Biden met with the Fed chairman to discuss inflation; orders for robots in the United States surged in the first quarter

to Metcom | International highlights

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01. North America

On May 31, local time, the US White House issued a statement saying that US President Biden met with Fed Chairman Powell and the Treasury Secretary on the same day to discuss inflation. In his speech ahead of the talks, Biden said tackling inflation was his top priority. He also noted that the Fed has dual responsibilities, including full employment and price stability, and he expects Powell to continue to play a leadership role in addressing inflation.

As labor shortages across the United States are facing, the application of robots has become a way for many companies to alleviate this problem. The data shows that robot orders in the first quarter of this year in the United States increased by 40% compared with the same period in 2021. Rising wages and the massive number of employee absentees caused by the pneumonia pandemic have forced companies to seek technical means to cope with labor shortages. According to websites, in March this year, the number of job openings in the United States reached a record 11.5 million. Labor shortages have had a significant impact on industries such as U.S. aviation and retail. Some experts predict that the crisis could last for years. At the same time, some people are worried about the large number of machines replacing labor.

Amazon announced that it will open a new consumer robot software development center in India, which will provide solutions for the world. The new consumer robotics software development center will reportedly be used to support Amazon's international robotics division, which launched its first robot, The Astro, last year. Astro is designed to help clients with a range of tasks such as home monitoring and staying in touch with their families. It brings together new advances in artificial intelligence, computer vision, sensor technology, voice, and edge computing to help and facilitate users.

Recently, Amazon announced that it will terminate its support for its cloud camera and provide users with free Blink Mini cameras and Echo smart speakers as compensation. It is reported that until December 2 this year, cloud camera users will still be able to use their cameras and download videos. But after that, all the recordings of the cloud camera will be deleted and the hardware will no longer work.

On May 31, local time, Bed Bath & Beyond launched a private brand called Everhome. Despite a slowdown in home accessory category growth, Bed Bath & Beyond is the ninth time it has launched its own brand since announcing plans to launch more than 10 private labels at the end of 2020. With the widespread adoption of vaccines, consumer spending has gradually shifted from households to eating out and entertainment.

【Strong commercial demand, HP Q2 revenue and earnings per share exceed expectations】 Thanks to the stable demand for corporate upgrades to computer systems, HP announced sales and earnings per share in the second quarter of 2022 that exceeded analysts' expectations. Still, the company may still face some problems in the future as consumer spending on PCs and printers declines.

HP's after-hours financial report on the 31st local time showed that the company's Q2 revenue increased by 3.9% year-on-year to $16.5 billion, better than the average analyst expectation of $16.1 billion, most of the growth came from the commercial demand for desktop computers; Under GAAP accounting standards, net profit was $1 billion, down 19% year-over-year; Diluted earnings per share were $0.94, down 4% year-over-year.

Salesforce reported fiscal first-quarter revenue of $7.411 billion, net profit down 94% year-over-year) Salesforce, the world's largest PROVIDER of CRM software, announced its fiscal first fiscal 2023 financial results. Salesforce's total fiscal first-quarter revenue was $7,411 million, up 24 percent from $5,963 million in the year-ago quarter, excluding currency movements, up 26 percent year-over-year, net income of $28 million, down 94 percent from net income of $469 million in the year-ago quarter, and diluted earnings per share of $0.03 compared to $0.50 per share in the year-ago quarter, the report showed.

According to a report by Atlas, 1,006,232,879 Internet users (19.16% of all Internet users) use Safari, becoming the second browser with 1 billion users, but there is still a long way to go compared to the first Google Chrome, which has three times the number of users, with a total of 3,378,967,819 users. The report notes that Apple's Safari browser comes pre-installed on every iPhone and Mac computer, which also provides an advantage for expanding the number of users.

Apple will hold its week-long annual global developer conference WWDC on June 6. Apple's new iPhone or support screen is always on, tablet iPad or the first multi-task window freely resize, mobile phone and watch health function linkage. In addition to software operating systems such as phones, tablets, smartwatches and laptops that will take the opportunity to announce feature updates, a new generation of MacBook Air hardware may also be on display.

