LONDON—OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates. Oil demand in 2022 will increase by 2.55 million barrels per day (bpd), or 2.6 percent, the Organization of the…
OPEC Cuts Oil Demand Growth Forecast Again as Economic Challenges Mount
November 14, 2022
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Germany Sees Unexpected Growth in 3rd Quarter; Inflation Up
BERLIN—The German economy grew in the third quarter, an unexpectedly positive performance powered largely by private spending, official figures showed Friday. But the immediate outlook for Europe’s biggest economy remained gloomy, with inflation rising again in October. Gross domestic product expanded by 0.3 percent in the July-September period compared with the previous quarter, the Federal…
China’s Economic Growth Increases but Weak Amid Shutdowns
BEIJING—China’s economic growth picked up in the latest quarter but still was among the weakest in decades as the ruling Chinese Communist Party (CCP) tries to reverse a slump while enforcing anti-virus controls and a crackdown on debt in its vast real estate industry. The world’s second-largest economy grew by 3.9 percent over a year…
Consumer Giants Are Winners as Shoppers Swallow Price Hikes
ZURICH/LONDON—Nestle and Procter & Gamble, the world’s two biggest consumer firms, reported better-than-expected sales on Wednesday, as shoppers continued to pay more for goods like Nescafe coffee and Gillette razors despite record inflation. Nestle, which also makes Cheerios cereal and KitKat chocolate bars, reported better-than-expected sales results, successfully passing higher costs on to shoppers as…
BMW Expects Slight Growth in 2023, Cuts Germany Gas Intake by 15 Percent
BERLIN—BMW expects to reach the higher end of its 7–9 percent margin target for the cars business and sees slight sales growth in 2023, chief financial officer (CFO) Nicolas Peter said in a roundtable on Monday. Demand was recovering in China in the third quarter after lockdowns plagued the first half, the CFO said, describing…
US Service Sector Keeps Momentum in August; Price Pressures Ease: ISM Survey
The U.S. services industry picked up again in August for the second straight month amid stronger order growth and employment, while supply bottlenecks and price pressures eased, reinforcing the view that the economy was not in recession despite output sinking in the first half of the year. The Institute for Supply Management said its non-manufacturing…
China’s Export Growth Sinks in August, Imports Shrink
BEIJING—China’s trade weakened in August as high energy prices, inflation, and anti-virus measures weighed on global and Chinese consumer demand, while imports of Russian oil and gas surged. Exports rose 7 percent over a year ago to $314.9 billion, decelerating from July’s 18 percent expansion, customs data showed Wednesday. Imports contracted by 0.2 percent to…
Eurozone Second Quarter Growth Revised Up, Supported by Household Spending
September 7, 2022
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BRUSSELS—Eurozone economic growth was stronger than previously estimated in the second quarter, data showed on Wednesday, as household spending recovered after half of year of stagnation despite the squeeze on disposable income from spiraling inflation. The European Union’s statistics office Eurostat said gross domestic product in the 19 countries using the euro rose by 0.8…
Twilio Q2 Performance Gets Negative Reaction and Price Cuts From Analysts
Twilio Inc.’s second-quarter revenue jumped 41 percent year-over-year to $943.35 million, beating the consensus. The net loss of $(0.11) per share beat the estimate. Morgan Stanley analyst Meta Marshall’s Overweight thesis on TWLO factored in the unique value proposition the company has in transforming and optimizing the customer relationship (making it a ‘durable high growth franchise’). She saw the durability…
U.S. Services Sector Picks Up as Supply and Price Pressures Ease
The U.S. services industry picked up in July as new manufacturing orders saw steady increases with 26 consecutive months of expansion, according to the Institute for Supply Management (ISM) survey released on Aug. 4. The survey comes after the Commerce Department reported that the U.S. economy contracted by 1.3 percent in the first half of 2022,…
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