In Today's Digital Newspaper
Fed funds futures predict a 90% chance that the Fed keeps rates at 5% to 5.25% at the June meeting and more than a 70% chance that cuts begin in September. Natural gas purchases needed to refill Europe's storage sites are slower than usual for this time of year despite a recent price drop with some buyers betting on a further slump. Meanwhile, Europe seems to be rebranding its push for biofuels and away from fossil fuels.
EPA will be active this week, including another trip to Congress by EPA Administrator Michael Regan. More in Energy & Climate Change section. U.S. equities Friday: A big rise on Friday for all three major indices only allowed the Nasdaq to register a slight gain for the week. The Dow fell 1.2%, the S&P 500 was down 0.8% while the Nasdaq edged up 0.1%. On Friday, the Dow was up 546.64 points, 1.65%, at 33,674.38. The Nasdaq rose 269.01 points, 2.25%, at 12,235.41. The S&P 500 gained 75.03 points, 1.85%, at 4,136.25.
• For just the second time in Commerce Department records back to 1994, the U.S. registered a petroleum-trade surplus after adjusting for inflation. Exports of oil and products surged more than 24% in March to a record $27.6 billion in the biggest monthly advance since 2017. The nation imported $27.1 billion in petroleum, the least since November, data released last week showed.
• U.S. corn exports are falling fast. USDA will provide an update on U.S. exports this Friday via the WASDE report, the first outlook for the upcoming 2023-24 season. A massive Brazilian corn harvest has meant product from the U.S. — traditionally the biggest corn producer and exporter — is more expensive than shipments from South America, making it less attractive for buyers. The cancellation of U.S. sales by China could force the USDA to trim its outlook for exports.
CHINA UPDATE — Senate Appropriations Committee is planning a two-step process to examine US competitiveness with China. On Wednesday, Chair Patty Murray plans a closed-door, full committee session for lawmakers to hear privately from officials from the Defense, State, and Commerce departments as the committee prepares to work with other panels on follow-on legislation to last year's Chips and Science Act.
— China's largest trade fair was not a triumphant return for the world's manufacturing hub. Instead, the mood was downbeat as factories grapple with a global slowdown and a scarcity of U.S. buyers. "Welcome to the new world of trade deals,' the WSJ article says."It's no longer about slashing duties, but a host of other issues — from digital copyright to air quality and technology and product standards — often brokered in government-level agreements rather than full-blown treaties.'
— EPA this week is reportedly expected to release a proposal to limit emissions from coal and natural gas power plants, and the anticipated plan will likely rely on states and plant owners installing carbon-capture systems at their facilities despite delays for similar projects.
— Teck Resources and Canadian Pacific Kansas City will test hydrogen fuel-cell locomotives to transport coal under a new agreement.