[Musk: SpaceX begins to produce second-generation Starlink satellites, will be bigger and stronger] SpaceX CEO released a message that the next generation of Starlink satellites will be larger and stronger, and it will provide Internet services for remote parts of the world. Musk revealed that SpaceX has begun production of the first Starlink 2.0 satellites. The second generation of satellites is 7 meters long and weighs 1250 kg, while the first generation of satellites weighs only 260 kg. The heavier it is, the more efficient the satellite is.

[U.S. tech stocks plummet, Tesla shorts have made $8.2 billion this year] In this year's U.S. stock market sell-off, short sellers have reaped a comprehensive return. By shorting the NASDAQ 100 Index, the cashed and unrealized gains of short sellers have collectively reached $62.5 billion. According to reports, the latest data shows that so far in 2022, investors who have gone short have made about $8.2 billion by shorting Tesla. In the years that followed, short sellers suffered serious losses due to the strong performance of Tesla's stock price.

Victoria's Secret reported first-quarter earnings with slightly higher-than-expected revenue, but the retail environment will continue to be challenging. Victoria's Secret reported first-quarter revenue of $1.48 billion and adjusted earnings per share of $1.11. For the second quarter, the company expects adjusted earnings per share to be between 95 cents and $1.25, compared with analysts expecting $1.19. Victoria's Secret said it was preventing supply chain problems and dealing with inflationary pressures and would still face challenges in the future. As of after-hours on May 31, local time, the company's stock price has fallen by about 26% since the beginning of the year.

In an interview with the media, the executive director of the International Energy Agency said that Russia is the cornerstone of the global energy system, and the Russian-Ukrainian conflict and the sanctions imposed on Russia by Western countries have made the world face a triple crisis of oil, gas and electricity at the same time. With the summer holidays approaching, there may be a fuel shortage crisis in the United States and Europe, and people will find that diesel, gasoline and kerosene are undersupplied at the same time, especially in Europe, because Europe is not only dependent on imports of crude oil, but also on petroleum products. Birol believes that the current energy crisis will be larger and longer lasting than the crises of the 1970s and 1980s.

The latest data from the American Automobile Association shows that as of Monday, the average retail price of gasoline in the United States reached $4.619 per gallon. That's higher than $4.178 a gallon a month ago and about 52 percent higher than a year ago.

A chemical plant in Omaha, Nebraska, caught fire that day, and the billowing black smoke from the fire shot straight up into the sky and could be seen for miles. The cause of the fire is unclear. According to reports, the fire occurred at around 19:00 local time on Monday (30th). The fire was so intense that billowing black smoke could be seen for miles, forcing nearby residents to evacuate.

Health Canada and the Public Health Agency of Canada announced on May 31 local time that the quarantine restrictions on entry will be extended to at least June 30. This means that foreign tourists are still required to provide proof of full vaccination when entering the country. Under the regulations, all inbound travelers, regardless of their nationality, must continue to submit their health information through the Canadian Government's designated mobile app (ArriveCAN) prior to entry.

02. European Union Region

On May 31, local time, data showed that after the EU agreed to partially ban the import of Russian oil, the average gasoline price in the United Kingdom reached a new high of 173.02 pence per liter. Fuel prices in the UK have hit record highs every few days in recent weeks. On the evening of the 30th, EU leaders agreed to cut the oil imports from Russia by 90% before the end of this year, which is the most severe sanction imposed by the EU on Russia since the Russian-Ukrainian conflict. The sanctions sent oil prices soaring above $124 a barrel, the highest level in three months. British Sky News analysis said that after the gradual relaxation of restrictions on the new crown epidemic in many parts of the world and the decline in refining capacity, the sharp increase in demand has caused fuel shortages and pushed up costs.

Oil prices rose after EU leaders agreed to support a ban on Russian oil imports. Brent crude rose 1.7 percent to $119.59 a barrel; WTI crude rose 3.2 percent to $118.76 a barrel. The ban could lead to a halt to at least 3.5 million barrels of oil purchases per day and could cause serious disruption to Russia's energy flows. For Russia, finding other buyers for such a large oil inventory will be a major challenge.

