August 17, 2022
US Stocks Slide on Fed Worries as Yields Climb: Markets Wrap
US stocks fell as concerns over the Federal Reserve’s aggressive rate-hike path weighed on risk sentiment. Treasury yields jumped and the dollar rose.
The S&P 500 Index slid 0.8% after the equity benchmark posted modest gains Tuesday amid a rally in retailer stocks. The tech-heavy Nasdaq 100 retreated 1%.
Fertilizer Usage Is Being Pummeled by Europe’s Energy Crisis
The energy crunch throttling Europe’s fertilizer output is threatening to force the world’s farmers to use even less of the nutrients crucial for growing food.
Soaring prices of gas, a key feedstock, have already curtailed a quarter of Europe’s nitrogen fertilizer capacity, CRU Group estimates. Now, worries are mounting that the crisis will worsen. For Europe, that could mean even less production and more dependence on imports of ammonia, from which nitrogen products are made.
Goldman-Backed ReNew Secures $1 Billion Loan for India Project
ReNew Energy Global Plc, one of India’s largest renewable power producers, said it has secured a $1 billion loan for a project that can supply round-the-clock clean electricity.
It will borrow the money from a consortium of 12 international lenders, ReNew said in an statement. The loan is the largest overseas borrowing for a single renewable power project in India, it said.
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