In the latest installment of weekly updates, we take a deeper look at various numbers that were released during the week. From trade data in China to a positively shocking Job Report by U.S. and from interest rate cuts in Eurozone and Canada to wider consumer sentiment. This update puts together various aspects so that the readers may be able to see the economy from all perspectives.
1. Monday Macro View: Is the Worst Behind Us? – PREMIUM
This week’s Monday Macro View will focus on the recent economic developments in China and the United States. China’s economic growth is facing significant headwinds, as highlighted by the latest purchasing managers’ indices (PMI) data. In the U.S. The economy grew nearly 3% in 2023, with the Atlanta Federal Reserve estimating a robust 4.2% growth for the second quarter of 2024. Despite these positive signs, consumer sentiment has plummeted, with Gallup’s Economic Confidence Index dropping to -34 in May. What does this all mean?
2. COP and MRO: A Well thought-out deal – PREMIUM
In May 29, ConocoPhillips (COP), one of the largest US energy producers, and Marathon Oil (MRO) announced a merger deal agreement. COP will acquire MRO for $22.5 billion of enterprise value. Both COP and MRO, being diversified energy producers, have plenty of common ground to share and optimize operations. MRO’s focus on select US basins will sharpen COP’s offerings, while COP’s international diversification can make MRO’s offerings global. What does this mean for the wider oil industry?
3. ProPetro’s Perspective in Q1: Key Takeaways – PREMIUM
Continuing with its initiatives to increase the share of electric frac, it has deployed three FORCE electric fracs, with a fourth prepared to be deployed by Q2-end. It also has seven Tier IV DGB dual fuel fleets operating. In Q1, PUMP’s effective frac spread utilization increased to 15 after falling to 12.9 a quarter earlier. Read the article to find out more about the inside news of the world of fracking!
4. Market Sentiment Tracker: Global Economy Still Has Red Flags – PREMIUM
Notably, 46% of Americans perceive the economy’s condition as “poor,” while only 22% describe it as “excellent” or “good.” This sentiment is echoed in a May 2024 survey, which finds that 70% of Americans believe the economy is “getting worse,” with only 26% feeling it is “getting better.” China’s PMI dropped to a three-year low of 49.5, indicating contraction. The new export order subindex fell sharply to 47.2 in May from 50.6 in April, reflecting weakening demand. Eurozone headline inflation remained unchanged at 2.4% in April, while inflation in the euro area increased by 2.6% compared to the same month in 2023. Click on the article to find more interesting data points regarding Eurozone, China and U.S.!
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