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Euro zone consumers see higher inflation ahead, ECB says

Inflation expectations among euro zone consumers continued to rise in September, even as economic growth and income forecasts declined markedly, a new European Central Bank survey showed on Wednesday. Inflation has been hitting new records month after month, raising fears that wages, still growing relatively slowly, will eventually follow, setting off a hard-to-beat wage-price spiral. But the survey appears to indicate that inflation and income growth will remain misaligned, offering some relief for the ECB, which has already raised rates by 200 basis points in three months in its fastest ...

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PIMCO Washington Watch: Neither a Red Wave nor a Red Ripple, Maybe Just a Red Whisper?

What is happening? Ballots are still being counted, including in some key battleground Senate races, but it is clear that a “red wave” never materialized, nor did a “red ripple;” indeed, at best, it will be a “red whisper,” with Republicans potentially picking up a handful of House seats, in which case, they would flip the House (remember Democrats only have a +5 seat majority now). The Senate, however, looks likely to stay under Democratic control, with Democrats potentially even expanding their majorities (Georgia looks like it will go to ...

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China’s Oct new yuan loans seen sliding as demand weakens

China’s new yuan loans likely slumped in October from September, a Reuters poll showed, as stringent curbs to stamp out COVID-19 outbreaks and a property sector debt crisis hurt economic activity and credit demand. Chinese banks are estimated to have issued 800 billion yuan($110.4 billion) in net new yuan loans last month, falling sharply from 2.47 trillion yuan in September, according to the median estimate in the survey of 27 economists. That would be lower than the 826.2 billion yuan issued in the same month a year earlier. “While policymakers ...

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Richmond Fed’s Barkin: Inflation fight “may lead to a downturn”

The Federal Reserve’s fight to lower inflation “may lead to a downturn” as the central bank’s interest rate increases are “challenged” by still-high consumer savings, still-tight labor markets and ongoing supply problems, Richmond Fed President Thomas Barkin said on Wednesday. The worst of the inflation surge may in fact have passed, he said. “My personal hypothesis is that we’re on the back end…not on the front end,” he said. “Commodity prices seem to be cooling, supply chains seem to be easing up, excess spending is being spent down and the ...

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MMi Daily Iron Ore Index Report November 10 2022

DCE iron ore futures declined by 1.39% today, the main contract closed 675.5. The traders’ willingness to ship is general.

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Global Methane Pledge: Policy and Industry Lobbying One Year On

Only a small number of jurisdictions have formally introduced policies aimed at reducing methane emissions in the year since the Global Methane Pledge was announced, with new analysis by climate think tank InfluenceMap showing strong industry pushback to those plans. As world leaders meet for COP27, InfluenceMap is launching a new website to track corporate engagement on methane policy as it relates to two key industries that are the largest producers of anthropogenic methane emissions – the oil and gas sector and the agricultural sector. It shows there remains a ...

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LNG shipping stocks: Head ´n´ Shoulders

The UP World LNG Shipping Index (UPI), the world’s only stock index focused on LNG shipping companies, gained 5.78% last week. U.S. stocks represented by the S&P 500 (SPX) index lost 3.35%. Regular quarterly rebalance took place last week. No constituent was added or removed; the Reduction Gas Ratio (RGR) and Reduction Free Float Factor (RFF) was updated. RGR says how much every constituent is involved in LNG shipping if they do other business like bulk or container shipping. The weight of constituents changed too. As Exmar started the charter ...

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China Classification Society Spearheads New ‘Green’ Shipping Innovation And Development Drive

China Classification Society (CCS) is joining forces with several major Chinese marine industry companies to launch the ‘Sustaina-ble Shipping Innovation and Development Initiative’ (SSIDI). CCS launched SSIDI in Beijing with representatives of China Petrochemical Corporation, COSCO Shipping Co Ltd, China Mer-chants Energy Shipping Co Ltd and ICBC Financial Leasing Co Ltd who were among those to sign the initiative. The launch gathering heard how SSIDI and its members will now work closely together to explore and research alternative fuels. SSIDI’s extensive and in-depth research work will focus on the economy, ...

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Russia’s Gazprom completes LNG vessel inspection in Kaliningrad region

Russian energy giant Gazprom has completed inspection of the Marshal Vasilevskiy floating storage and regasification unit (FSRU) in the western Kaliningrad region, it said on Monday. The ship can also act as a liquefied natural gas (LNG) vessel, but its main role is to supply LNG to Kaliningrad, which is separated from Russia’s mainland and sandwiched between Poland and Lithuania. The ship ensures the enclave can receive gas even if there are disruptions to pipelines running through Lithuania. Source: Reuters (Reporting by Vladimir Soldatkin Editing by David Goodman)

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Banchero Costa Weekly Market Report, Week 44 2022

Global LPG (liquified petroleum gas) trade was very disappointing in 2021, owing to the economic impact from COVID-19.

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Korean shipbuilders in a jam as Vietnamese welders denied entry

Over 1,000 Vietnamese skilled workers have been denied entry to Korea due to forged documents, leaving shipbuilders short of labor just as orders are increasing. A total of 1,150 welders from Vietnam assigned to work at Korean shipyards on E-7 work visas were denied entry, according to local press reports. The reports said that entry documents had been forged by unscrupulous brokers, including documents related to education and work experience. A minimum of two years of experience is required for workers in the welding category to enter Korea on a ...

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India: Govt may give time to local vessels before fixing age limits for operation

Even as the government looks to fix age limits for ships operating in Indian waters, to ensure overall safety and protect the marine environment from pollution caused by mishaps, it is mulling a proposal to give more time to existing vessels to conform to the new norms. Government officials aware of the development said that a plan is being developed to evolve a stringent fitness regime that would allow even older ships to operate with proper health certification, thereby giving more time to the fleet operators to conform to any ...

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China’s waterway freight volume up 4.7 pct in first three quarters

China’s waterway cargo transport kept the trend of steady growth in the first three quarters of this year, reporting a 4.7-percent year-on-year increase in freight volume, official data shows. More than 6.29 billion tonnes of cargo were transported via waterway in the country during the period, according to the Ministry of Transport. In September alone, China’s waterways handled 717.17 million tonnes of cargo, said the ministry. During the Jan.-Sept. period, central China’s Hubei Province continued to lead the expansion of waterway cargo volume among provincial-level regions, logging a year-on-year growth ...

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Egypt’s Suez Canal Authority to invest $550m in current fiscal

Egyptian state-owned Suez Canal Authority is expected to make an investment of 13.1 billion Egyptian pounds ($550 million) in the current fiscal year 2022/2023, Emirates News Agency reported, citing Minister of Planning and Economic Development Hala Saeed. This comes as the authority – which owns and operates the Suez Canal – is targeting to increase the production rates to 120.3 billion pounds in 2022/2023, up from 103.9 billion pounds in 2021/2022. Among the other objectives of the Suez Canal sector is to boost the country’s gross domestic product by 7 ...

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Black Sea Watch: Grains shipments halve following turbulent week

Grains and fertilizer exports through the three Ukrainian ports covered by the UN-brokered safe passage Black Sea Grain Initiative reached 10,067,175 mt as of Nov. 7 since the deal inception, but have almost halved over the week ended Nov. 5 to sink to their lowest weekly levels since early September. The return of the Russian Federation delegation Nov. 3 has eased the worst fears of an abrupt termination of the deal following Russia’s previous suspension of participation Oct. 29. The increased risk of sailing the Black Sea during the critical ...

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