operator Colonial Pipeline providing no timeline for a restart following a shutdown late Friday due to a ransomware attack.
jobs rose by 266,000 in April, trailing the projected one million jump, and suggesting that the Fed may hold its accommodative stance for even longer.
A range of Fed speakers are due this week, including Chicago Fed President Charles Evans on the economic outlook Monday and U.S.
Gasoline stockpiles have hovered near a four-month low since March, while diesel inventories are just above the five-year average for this time of year.The shutdown is likely to cause fuel pile-ups, as well as shortages, along different parts of the extended supply chain, and there’s concern that some refineries may be forced to reduce processing rates.“If it is prolonged you would expect that refiners would need to start reducing run rates,” said Warren Patterson, head of commodities strategy at ING Group.
While Japan’s biggest automakers report what analysts expect to be depressed earnings this week, investors looking for trading cues will be tuned into any assessment of the future impact of a global chip shortage that has forced a shake-up in production.
Notable economic news this week: the National Federation of Independent Business releases its Small Business Optimism Index for April on Tuesday, and the Bureau of Labor Statistics reports the consumer price index for April on Wednesday and the producer price index for April on Thursday.
Also in this week’s Barron’s: Barron’s 100th anniversary The legacy of Barron’s founder Barron’s biggest hits and misses over the past century Introduction of the Barron’s Future Focus Stock Index How the awful April jobs report is misleading Whether the tussle over COVID-19 vaccine patents is overblown How tech innovators can be better global citizens Whether more electric vehicles really pose a threat to oil Whether Dogecoin needs to be taken a little more seriously How to avoid getting burned by thematic exchange-traded funds How Vietnam’s big infrastructure plans are good news for investors At the time of this writing, the author had no position in the mentioned equities.
“It controls the settings on the pipeline, what the pressure is, remote operation of valves,”Trying to restart the flow of gasoline without that capability would require Colonial to send people to various facilities along the length of the pipeline, and the expertise needed to operate under those conditions is limited, he said.“If they can restore their systems in 72 hours — or even a week — they’ll be in good shape,” Pearson said.
Steelmakers in the rest of the world such as ArcelorMittal SA are also enjoying a boom as markets bounce back from the pandemic.“There is a chance that ex-China demand can come back to such an extent that we still see steel demand pick up globally and that will see iron ore demand remain at these elevated levels,” CBA’s Dhar said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
fuel pipeline system, Colonial Pipeline, shut down on Friday after a cyber attack, prompting worries about a spike in gasoline and diesel prices ahead of the peak summer driving season if the outage does not end soon.
“The CTAs didn’t necessarily know why they were doing it — they were just doing it based on historical correlations and trends — but they happened to make the correct call.”Other money managers chased the move too, but the largest inflows from traditional hedge-fund investors only came once breakthroughs with Covid-19 vaccines emerged, according to Layton.Collectively, by the end of the year, they’d help lift speculative positioning in London Metal Exchange and Comex copper contracts to a new peak, with their net position accounting for more than 10% of underlying demand, according to Citigroup.ETF InflowsUnlike larger precious-metals markets, exchange-traded products have never gained much traction in copper, but that’s changing rapidly.From a low base, net inflows into the WisdomTree Copper exchange-traded commodity fund, the largest of its kind, have surged $366 million this year, lifting assets under management to a record $841 million.
to underperformDBS Bank warned that the market is getting complacent after India’s dollar bonds showed some signs of recovery after a sell-off in the first half of AprilInvestors may be too optimistic given the likelihood of a more persistent impact from the pandemic fallout on the finances of companies and households, it saidFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.