7 November 2022 – A general strike has been called for this week in Belgium. US market proves more than robust in terms of employment growth and logistics real estate. Where is the European hangover coming from? And European steelmakers are probably not-amused about AISI’s move on GHG emissions.
Belgium: General strike this week?
A general strike has been announced in Belgium for November 9, which is expected to have a significant impact on the Belgian economy. Already, many companies have confirmed that they will be closed next Wednesday. We will keep you updated on the upcoming general strike.
US labor market with robust employment growth
According to current estimates, the U.S. labor market continued to show robust job growth in October. Nonfarm payroll employment increased by approximately 261,000. Continued robust job growth points to a buoyant labor market – although the unemployment rate rose slightly in October, from 3.5 to 3.7 percent.
U.S. logistics real estate also strong in Q3
Logistics real estate, or vacant space, continued to be in short supply in the U.S. market in the third quarter, as companies continued to demand plenty of space amid advancing trends toward e-commerce and more robust supply chains. The vacancy rate, despite a significant increase in completions (121 million square feet), remained near the lows of 2.9%.
All just European catcalling?
In light of the latest European figures from steelmaker Outokumpu, with which we want to turn our gaze to the stainless steel sector, we wonder in the overall context why there is so much whining going on here? When the facts, such as a sales growth in Q3 of 26% compared to the same period last year, speak a completely different language?
AISI presents GHG emissions guidelines for steel
Something the European steel industry might not be so amused about either are the GHG Emissions Guidelines for Steel recently presented by the American Iron and Steel Institute (AISI). In contrast to the European requirements, these include Scope 3 emissions, e.g. emissions from upstream raw materials, as a basis for calculation.
New tensions in the Trade and Technology Council inevitable?
This issue shows time and again that it is, even if perhaps only partially, an economic policy instrument that is being used on a growing scale. And it is likely to lead to exciting discussions in the US-EU Trade and Technology Council.
- Stainless steel prices rise in Europe
- EU decision on scrap export ban postponed until early 2023?
- Ferrochrome stabilised, but supply secured?
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.