Inflation rises to 5.2% in May: The French National Institute for Statistics and Economic Research (INSEE) has released its latest French economic data. According to preliminary statistics, inflation rose again in France in May to 5.2 percent, breaking the record of being below 5 percent since September 1985. Rising energy prices are the main reason for this high inflation rate. France's inflation rate reached 4.8% year-on-year in April, the highest level in nearly 37 years.

03. Other regions

The Argentine Ministry of Production and Development issued Announcement No. 455 of 2022 in the Argentine Official Journal for non-RST type radial ball bearings originating in China with an outer diameter of between 30 mm and 120 mm (Spanish: Rodamientos de bolas radiales, de UNA (1) hilera de diámetro exterior comprendido entre TREINTA MILÍMETROS (30 mm) y CIENTO VEINTE MILÍMETROS (120 mm) excluidos los tipificados como RST) made the affirmative final decision of the fourth anti-dumping sunset review, deciding to uphold the anti-dumping measures established in Announcement No. 107 of 2018 when the importer imported the products in question at a price below the minimum limit, The difference between the minimum price levied and the declared FOB price is used as anti-dumping duties, and the minimum limit price remains unchanged from US$6.45/kg to US$15.62/kg. The customs code of the product involved in the case is 8482.10.10. The announcement shall take effect from the date of issuance and shall be valid for five years.

According to the Mexican Ministry of Civil Defense, Hurricane Agatha made landfall in Oaxaca, Mexico, at about 3:30 p.m. local time on May 30. Downgraded from a Category 2 hurricane to a Category 1 hurricane at 10 p.m., it has since weakened and has now been downgraded to a tropical storm. Mexico's Ministry of Civil Defense said that after the landfall of Hurricane Agatha, it will bring 12 to 24 hours of heavy rainfall to the areas along the route, and there are no reports of casualties.

Data shows that since February 24 this year, India has received 34 million barrels of discounted Russian oil. Russia has supplied india with more than 24 million barrels of oil in May, up from 7.2 million barrels in April and 3 million barrels in March, the data showed. In June, Russia will supply about 28 million barrels of oil to India. Russia Today (RT) noted that last year, Russia exported an average of 960,000 barrels of oil per month to India, while this month's exports are about 25 times that number.

According to the Vietnam News Agency, the General Directorate of Statistics of the Ministry of Planning and Investment of Vietnam recently announced that in May 2022, the total import and export of goods in Vietnam is expected to reach 62.69 billion US dollars, down 4.7% month-on-month, an increase of 14.5% year-on-year, and a trade deficit of 1.73 billion US dollars. In the first five months of 2022, Vietnam's cumulative import and export volume of goods reached US$305.1 billion, an increase of 15.6% year-on-year. Among them, exports increased by 16.3%, imports increased by 14.9%, and the trade surplus was 516 million US dollars.

Malaysia's Ministry of Commodities said on the 31st that the authorities will discuss the review of the export policy of palm kernel meal to stabilize the country's chicken supply. Against the backdrop of high global food prices, the country seeks to replace imported feed with palm kernel meal. Malaysia is the world's second largest producer and exporter of palm oil and produces palm kernel meal. Palm kernel meal is a by-product of the mechanical extraction of palm oil from palm fruit on oil palm trees, also known as palm kernel residue, which is used as animal feed. Malaysia's Merchandise Minister Zuraida Kamaruddin said in a statement that the Ministry of Commodities will hold discussions with other stakeholders to review our palm kernel meal export policy to support the domestic chicken industry.

