December 18, 2024
LOGISTICS
Asia to US West Coast rates rebounded by more than 10% last week and General Rate Increases (GRIs) are expected on this lane as well, per Freightos.
Transpacific shipping lines announced a General Rate Increase (GRI) on December 15th due to strong bookings ahead of the holiday season in the USA and the typical Lunar New Year cargo surge, per Flexport.
US President-elect Donald Trump’s explicit backing of the International Longshoremen’s Association (ILA) last week may make a strike less likely, per Freightos.
Further rate increases on both Asia – N. America and Asia – Europe routes are expected for January 2025 ahead of the Lunar New Year.
THIS MONTH
This month Jennifer Patton, Sourcing Director, Coppel Dept Store, talks about how Coppel built a wildly successful retail business by solving one fundamental problem for customers.
She also discusses the strategic sourcing model the company uses to source innovative products across a vast range of categories. Read more
PODCAST
Supply chain management has become both an art and a science, with executives tasked with building more resiliency, while also increasing flexibility, reducing lead times, and jumping through hoops to comply with increasingly complex regulations.
In this podcast Dean Clegg, a supply chain consultant who previously was the Global Sourcing Director at Sainsbury, where he led a complex supply chain through both the pandemic and the transition to Brexit. Prior to that, Dean led the successful integration of Argos stores into Sainsbury’s.
You’ll Learn:
MATERIALS
U.S. cotton futures have eased to just below 69 cents per pound, their lowest since early December, as the dollar remained firm and traders evaluated the supply and demand outlook.
WTI crude oil futures fell past $70 per barrel this week amid renewed concerns about weakening global demand.
An expanded list of materials prices is available here.
MARKETS
The European Central Bank (ECB) cut rates for the fourth time to 3%. ECB chief Christine Lagarde vowed to keep cutting interest rates in the eurozone amid signs the economy continues to shrink.
China’s retail sales grew more slowly than expected in November, suggesting that support for the economy may have to be increased further to boost consumption.
UK wage growth surged more than expected in the three months to October. The private sector saw regular pay increase by 12% on a one-month annualised basis.
A report from the US Bureau of Economic Analysis due Friday is likely to show that the cost of living, as measured by Personal Consumption Expenditures (PCE), rose 2.5% over the year in November, up from a 2.3% annual increase in October, per The Wall Street Journal.
CURRENCIES
The euro continues to hover around $1.05, near two-year lows of $1.04 reached in late November, as traders weighed the economic, political, and monetary outlook for the Eurozone.
The British pound is being supported by data showing UK wage growth surpassed expectations, bolstering the Bank of England’s cautious approach to interest rate cuts.
The US dollar is being supported by a slowdown in expected rate cuts. Although the Fed is widely expected to implement a quarter-point rate cut later today (Dec 18), it may signal fewer reductions next year than previously indicated due to persistent inflation.
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