Supply chains continue to face a high level of uncertainty due to the combined impacts of geopolitical tensions, inflation, as well as droughts and floods in many parts of the world.
LOGISTICS
Congestion is easing in some of Europe’s key ports, according to Freightos.
The strike at UK’s Felixstowe port has ended. In Germany the port worker’s union has come to an agreement, averting a strike.
Asia to US volume is projected to decline through the end of the year due to over-ordering and low demand, according to Flexport.
Asia to Europe continues to see demand slowing but capacity is still relatively tight due to the large amount of blank sailings, vessel sliding, and port omissions, per Flexport.
While there are now only 8 ships waiting outside LA ports, US East Coast ports now have 127 ships waiting for berths, said Freightos.
Post-production inventories in Europe increased at the sharpest pace in more than 25 years as weakening demand leaves firms battling to sell finished products, per the Journal of Commerce.
A.P. Moller-Maersk has teamed up with the Malaysian Investment Development Authority (MIDA) to build Malaysia as a regional logistics hub.
MANUFACTURING
India’s factory activity continued to grow robustly in August thanks in part to a boost to output from easing input cost inflation, the country’s Purchasing Managers’ Index (PMI) showed.
Southeast Asia remained strong with manufacturing activity growth in Indonesia, the Philippines and Thailand accelerating, the PMIs showed.
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MARKETS
The Japanese yen fell to 140 yen per dollar, reaching a level last seen in August 1998.
- The Bank of Japan is firmly committed to continuing its ultra loose monetary policy, while many investors are speculating that the U.S. Federal Reserve will go on aggressively raising policy rates, per Nikkei Asia.
Eurozone consumer price inflation surged to a record high of 9.1% in August amid warnings that interest rates will need to reach 3% to contain Europe’s energy crisis.
MATERIALS
Materials prices softened as demand looks set to remain week at least till year end.
Oil prices fell this week as concerns over weakening demand overshadowed fears of tighter supply.
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