Crude Prices Drop As Gasoline Stockpiles Rise

Geberit Q4 Net Sales Up 6.7% – Quick Facts

Swiss sanitary technology solutions provider Geberit Group (GBERF.PK) reported that its net sales for the fourth quarter were 773 million Swiss francs, an increase of 6.7% from the previous year. After currency adjustments, quarterly net sales were up 7.7%. Growth was positively affected by pull-forward effects due to announced price increases and the build-up of inventories at wholesalers.

The company reported that net sales rose by 15.9% to 3.46 billion francs in the 2021 business year. In local currencies, this resulted in an increase of 14.7%.

The company expects an operating cashflow margin (EBITDA margin) of around 31% for the
business year 2021.

States Where the Most People Are Vaccinated

As the omicron variant spreads and new daily cases of COVID-19 hit new highs in the United States, the national vaccination effort is as urgent as it ever has been. So far, an estimated 207,954,605 Americans have been fully vaccinated, or 63.6% of the population.

Some states are proving more effective than others in getting their residents vaccinated. Depending on the state, the share of the population that has been fully vaccinated ranges from as low as 47.4% all the way up to 78.0%.

Due in large part to vaccine hesitancy and resistance, millions of doses are currently sitting idle under the purview of state governments, yet to be administered. As of Jan. 11, only about 81.2% of the 641,885,200 doses of the vaccine that have been distributed to the 50 states and Washington D.C. have been administered. In one state, only 67.0% of delivered doses have gone into the arms of residents.

Meanwhile, the virus continues to spread. In total, there have been 18,293 known infections for every 100,000 people nationwide.

European Economics Preview: Germany Factory Orders, Inflation Data Due

Factory orders and consumer prices from Germany are due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s factory orders data for November. Orders are forecast to grow 2.1 percent on month, reversing a 6.9 percent fall in October.

At 3.00 am ET, gross wages and producer prices are due from Hungary.

Half an hour later, IHS Markit releases Germany’s construction PMI data for December.

At 4.30 am ET, services Purchasing Managers’ survey results are due from the UK. The services PMI is seen falling to 53.2 in December, in line with the flash estimate, from 58.5 in November.

At 5.00 am ET, Eurostat is slated to issue euro area producer prices for November. Economists expect producer price inflation to rise to 22.9 percent from 21.9 percent in October.

At 8.00 am ET, Destatis is scheduled to issue Germany’s flash consumer prices data. Consumer price inflation is expected to ease to 5.1 percent in December from 5.2 percent in November.

Winter weather, sick crews cancel thousands of holiday flights

New York (CNN Business)A strong holiday travel season helped Delta Air Lines to a better-than-forecast profit in the last three months of 2021. But it expects to lose money again in the current quarter as Covid infections surge.

Still, the airline offered a hopeful message, saying it expects the impact of Omicron on its operations will be over within the next 60 days. That should allowing Delta to return to profitability by March and to continue to make money throughout the summer travel season.
“The recent rise in Covid cases associated with the Omicron variant is expected to impact the pace of demand recovery early in the quarter, with recovery momentum resuming from President’s Day weekend forward,” said Glen Hauenstein, Delta’s president.

    Delta (DAL), which was the only major airline to report a profit in the third quarter, earned $143 million excluding special items, in the fourth quarter. That was better than the $85 million forecast by analysts.

      Three months ago, the company had warned it expected a fourth-quarter loss because of rising fuel prices. But fuel prices rose less than Delta had feared, and holiday travel was stronger than it had expected.

      Shares of Delta (DAL) were up 2% in premarket trading on the report.

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      Griffon Says Hunter Fan Acquisition Receives U.S. Antitrust Approval – Quick Facts

      Griffon Corp. (GFF) announced Thursday that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired in connection with its proposal to acquire Hunter Fan Co. The transaction is expected to close the week of January 24, 2022.

      On December 20, 2021, Griffon, through its unit The AMES Companies, agreed to acquire Hunter Fan from MidOcean Partners for $845 million. Hunter is a leading U.S. brand of residential ceiling fans.

      Crude Prices Drop As Gasoline Stockpiles Rise

      Crude oil prices have declined in Thursday’s trade after a large increase in gasoline stockpiles renewed fears of an Omicron-induced demand taper. The decline in crude oil prices is despite a large drop in crude oil inventories in the U.S. in the preceding week.

      Recent data released by the U.S. Energy Information Administration revealed that the US crude oil inventories had fallen by 4.553 million barrels in the week ended January 7th. Markets had factored in a 1.904 million drop for the same period.

      The EIA report also showed that Gasoline inventories were up by 7.961 million barrels during the same period, far more than the expected increase of 2.408 million barrels.

      Earlier the American Petroleum Institute had indicated the decrease in stocks of crude oil for the week ended January 7th as 1.077 million barrels, versus market expectations of 1.950 million decease.

      Both the reports showed that it was the 7th week of consecutive declines in the crude oil inventories in the U.S.

      Brent crude for March settlement on Thursday traded between a high of $85.02 and a low of $84.18.

      It is currently trading at $84.43, down 0.28 percent from Wednesday’s close of $84.67.

      Likewise, West Texas Intermediate crude for February settlement traded between a high of $82.94 and $82.16.

      It is currently trading at $82.26, having dropped 0.46 percent from Wednesday’s close of $82.64.