I am taking a few days leave before the end of the year. Best in Energy will resume on Tuesday January 3
EU gas price cap likely to avoided and evaded
U.S./EU LNG shipments and pricing in 2023
EU statisticians to change energy inflation
FedEx hit by weak parcel shipments ($WSJ)
Global supply chains slacken in 2023 ($BBG)
World Bank call for new debt workouts ($FT)
India’s demographic transition
FEDEX’s share price has slumped by more than -30% over the last year (more than -40% in real terms) as merchandise shipments have slowed after the pandemic. In the past, a retrenchment of this magnitude has been consistent with a mid-cycle slowdown or a cycle-ending recession:
U.S. S&P 500 equity index is down by almost -20% compared with the same point in 2021. In the past, falls of this magnitude have been consistent with the onset of a recession. The index closed at a new high only once in 2022 and that was on the first trading day of the year. The absence of new highs is reminiscent of the 2001-2012 period when equity prices stagnated in the aftermath of the dotcom bubble:
JKempEnergy.com 