According to the data released by the South Korean Customs Agency (Customs) on the 31st, the trade volume related to computers and peripherals in South Korea in the first four months of this year increased by 40.2% year-on-year to 13.3 billion US dollars, setting a record for the same period in the calendar year. Computers and peripherals refer to desktop computers, notebook computers, tablet computers and other computers and solid-state drives (SSDs), memory cards, monitors, printers and other devices.

to Metcom | Logistics highlights

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[Zoomlion Shipping's first new shipbuilding "Zoomlion Nansha" ship named and delivered, put into the South China-Thailand route] According to reports, the newly delivered ship is named "CUL NANSHA" ship, and the Chinese name is "Zoomlion Nansha" ship. The vessel has a total length of 172 meters, a width of 27.5 meters, a depth of 14.6 meters and a deadweight of 24,000 tons. The "Zoomlion Nansha" is the latest Wenchong 1930TEU Bangkok extreme container ship, which is the first ship of the newbuilding order cooperated by Zoomlion Shipping and CSSC Huangpu Wenchong.

In addition, the "Zoomlion Nansha" ship is built against the international advanced level, adhering to the concept of energy conservation and emission reduction, low-carbon environmental protection and green ships, in line with the current international convention norms and ship environmental protection requirements, and also adhering to the corporate mission of Zoomlion Shipping to "create social benefits and do a good job in environmental protection".

【30% off, priority service!】 SIPG Announces Relevant Operations and Rates of Coastal PiggybackIng,SIPG Announced that SIPG will do a good job in supporting and guaranteeing new business and new models for relevant liner companies, including the previous Coastal Pigging Business of Chinese-funded non-Five-Star Flag ships, and jointly promote the policy implementation and smooth operation of the coastal piggyback business. Operationally, the coastal piggyback business is treated as an international transfer, and priority support is given to terminal services to ensure transit efficiency. In terms of rates, for the coastal piggyback business during the pilot period, a 30% discount is given on the basis of the international transit standard rate, and it is included in the incremental preferential range of liner companies.

On May 31, Aokai Airlines, China United Airlines and other airlines issued a notice that the fuel surcharge for passenger transportation on domestic routes will be adjusted from June 5, and the adjusted standard is, adult passengers: 80 yuan per passenger on routes below 800 kilometers (inclusive), and 140 yuan per passenger on routes above 800 kilometers.

The Baltic Dry Freight Price Index rose for the fourth consecutive month, but recorded a decline for the sixth consecutive trading day, with limited gains. The Baltic Overall Dry Bulk Freight Price Index slipped 5 points, or 0.2 percent, to 2,566 points, up 6.7 percent this month. The Cape Freight Rate Index rose 74 points or 2.9 percent to 2,668 points, up 24.9 percent this month. Cape ship average daily profits rose $610 to $22,126. The Panamax Freight Rate Index slipped 71 points, or 2.4 percent, to 2,873 points, a cumulative 2.2 percent drop this month. The average daily profit of Panamax ships fell by $633 to $25,860. The Ultra Handy Bulk Carrier Freight Rate Index slipped 31 points to 2743 points, up 0.3% this month.

to Metcom | Domestic highlights

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[Ministry of Commerce: From January to April, the total import and export of services was 1,907.49 billion yuan, an increase of 21.9% year-on-year] Ministry of Commerce: From January to April this year, the mainland's service trade continued to grow steadily. The total import and export of services was 1,907.49 billion yuan (RMB, the same below), an increase of 21.9% year-on-year; of which service exports were 933.26 billion yuan, an increase of 25.1%; imports were 974.23 billion yuan, an increase of 19.1%. The increase in service exports was 6 percentage points greater than that of imports, driving the service trade deficit down by 43.1% to 40.97 billion yuan. In the month of April, the total import and export of services in the mainland reached 450.2 billion yuan, an increase of 10.8% year-on-year.

to Metcom | E-commerce highlights

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【DHgate New Battery Access Category Rules】DHgate Announced that from now on, the platform will set the consumer electronics - battery / power supply - battery pack category as an access category, and the seller needs to provide relevant qualifications in accordance with the qualification requirements of the category to operate the category. The revised rules were published on May 30, 2022 and came into effect on June 6, 2022. Please submit the relevant qualifications before June 30, 2022, otherwise you will not be able to operate this category.

According to the announcement, the qualification requirements of the category are as follows: the qualification of enterprises that have passed real-name certification (except for individual industrial and commercial households); products need to meet the safety qualifications of exporting countries, and they need to provide relevant qualifications such as EU CE certification/US UL certification; sign an access commitment.

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