Fed chair poll | Biofuels | Immigration bill | China cancels more U.S. corn | AIM | Black Sea grain
Chinese merchandise trade data for April revealed a -7.9% drop in imports vs. -0.2% which has poured some cold water on hopes for a strong recovery in the world's second largest economy. Meanwhile, China imported a lot few soybeans than expected. More in China section. All sides to meet on Black Sea grain deal this week. We have details and reports on the declining market impact of the topic in the Russia/Ukraine section.
Nasdaq has officially exited a bear market as investors continue to pile back into tech stocks that have been shunned for much of the past year. Elsewhere, the S&P 500 is up 16% since its last lows seen in October 2022, while the Dow is up 17% since this past September. Only another 3%-4% move will see the two indices restore their bull market status.
"The bigger concern is that a majority of banks plan to tighten standards further over the rest of the year. That will starve firms and households of credit and help push the economy into recession in the second half of this year," said Michael Pearce, lead economist at Oxford Economics. April tax collections were particularly weak, resulting in a one-month surplus of only $173 billion this year , compared to $308 billion in April of 2022. When comparing both surpluses for timing shifts, this year's April surplus is just one-quarter of the April 2022 surplus.
The bottom line, the article says, is that borrowers in stronger financial positions will still pay much less in fees compared to those with lower scores and down payments. The pricing also considers other factors, such as the requirement for those with down payments of less than 20% to buy private mortgage insurance, which reduces some of the risk of borrower default for Fannie and Freddie.
• Norfolk Southern faces a key test of investor sentiment this week as executives meet with shareholders for the first time since a toxic train derailment in Ohio. The company's annual investor meeting comes as Norfolk Southern has lost about $10 billion in market value since the Feb. 3 accident, while some investors are signaling their discontent with management. The Wall Street Journal reports that New York state Comptroller Thomas P.
There are 62 vessels waiting to travel to ports in Ukraine, and the U.N. said that eight had been put forward for JCC authorization, but the JCC has not agreed to any new authorizations in recent days. — War with Russia has siphoned off workers from Ukraine's farms, leaving farmers with inexperienced replacements and concerns about a drop in yields. Reuters.
— China's export growth slowed in April while imports plummeted more than expected, raising more questions about the strength of the economic recovery. Overseas shipments expanded 8.5% from a year earlier to $295 billion — faster than consensus but slower versus March's 14.8% gain. Imports dropped 7.9%, more than anticipated. Crude oil imports were down 1.45% year over year to the lowest level since January, after surging 22.5% in March.
The future of the biofuels industry hinges on state and federal credit values, as well as which fuels are prioritized. Major companies such as BP and Chevron have invested significantly in the industry, but the sector's growth has stalled. To combat climate change, the International Energy Agency suggests that biofuel production must quadruple by 2030, making up 15% of global transportation fuel.
GOP comments:"Mismanagement of the SPR has undermined America's energy security, leaving the nation more vulnerable to energy supply disruptions, and increasing the ability for OPEC and Russia to use energy as a geopolitical weapon," wrote House Energy and Commerce Chair Cathy McMorris Rodgers , and Sen. John Barrasso , the top Republican on the Senate Energy committee.
Vilsack announced two new U.S. initiatives and interviewed former Vice President Al Gore, a leading advocate for addressing climate change. Gore, known for the book and film An Inconvenient Truth, talked about his 400-acre farm in Tennessee, noting he began about 10 years ago transforming the farm into regenerative agriculture, including crop rotation, rotational grazing, seaweed supplements to reduce livestock's methane emissions and no-till cultivation.
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