COVID-19 Bulletin: April 30

Good Afternoon,

More COVID-19 news relevant to the plastics industry:

Supply

• Rising fuel demand boosted oil prices in early trading today, with the WTI price up more than 15% to $17.43/bbl and the Brent price up more than 11% to $25.22/bbl.
• U.S. crude inventories rose a less-than-expected 9 million barrels, buoying prices yesterday.

Supply Chain

• Our Gold Standard logistics and transportation partners continue to operate without disruption.
• U.S. ports continue to operate smoothly:

Markets

• U.S. consumer spending fell 7.5% in March, the biggest drop since recordkeeping began in 1959.
• Another 3.8 million workers filed first-time jobless claims last week, bringing the total for the past six weeks to 30 million. Nearly one in five workers is now unemployed.
• The U.S. government said it will authorize the use of remdesivir, an intravenous drug made by Gilead Sciences, for the treatment of COVID-19, after the treatment was successful in reducing the recovery time and death rate in a broad study.
• The EPA has issued a nine-page guide for cleaning and sanitizing public spaces to assist with the reopening of the economy.
• As Apple and Google race to develop an infection-alert system for use with smartphones, 60% of Americans surveyed indicate they won’t use the service for privacy reasons or for lack of a cellular device. 
• The Federal Reserve held rates steady and reiterated its intention to “use its full range of tools” to support the U.S. economy on the same day it was announced that the economy shrank by 4.8% in the first quarter.
• With federal social-distancing guidelines expiring tonight, Florida became the next state to announce plans for a limited reopening.
• The domestic automobile industry will reopen on varied schedules starting in May.
• Rental car company Hertz missed lease payments due Monday and is negotiating with lenders to avoid a possible bankruptcy filing.
• Toymaker Hasbro reported double-digit sales growth in the first quarter as sequestered families sought diversions, and China, where more than half of its products are manufactured, resumed production.
• Nine states are partially reopened and 16 have plans to reopen in the coming days.
• Environmental experts warn that a projected 8% drop in greenhouse gas emissions this year must not slow efforts to tame global warming as the economy recovers.

International

• The Mexican peso strengthened against the dollar after the government reported that first-quarter GDP contracted by a better-than-expected 1.6%.
• Many developing nations are rapidly reducing their foreign currency reserves, leaving them vulnerable to further economic shocks. 

Our Operations

• Our Healthcare team is offering video conferences for clients seeking advice on medical material selection, manufacturing and regulations. To schedule a meeting, contact Global Healthcare Market Manager Josh Blackmore.
• To access 3D printing training, order parts and seek technical assistance, visit our new online resource.
• M. Holland is fully operational and prepared to meet client needs for materials, material selection, logistics services and technical support.
• We have issued the following status statement:

In accordance with the guidance provided by the U.S. Department of Homeland Security Cybersecurity & Infrastructure Security Agency (CISA), M. Holland Company is considered a member of a critical infrastructure industry and will therefore remain operative. As such, with any necessary accommodations made to ensure the health and safety of our staff and business partners, we will continue to fully perform our normal business operations.

Thank you,

M. Holland Company

We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.