December 6, 2022
United States:
US Futures Waver as Rate Bets Thrown Into Doubt: Markets Wrap
Markets struggled for direction Tuesday as traders weighed prospects for a slowdown in the pace of US rate hikes against data that suggest tighter policy may be needed for longer.
Contracts on the S&P 500 wavered following a third day of declines for the index on Monday. Futures on the Nasdaq 100 fluctuated in a narrow range. A gauge of European equities turned lower as a seven-week rally lost steam. Treasury yields dipped along with the dollar.
Europe:
Europe Can Ride Out Gas Crunch This Winter and Next, Engie Says
Europe is likely to pull through this winter and the next as it makes up for dwindling Russian natural gas flows with supplies from elsewhere and also reduces demand, according to the head of France’s main distributor of the fuel.
“For this winter, the feeling is that we’ll manage” as inventories are still almost full in western Europe, Engie SA Chairman Jean-Pierre Clamadieu said at a conference in Paris Tuesday. “Our experts at Engie have the feeling that we should manage to go through next winter without too many difficulties” as well.
Asia:
Labor Shortage to Cost Malaysia Palm Oil Sector $4.6 Billion
A chronic shortage of plantation workers in Malaysia may cost palm oil producers about 20 billion ringgit ($4.6 billion) this year, according to the Malaysian Palm Oil Association, curbing supply and potentially boosting global prices.
Palm growers hired around 14,000 foreign workers this year through November, just a fifth of the industry’s needs and about half of the number approved by the authorities, according to a survey of top 10 planters by the association. The country is the biggest producer of the tropical oil after Indonesia.
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