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US rig count rises for 4th straight week

October 10, 2020

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Permian tally rises to 130

Mella McEwen, MRT.com/Midland Reporter-Telegram

Oct. 9, 2020Updated: Oct. 9, 2020 5:55 p.m.

The U.S. rig count continues to claw its way back from record lows brought about by the COVID-19 pandemic and oil market crash.

Baker Hughes, which has tracked the rig count weekly since the 1940s, reported Friday that the rig count posted its fourth consecutive rise, rising three rigs to 269 at work nationally. There were 193 rigs drilling for oil, up four for the week, and 73 drilling for natural gas, down one for the week. The rig count is 587 rigs below the 856 at work this time a year earlier.

Texas added three rigs for 116 at work statewide, down 304 from the

Japan August Household Spending Seen Falling for 11th Straight Month: Reuters Poll | Investing News

October 2, 2020

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TOKYO (Reuters) – Japanese household spending is expected to have fallen for a 11th straight month in August, a Reuters poll found on Friday, suggesting the coronavirus crisis is still weighing heavily on consumer confidence.

Analysts say the economy is rebounding gradually after suffering its worst post-war contraction in the second quarter, but the jobs and wage situation remain weak.

New COVID-19 cases in Japan have been on a general downward trend recently but appear to be levelling off.

Household spending likely fell 6.9 % in August from a year earlier, the poll of 14 economists showed, after a 7.6 % fall in July.

Compared with the previous month, household spending is forecast to have risen 3.2% in August from a 6.5% decline, the poll found.

“As the coronavirus cases resurged in Japan, people’s self-restraint stance towards spending on entertainment and tourism persisted,” said Takeshi Minami, chief economist at Norinchukin

US hiring likely slowed in September for 3rd straight month

October 2, 2020

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WASHINGTON (AP) — A critical snapshot of the job market and the economy to be released Friday is expected to show a further deceleration in hiring as the nation’s viral caseload creeps higher and as government financial aid has faded.

When the Labor Department issues its September jobs report, economists predict it will show a gain of 850,000, according to a survey by data provider FactSet. That would mark a third straight monthly slowdown, after June’s 4.8 million job gain, July’s 1.7 million and August’s 1.4 million.

If the forecast for September proves accurate, it would mean that the economy has regained only slightly more than half the 22 million jobs that vanished when the pandemic flattened the economy in early spring. Should job gains continue to remain below 1 million a month, it would take until late 2021 or 2022 to recoup them all.

So far, hiring has rebounded

September growth for US manufacturing, fifth straight month

October 1, 2020

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U

By

MATT OTT AP Business Writer

October 1, 2020, 2:49 PM

2 min read

SILVER SPRING, Md. — U.S manufacturing grew at a slightly slower pace last month, continuing to rebound from spring’s coronavirus recession.

The Institute for Supply Management, an association of purchasing managers, said Thursday that its manufacturing index fell to 55.4 in September from 56 in August. Anything above 50 signals growth, and U.S. manufacturing has expanded now for five consecutive months.

The ISM reported that new orders and production grew in September, though at a slower pace. Employment contracted for the 14th straight month, though with a reading of 49.6, came very close to expansion for the first time since July 2019.

Among the six biggest manufacturing industries, food, beverage and tobacco continued to be the best-performing sector.

ISM said 14 of the 18 manufacturing

Foreigners Net Sellers of Japanese Stocks for Fourth Straight Week | Investing News

October 1, 2020

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(Reuters) – Foreign investors remained net sellers of Japanese equities last week on concerns over a slow global economic recovery, with data on U.S. economic activity showing a sedate progress.

Data from Japanese exchanges showed foreigners were net sellers of stocks worth 383.61 billion yen ($3.64 billion) for the week ended Sept. 25, the biggest in eight weeks.

They sold 184.79 billion yen in cash equities markets, and 198.82 billion yen in derivatives.

Graphic – Foreign flows into Japanese stocks: https://fingfx.thomsonreuters.com/gfx/mkt/rlgpdjgbjpo/Foreign%20flows%20into%20Japanese%20stocks.jpg

Investors sought to limit exposures to downside risks as the global economic outlook darkened on rising COVID-19 infections in Europe as well as on uncertainties over the U.S. presidential election.

Last week, data showed that U.S. business activity cooled in September, dampening hopes about a recovery from the pandemic recession.

Japanese stock indexes, the Topix index <.TOPX> and the Nikkei share average <.N225>, both fell about 0.7% last week.

China’s Industrial Profits Grow for Fourth Straight Month | Investing News

September 27, 2020

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SHANGHAI (Reuters) – Profits at China’s industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing, the statistics bureau said on Sunday.

China’s recovery has been gaining momentum as pent-up demand, government stimulus and surprisingly resilient exports propel a rebound.

Industrial firm profits grew 19.1% year-on-year in August to 612.81 billion yuan ($89.8 billion), the statistics bureau said.

That compares with a 19.6% increase in July and is the fourth straight month of profit growth.

However, industrial firms’ profits still face external pressures as rising tensions between Washington and Beijing cloud the global trade outlook.

Raw material manufacturing profits increased by 32.5% in August, up from 14.7% in July, according to Zhu Hong, an official at the statistics bureau. This was driven in part by a rebound in the prices of international commodities such as crude oil and

China’s industrial profits grow for fourth straight month

September 27, 2020

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SHANGHAI (Reuters) – Profits at China’s industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing, the statistics bureau said on Sunday.

FILE PHOTO: A worker welds a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. China Daily via REUTERS

China’s recovery has been gaining momentum as pent-up demand, government stimulus and surprisingly resilient exports propel a rebound.

Industrial firm profits grew 19.1% year-on-year in August to 612.81 billion yuan ($89.8 billion), the statistics bureau said.

That compares with a 19.6% increase in July and is the fourth straight month of profit growth.

However, industrial firms’ profits still face external pressures as rising tensions between Washington and Beijing cloud the global trade outlook.

Raw material manufacturing profits increased by 32.5% in August, up from 14.7% in July, according to