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☆ Morning Bid: Small caps pick up baton, China rating hit
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +6 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The likes of Microsoft (MSFT.O), Apple (AAPL.O), Nvidia (NVDA.O) and Amazon (AMZN.O) fell back over 1%, pressured by a modest bounceback in U.S. Treasury yields. China's blue-chip stocks slumped to their lowest since February 2019 amid fears of a possible cut to China's sovereign credit rating cut after Moody's outlook reduction. By Mike Dolan, Editing by Bernadette Baum; <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>Our Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Russell, that's, Moody's, Isabel Schnabel, Michael Gibson, Christine Laggard, Mongo, Zero Fox, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Reserve, Microsoft, Apple, Nvidia, Treasury, Reserve Bank of Australia, Central Bank, Reuters, ECB, Barclays, Qatar, P Global, Federal, Division, Supervision, Financial Innovation, Descartes Systems, Health, Powell Industries, Dave, Buster's Entertainment, Reuters Graphics, Thomson Locations: New York City, U.S, Global, York, Treasuries, Europe

☆ These global stocks are forming the bullish 'golden cross' signal — and have risen every time in the past
▼ + stars: | 2023-11-30 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

The phenomenon, known as a "golden cross," occurs when a stock's 50-day moving average share price rises above the longer-term 200-day moving average. It comes at a time when the S & P 500 has rallied by nearly 10% from a recent low, and charting analysts expect to see the index rise further . The stocks below are about to signal the golden cross pattern. Canadian stock Descartes Systems rose 7% on average in the month after the golden cross. The stock's price action has shown the golden cross forming seven times over the past decade.

Persons: Kevin Krishnaratne, David Weiss, Shagun Singh, Michael Werner, Hayley Tam Organizations: CNBC, Descartes Systems, Stryker Corporation, Deutsche, Nasdaq, Scotiabank, Stryker, RBC, UBS, CNBC Pro Locations: Canadian, Finland, Denmark, Norway, Sweden, Singapore

Seventy percent of Million Dollar Baby's demand is on the U.S. East Coast, executives said. During the first three months of 2023, West Coast ports handled 40% of U.S. container import volume. Extrapolating that first-quarter data over 12 months would show that more than 1 million twenty-foot equivalent units (TEU) moved away from the West Coast ports annually, starting in 2021, said Chris Jones, an executive vice president at Descartes Systems Group. Colgate-Palmolive (CL.N) routed 25% of containers away from West Coast ports and has already begun reversing some of that, said Francisco Rodriguez, Colgate toothpaste maker's director of global logistics. Importing to Mexico opens a legal loophole that enables Million Dollar Baby to sell those products to U.S. customers without a 25% tariff.

☆ Freight Forwarder Flexport Is Laying Off 20% of Its Workforce
▼ + stars: | 2023-01-12 | by ( Liz Young | ) www.wsj.com time to read: +4 min

Freight forwarder Flexport Inc. is cutting about 20% of its global workforce, or more than 600 workers, as the digital-focused business copes with falling shipping demand and repositions its operations to offer more supply-chain services. Mr. Petersen in June had estimated gross revenue of nearly $5 billion in 2022. The layoffs come amid a broader pullback in freight demand since the middle of last year as inflation has taken a toll on consumer demand and retailers have pulled back from earlier inventory restocking efforts. Mr. Clark, who led Amazon.com Inc.’s logistics expansion over his 20-plus years with the company, started as co-CEO at Flexport in September alongside the freight forwarder’s founder, Mr. Petersen. Mr. Clark is scheduled to fully take over the day-to-day leadership role on March 1, the company has said, and Mr. Petersen will then become executive chairman.

☆ U.S. Container Imports Tumbled Close to Prepandemic Levels in December
▼ + stars: | 2023-01-10 | by ( Paul Page | ) www.wsj.com time to read: +2 min

U.S. ocean imports closed 2022 extending a monthslong slide closer to prepandemic levels, according to a new report, leaving the shipping sector bracing for deeper declines in container volumes this year. U.S. container imports overall fell 2.8% last year from 2021, according to Descartes Datamyne figures, but the 28,276,129 containers were still 18.5% ahead of 2019 volumes. Bottlenecks at U.S. gateways have eased since last year, but new projections suggest shipping volumes will fall at an even steeper pace in the first half of this year. That would put trade behind the prepandemic levels and roughly equivalent to imports in early 2020, when Covid lockdowns crashed global shipping volume. “After nearly three years of Covid-19’s impact on global trade and consumer demand, import patterns appear to be returning to what was normal prior to 2020,” said Hackett Associates founder Ben Hackett.

