A new indicator of supply-side constraints developed by Bloomberg Economics indicates that U.S. supply shortages remain close to a 20-year high. The Bloomberg Economics composite measure of supply constraints hit a two-decade high of 2.41 in June, inching down slightly to 2.19 in July and 1.86 in August, the most recent month of available data. Numbers…
Futures Slip on Fed Angst; Tesla Slides After Record Run
November 2, 2021
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U.S. stock index futures slipped on Tuesday, pointing to a slight easing from record highs for Wall Street indexes as investors took to caution ahead of the Federal Reserve’s widely expected move to start tapering its monthly bond purchases. Major Wall Street lenders Bank of America Corp., Wells Fargo & Co., Goldman Sachs, Citigroup, and…
Japanese Policymakers Reaffirm BOJ’s Commitment to 2 Percent Inflation Target
TOKYO—Japanese policymakers on Tuesday reaffirmed the Bank of Japan’s (BOJ) commitment to its 2 percent inflation target in a meeting held between the central bank chief and the country’s economy and finance ministers. The Japanese government and the central bank also agreed to keep in close contact and cooperation, in line with commitments made in…
Euro Zone October Factory Growth Hurt by Supply Woes, Price Pressures: PMI
November 2, 2021
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LONDON—Euro zone manufacturing activity remained strong last month but was curtailed by supply chain bottlenecks and logistical problems which sent input costs soaring, a survey showed on Tuesday. Ongoing disruptions caused by the coronavirus pandemic, alongside a shortage of heavy goods vehicle drivers, has caused product shortages and left factories struggling to get the raw…
US Gasoline Prices Rise to Fresh 7-Year High
Prices of regular gasoline in the United States have risen to a new seven-year high, though a slight dip in domestic demand meant that the recent rise was the smallest increase in a month. For the week of Nov. 1, the national average for a gallon of regular gasoline rose to a seven-year high of…
Supply Chain Issues Slow French Manufacturing Growth in October: PMI
November 2, 2021
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PARIS—Supply chain issues hit France’s manufacturing sector in October, where the slowdown in growth came broadly in line with initial forecasts, a monthly survey showed on Tuesday. Data compiler IHS Markit said its final purchasing managers’ index for French manufacturing in October fell to 53.6 points from 55.0 in September, up a notch from an…
‘Cash Machine’ BP Boosts Share Buyback as Profit Surges
LONDON—BP added more than a billion dollars to its share buyback programme on Tuesday as it likened itself to a “cash machine” benefiting from higher oil and gas prices and a strong trading performance in the third quarter. Natural gas and power prices around the world surged this autumn as tight gas supplies collided with…
Global Shares Mixed as Investors Await Central Bank Moves
November 2, 2021
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TOKYO—Global shares were mixed Tuesday amid cautious trading ahead of a policy meeting by the U.S. Federal Reserve. France’s CAC 40 rose 0.2 percent to 6,904.57, while Germany’s DAX gained 0.2 percent to 15,837.55. Britain’s FTSE 100 dipped 0.5 percent to 7,254.78. The future for the Dow industrials inched less than 0.1 percent lower to…
Apple Co-Founder Steve Wozniak Says Tracing Crypto Is Hard but Possible
Apple Inc co-founder Steve Wozniak believes that crypto will be used effectively in the future, but said its hard-to-trace nature could be challenging to its wider adoption. What Happened In a recent interview with Yahoo Finance, Wozniak said crypto has “an awful lot of promise” enabled by blockchain technology. “Yes, I am in that camp…
Tesla Expands Battery Production Plans, Signs Supply Agreement With Ganfeng Lithium
November 2, 2021
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While Tesla Inc stock continues roaring higher, the company continues to push the limits of electric vehicle technology. After a 100,000-vehicle order from Hertz, Tesla is more demand constrained than ever, ramping up production to meet the insane demand for its vehicles. To build more vehicles, Tesla needs more batteries. And to make more, it…
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