Markets & Industries
FT: Maritime freight costs rise to record levels - 06/24/2021
Cost of shipping has risen to a record this year, with the price per container shipped from Asia to Northern Europe exceeding $11,000 for the first time, up from $2,000 in October. This price increase is linked to the disruption to global supply chains, which has been exacerbated in recent weeks by an outbreak of coronavirus in the world's third-largest port. Maritime freight prices have risen to...
China sets to squeeze France out of the wine market - 06/22/2021
China wants to turn its main wine-producing region, Ningxia, into a rival to France's Bordeaux, squeezing the country out of that market, CNBC writes. The region is set to produce 600 million bottles worth 20 billion yuan ($3.12 billion) by 2035. "If this target is achieved, Ningxia will become an important and influential producer worldwide, comparable to the scale of Bordeaux," said Director of...
Gas prices soar in Europe because of the heatwave - 06/21/2021
Gas prices in Europe have soared to $363 per thousand cubic metres because of the heat. This is the highest since the beginning of March 2018. The average "day-ahead" contract price on the TTF since the beginning of 2021 has already been $264 per thousand cubic metres. The heat wave is provoking an increase in energy consumption for air conditioning, as power plants are consuming more gas...
May car sales in the EU up 53.4% - 06/18/2021
Last month, new car sales in Europe increased by 53.4% compared to May 2020. According to the Association of European Automobile Manufacturers (ACEA), 891,665 cars were sold in the region in May this year. However, while this is significantly better than May 2020, when the car market was barely moving in the pandemic, it is still a long way from May 2019, when 1.2 million cars were sold....
The world is on the brink of a global bicycle shortage - 06/18/2021
Every country in the world is on the brink of a bicycle shortage due to an incredible increase in demand for the product during a pandemic. The Guardian reports that Halfords, a major British sports and travel equipment chain, has shared its global forecasts. Halfords CEO Graham Stapleton warned of a possible bike shortage, citing how the company managed to improve its financial performance...
Leading traders forecast possible rise in oil prices to $100 a barrel - 06/17/2021
Major commodity traders are predicting a possible return of oil prices to $100 a barrel. The price of oil, in their view, will be affected by a slowdown in investment in new supply amid peak demand. The world's largest commodity traders do not rule out a rise in oil prices to $100 per barrel. They stated this at the conference FT Commodities Global Summit, reports Financial Times. The cost of...
Fitch improves global GDP growth forecast for 2021 - 06/16/2021
International rating agency Fitch Ratings has improved its forecast for global GDP growth in 2021 to 6.3% from the 6.1% expected in March, the agency said in its June GEO - World Economic Outlook. "Incoming data, an earlier opening of the services sector in the US and Europe, and the impact of support measures underpin the revision," the agency said in a statement. Global GDP growth will slow to...
OPEC is urged to "open the oil taps" - 06/15/2021
Global oil demand will rise to 100.6 million barrels per day (bpd) by the end of 2022, thereby returning to pre-pandemic levels, according to a June report from the International Energy Agency (IEA). This is the agency's first forecast for next year. Demand growth is expected to be 5.4 mln bpd in 2021 and 3.1 mln bpd in 2022. Last year, oil consumption in the world fell by 8.6 mln bpd amid the...
Americans become record rich during the pandemic year - 06/14/2021
Americans' assets (excluding debt) reached a record $154.2 trillion at the end of the first quarter of this year. Such data is posted on the US Federal Reserve's website. Their combined wealth increased by $26.3 trillion compared with the end of March last year, when the coronavirus pandemic began. In quarterly terms, Americans' wealth increased by $5.2 trillion. Individuals owed $17.2 trillion...
ECB expects eurozone economy to accelerate - 06/11/2021
The European Central Bank (ECB) expects a major acceleration of economic growth in the 19-country eurozone in the second half of this year, the governor, Christine Lagarde, said. Eurozone real GDP fell 0.3% in the first quarter of this year and was 5.1% down to its pre-crisis level for Q4 2019, she said. Various surveys and indicators hint at the possibility of a significant recovery in business...
