Industrials Up as Traders Hedge on Russian Gas Flows — Industrials Roundup

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Shares of industrial and transportation companies surged amid hopes that a shutdown in Russian gas supplies to Europe could be averted.

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If supplies to the continent are cut off indefinitely, the impact could spill over into the US, where many manufacturers count Europe as a major market, warneds at brokerage Goldman Sachs Group, in a note to clients.

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“In a scenario where Russian gas flows remain at negligible levels even after the summer maintenance period, we estimate that export growth to Europe could decline from +9% year-on-year last quarter to -4%,” reducing US gross-domestic Product growth by one-quarter of a percentage point for three straight quarters, warneds at brokerage Goldman.

Some European industrial concerns rose after Reuters reported that the Nord Stream pipeline would return to service as scheduled, albeit below capacity.

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Aerospace and defense concern Lockheed Martin cut its 2022 sales and profit projections, warning that workforce and supply-chain kinks could linger into 2023.

Write to Rob Curran at [email protected]

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Credit: www.marketwatch.com /

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