and $13.9 trillion over the next 30 years, researchers predict.
The U.K. reported 49,928 new COVID-19 cases Friday, its tenth consecutive day of cases above 40,000, as the country’s prime minister maintained lockdowns will not be reimposed. A highly contagious Delta variant “sub-mutation” now accounts for 6% of new infections in the nation, a worrying trend among health experts who say the country could see a severe wave this winter.
An outbreak of 26 COVID-19 infections in China spread to 11 provinces the past week, with more cases expected to be reported in the coming days as local governments begin imposing pandemic restrictions.
Canada is stocking up on COVID-19 vaccine doses in preparation for the shots’ approval for children as young as age 5. Meanwhile, the country rescinded its official warning against non-essential foreign travel, citing high vaccination rates.
Growth in eurozone business activity slowed in October as firms faced surging costs due to supply chain constraints, with a composite purchasing managers index falling to a six-month low of 54.3. In France, manufacturing activity fell the sharpest since the beginning of the pandemic, while business activity in Germany fell to an eight-month low with selling prices accelerating at the fastest pace in two decades.
Business activity in the U.K. rose in October, surprising analysts even as firms saw the largest increase in costs on record.
Factory activity in Japan rose in October from the previous month, while the nation’s services sector expanded for the first time in 21 months after a broad easing of pandemic restrictions.
China’s retail sales rose 4.4% in September from a year ago, well below the 8% pace for the full year of 2019, as consumption in the nation falters. The nation’s economy could slow faster than global investors predict amid real estate debt pressures and increased government regulation of several industries.
The value of land sales in China dropped 11.2% to $89 billion in September, the second consecutive monthly decline from a year ago.
Climate negotiators from nearly every country will gather in Scotland for two weeks in early November with the hope of creating a new agreement on cutting global emissions and financially supporting environmental measures.
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