Industrial output in Shanghai dropped 7.5% in March, city official says

Industrial output in Shanghai dropped 7.5% in March, city official says


A worker works at a production line in Qingpu district of east China’s Shanghai 211027. Industrial output in the city dropped by 7.5% year-on-year after stringent lockdown measures halted production in some factories, the city’s official said on Friday.

Ding Ting | Xinhua News Agency | Getty Images

Industrial output in Shanghai, China’s financial hub, dropped by 7.5% year-on-year after stringent lockdown measures halted production in some factories, the city’s official said on Friday.

“The latest virus outbreak has greatly impacted the city’s industrial activities, leading to March’s output being down 7.5% year-on-year,” Wu Jincheng, chairman of Shanghai’s economic planner, said at a press conference on Friday.

The city’s industrial output growth in the first quarter slowed to 4.8%, Wu said. There were no comparative data on fourth quarter of 2021 or year-on-year figures.



Source

Trump Fed pick Kevin Warsh clears key Senate hurdle, teeing up final vote
World

Trump Fed pick Kevin Warsh clears key Senate hurdle, teeing up final vote

The Senate banking committee on Wednesday voted to advance Kevin Warsh’s nomination to lead the Federal Reserve, teeing up President Donald Trump’s pick for a final confirmation vote in the Republican-controlled Senate. The vote fell along party lines, with all 13 Republican members voting in favor of the nominee and all 11 Democrats voting against […]

Read More
A million-dollar gold bear emerges ahead of the Fed decision
World

A million-dollar gold bear emerges ahead of the Fed decision

One of the hottest trades of the past year might have run its course, if one options trader gets their way. In one of the most interesting macro trades of the day, someone sold upside call exposure in the SPDR Gold ETF (GLD) while simultaneously buying downside put exposure in a two-pronged trade that both […]

Read More
Jet fuel bidding war breaks out as airlines confront ‘global stress test’ over shortages and cancellations
World

Jet fuel bidding war breaks out as airlines confront ‘global stress test’ over shortages and cancellations

Europe is urgently turning to alternative suppliers of jet fuel as imports from the Middle East remain knocked out — but the continent must “fight for every cargo” in what analysts have dubbed a “global stress test” for the airline industry. The loss of Middle Eastern jet fuel because of the Iran war is quickly […]

Read More