Ida-hit oil industry port sustains less damage than feared
A critical port that serves as the primary support hub for the Gulf of Mexico’s deepwater offshore oil and gas industry sustained less damage from Hurricane Ida’s direct hit than initially feared and should be able to return to working operations “in the near future."
S&P Global buys IHS Markit in $44B deal joining data cos.
NEW YORK – S&P Global is buying IHS Markit in a $44 billion all-stock deal that joins two of the largest data providers to Wall Street. Each share of IHS Markit common stock will be exchanged for a fixed ratio of 0.2838 shares of S&P Global stock. Current S&P Global shareholders will own approximately 67.75% of the combined company, while shareholders of IHS Markit, based in London, will own about 32.25%. Douglas Peterson, the CEO of S&P Global, will hold that title at the combined company. Shares of IHS Markit rose more than 5% in Monday premarket trading.
Asian shares fall as caution sets in after Wall St retreat
Asian shares were mostly lower Thursday as caution again after a retreat on Wall Street driven by a decline in technology shares. (AP Photo/Ahn Young-joon)Asian shares were mostly lower Thursday as caution set in after a retreat on Wall Street driven by a decline in technology shares. Risks of a broader sell-off of technology shares after a long due correction, Hayaki Narita at Mizuho Bank in Singapore said in a report. “Weak leads from Wall Street continue to be the bane of Asia markets as regional indices broadly slipped,” said Jingyi Pan, market strategist at IG. In energy trading, benchmark U.S. crude fell 42 cents to $39.51 a barrel in electronic trading on the New York Mercantile Exchange.
Reports: World economy faces tough journey back from crisis
(AP Photo/Koji Sasahara, File)WASHINGTON The world economy likely faces a long slog back from the coronavirus crisis. IHS Markit said that it expects the world economy to shrink 5.5% this year, triple the damage it sustained in the 2008 financial crisis, and then struggle to regain traction. While growth in the hardest hit economies may snap back briefly, the momentum will soon fade, the financial research firm warned. It expects the U.S. economy to contract 7.3% this year and the collective economy of the 19 European countries that share the euro currency to recoil 8.6%. But Deutsche Bank notes that the virus is different: Recovering from the pandemic wont require any of the growth-stimulating rebuilding that follows earthquakes and typhoons.
US manufacturing sector shrinks for first time in nearly decade
Bill Pugliano/Getty Images(CNN) - The manufacturing sector has become the problem child of the U.S. economy. The global manufacturing sector might already be in a recession, said Charles Schwab chief investment strategist Liz Ann Sonders during CNN's digital live show Markets Now on Wednesday. Manufacturing output rose to a two-month high of 50.6. That has stymied global growth and hurt export sales, Moore said. But the "most concerning aspect" of the latest data is a slowdown in new business growth, which fell to its weakest level in a decade, Moore said.