☆ U.S. imports of containerized goods retreat to pre-pandemic level
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

LOS ANGELES, Jan 10 (Reuters) - U.S. imports of goods in ocean shipping containers in December fell to levels approaching those last seen before the COVID-19 pandemic, a new report said on Tuesday. December 2022 U.S. container import volume topped 1.9 million 20-foot equivalent units (TEUs), according to Descartes Systems Group. Then, the pandemic spawned an unexpected container cargo surge that overwhelmed seaports and upended global supply chains. Despite the sharp volume downturn in December, 2022 is shaping to be the second-busiest year after 2021 for U.S. container imports. Reporting by Lisa Baertlein in Los Angeles; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Container Imports Are Plummeting to Close the Year
▼ + stars: | 2022-12-15 | by ( Paul Berger | ) www.wsj.com time to read: +4 min

Big U.S. ports are reporting steep declines in inbound container volumes for November, signaling a downturn in goods imports is accelerating and adding to concerns over a deeper slowdown in 2023. The ports also handled about 98,000 fewer inbound boxes last month than in November 2019 and imports have been below prepandemic levels since September. Port of Los Angeles Executive Director Gene Seroka said the U.S. is seeing a slowing of imports. They also diverted goods to Gulf Coast and East Coast ports due to fears of a work slowdown as West Coast dockworkers negotiate a new multiyear labor agreement. The downturn is reaching East Coast ports, which have seen relatively strong trade as companies shipped around California’s congested gateways.

☆ Jamie Dimon sounds off on the economy, Fed, and crypto
▼ + stars: | 2022-12-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

There are few top executives who draw as much attention and speak as freely as Jamie Dimon, the CEO of JPMorgan. "Inflation is eroding everything…and that $1.5 trillion will run out sometime mid-year next year," Dimon said. Never one to mince words, Dimon then blasted the cryptocurrency sector when asked what he thought of the FTX collapse. Meanwhile, days after the EU's $60 per barrel price cap kicked in, oil prices slumped to levels not seen since before the invasion of Ukraine. There's been much debate about how the measure will alter oil prices moving forward — but PIMCO commodities strategist Greg Sharenow said it's going to come down to three factors.

☆ Imports Into Southern California’s Ports Plunged 26% in October
▼ + stars: | 2022-11-15 | by ( Paul Berger | ) www.wsj.com time to read: +3 min

Imports into the nation’s busiest container port complex in Southern California are plummeting as U.S. trade sputters and retailers and manufacturers shift their supply chains amid increasingly contentious West Coast port labor negotiations. Importers have said they are avoiding West Coast ports because previous contract talks have turned contentious and led to cargo slowdowns. Over the past few months, several West Coast ports have experienced sporadic work disruptions, although port officials say overall container movements remain steady. The declines are a contrast to East Coast ports that continue to see strong cargo volumes. That has also contributed to the recent decline in cargo volumes during what is normally a peak season for ocean shipping.

☆ Freight Operators’ Peak Shipping Season Is Crumbling
▼ + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com time to read: +7 min

The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas. Citi analysts say they expect a “weaker peak season and a large amount of uncertainty in terms of the magnitude of demand.”—Esther Fung and Liz Young contributed to this article.

☆ Freight Operators’ Peak Shipping Season is Crumbling
▼ + stars: | 2022-10-18 | by ( Paul Berger | Paul Page | ) www.wsj.com time to read: +6 min

The peak shipping season is fizzling as overstocked retailers cancel overseas orders and freight companies scale back expectations for heavy freight volumes heading into the holidays. But a range of measures of shipping demand across the U.S. are sliding, freight rates are falling as a result, leading carriers to pull back capacity amid concerns a deeper downturn is coming. Many retailers pulled peak season orders in early this year to avoid a repeat of 2021 when supply-chain congestion caused delays and product shortages during the holidays. Container shipping rates that hit record highs last year have also pulled back sharply, although they still remain above 2019 levels. The peak shipping season cascades down into package transport, as United Parcel Service Inc., FedEx Corp. and others typically handle growing volumes as the calendar counts down to Christmas.

☆ Southern California’s Notorious Container Ship Backup Ends
▼ + stars: | 2021-04-07 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

The backup of container ships off Southern California’s coast that was at the heart of U.S. supply chain congestion during the Covid-19 pandemic has effectively disappeared. But the biggest gain likely has come from fewer boxes reaching the busiest U.S. seaport complex for container imports. By January 2022, only 31% of container ships arrived at ports on time, down from about 70% before the pandemic, according to Sea-Intelligence. By September 2021, the average cost for shipping a container from Asia to the U.S. West Coast exceeded $20,000, a sixfold increase from a year earlier, according to the Freightos Baltic Index. Last week, the average cost to ship a container from Asia to the U.S. West Coast had declined 84% from a year earlier to $2,720.

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