American oil and gas drillers could get some much-needed wind in their sails if the costs of drilling decline as expected in the coming months. Bloomberg's Kevin Crowley reports: While inflation is persisting across the US — albeit at a slower pace — the country’s oil fields are a rare corner of the economy where prices are actually dropping. Drill pipe prices have halved this year, daily rig rates are down by more than 10% and the costs of steel and diesel are also trending lower. The number of active oil rigs has dropped 13% from this year’s peak, indicating there’s a surplus of … [Read more...]
Eurozone Edging Closer to CBDC with New Proposal
The Eurozone is edging closer to adopting a central bank digital currency with a new proposal by the European Commission outlining its plans for the digital euro. In a press release, the ECB stated: Proposed legislation establishes framework facilitating the possible introduction of a digital euro that is widely usable and available throughout the euro area ECB also welcomes Commission proposal to protect legal tender status of euro cash Governing Council to decide in autumn whether to move to next phase of digital euro project The European Commission has published today its … [Read more...]
Unexpected Jump in the Number of Used Trucks for Sale
The number of used semi-trucks for sale saw an unexpected and uncharacteristic jump in May. Scott Achelpohl reports for Fleet Owner, writing: Freight transportation is experiencing a widely recognized slowdown and truck and trailer costs to operate are higher, maintenance and repair is only costing fleets more, and even tires are much more expensive. Yet Class 8 used sales were unexpectedly up for May, even as the equipment is markedly older with higher mileage, challenging some observers of the equipment market to make sense of it all. According to the new State of the Industry: U.S. … [Read more...]
Metal Prices Fall as Manufacturing Signals Weakness
Manufacturing surveys in China, Europe, and the United States have recently signaled weakness alongside that of metal prices. Reuters's Andy Home reports: China's manufacturing sector contracted for the third straight month in June. The official purchasing managers' index (PMI) came in at 49.0, a slight improvement on May but still below the 50-point mark that separates expansion from contraction. The Caixin PMI, which is generated from surveys of smaller, more export-oriented companies, was slightly better at 50.5 but that was down from May levels. Taken together, the PMIs suggest … [Read more...]
LITHIUM RUSH: Automakers Buying Mines to Secure Supply
Automakers are searching the globe looking to secure their own supplies of lithium to build the batteries in their electric cars. Clifford Krauss and Jack Ewing report in The New York Times: Eager to avoid falling further behind Tesla and Chinese car companies, many Western auto executives are bypassing traditional suppliers and committing billions of dollars on deals with lithium mining companies. They are showing up in hard hats and steel-toed boots to scope out mines in places like Chile, Argentina, Quebec and Nevada to secure supplies of a metal that could make or break their companies … [Read more...]
Could Drought Cut Food Price Drops Short?
A recent declining trend in food prices could be threatened by droughts in the American breadbasket. David Uberti reports in The Wall Street Journal: Food costs were finally starting to show signs of easing after the pandemic and Russia’s invasion of Ukraine sent prices skyrocketing. Now, a drought across America’s breadbasket is a threat to further relief. The dry spell has spanned the wheat fields of the Great Plains and the Corn Belt in the Upper Midwest, leaving some areas with fractions of their normal rainfall as they head into crucial growing periods for corn and soybeans. The fear … [Read more...]
China’s Slowing Economy Also Pulling Down Its Asian Neighbors
China's economy is weakening, and that weakening is becoming a drag on its neighbors' economies as well. Bloomberg's Claire Jiao reports: Manufacturing across most of Asia deteriorated further in June as a weak Chinese economy sapped demand for the region’s goods. Factory activity remained stuck in contraction in neighboring economies South Korea, Japan and Taiwan, according to manufacturing purchasing managers’ indexes published Monday by S&P Global and au Jibun Bank. Much of Asia’s manufacturing sector had pinned its hopes on a strong Chinese post-pandemic rebound, only to see … [Read more...]
Virgin Galactic Completes First Commercial Flight
Virgin Galactic has completed its first commercial mission by taking four passengers into suborbital space and returning them safely back to Spaceport America. Space.com's Mike Wall reports: Virgin Galactic is up and running. The company aced its first-ever commercial mission today (June 29), sending four passengers to suborbital space and back. It was a landmark moment for Virgin Galactic, which has big ambitions in the final frontier. The flight lifted off from Spaceport America in New Mexico at 10:30 a.m. ET (1430 GMT) and reached suborbital space some 58 minutes later. After a few … [Read more...]
Taiwan Semiconductor Sends Reinforcements to Arizona Facility Construction Site
In its race to complete an Arizona semiconductor manufacturing facility, Taiwan Semiconductor Manufacturing Company (TSMC) has decided to send hundreds of its experts to shepherd construction through the most critical phases. Reuters reports: TAIPEI, June 29 (Reuters) - Taiwanese chipmaker TSMC (2330.TW) said on Thursday it is sending more workers from Taiwan to the U.S. state of Arizona to help build a massive $40 billion factory to ensure its "fast ramp up". The first Arizona chip fabrication facility, or fab, is scheduled to be operational by 2024. A second facility nearby that is … [Read more...]
Lira Sits at Record Lows as Central Bank Gives Up Support
Turkey's central bank has given up trying to support the lira as it has fallen to its lowest levels ever against the dollar. Reuters reports: Turkey's lira was mostly flat on Tuesday, after touching a new record low overnight, while bankers said the central bank's net reserves had marked their largest rise on record last week as it stopped using the reserves to support the lira. The lira touched a record low of 26.10 against the dollar early on Tuesday during low liquidity hours and later firmed to as much as 25.55. But it later gave up those gains to stand at 26.03 at 0857 GMT, compared … [Read more...]
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