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Demand for raw materials and components weakens sharply in Europe and North America in June, Indicating greater risk to the economy heading into the second half of 2023: GEP Global Supply Chain Volatility Index
- Worldwide supply chain spare capacity rises for the third successive month, remaining at the highest level since zenith of the pandemic in May 2020
- Demand in Asia, led by India, is holding up better than in Europe and North America, highlighting divergence in growth between Western and Eastern economies
- Global supply shortages fell to their lowest since January 2020 and companies operated with low levels of inventories following months of stock drawdowns
CLARK, N.J, July 14, 2023 /PRNewswire/ — The GEP Global Supply Chain Volatility Index — a leading indicator tracking demand conditions, shortages, transportation costs, inventories and backlogs based on a monthly survey of 27,000 businesses — recorded -0.26 in June (vs. -0.28 in May), marking a third successive month of excess global supplier capacity. Today’s figure highlights the complete reversal in global supply chain frictions compared to a year ago, when GEP’s index stood at 3.53.
In June, a key finding was the worsening of global demand for raw materials, commodities and components, specifically in Europe and North America, signalling a deteriorated outlook for manufacturing as borrowing costs rise, with risks of spillover effects to the wider economy intensifying. This in turn led excess capacity at suppliers operating in these regions to rise rapidly and by a larger degree than seen in May.
In contrast, input demand in Asia is showing greater resilience. Purchasing activity across the region is broadly tracking in line with its historical average, with pockets of strength in some Eastern markets led by India, one of the fastest-growing major economies so far in 2023.
Commenting on the June data, Joel Johnson, vice president, supply chain consulting, GEP, said: “Weakening demand for components and raw materials in the Western economies, low levels of inventory and excess global supplier capacity suggest that storm clouds are gathering. The softening of demand in the manufacturing sector in the last few months is a leading indicator that the broader economy in the Western hemisphere will slow in the second half of 2023. It’s a perfect time for companies’ procurement to re-negotiate terms for 2024 and 2025 with suppliers.
June 2023 Key Findings:
- DEMAND: Global demand for raw materials, commodities and components weakened to the greatest degree since January, driven by sharper deteriorations in Europe and North America.
- INVENTORIES: Reports from businesses of safety stockpiling were only just above their long-run average in June, indicating little desire among companies to hold excess inventory.
- MATERIALS SHORTAGES: Reports of item shortages fell once again in June and are now at their lowest level since January 2020.
- LABOR SHORTAGES: Reports of backlogs directly due to a lack of employees are historically low.
- TRANSPORTATION: Global transportation costs fell further below their historical average, significantly easing inflationary pressures on companies.
REGIONAL SUPPLY CHAIN VOLATILITY
Supplier capacity in Asia also remains underutilized, but to a much lesser extent than in Western economies.
- NORTH AMERICA: Declined to -0.85 in June from -0.70 in May as input demand weakened notably.
- EUROPE: Declined to -0.67 in June from -0.58 in May, as input demand declined in lockstep with North America.
- U.K.: Remained subdued at -0.60 in June but relatively unchanged from -0.66 in May.
- ASIA: Bucked the global downward trend at -0.17 in June versus -0.18 in May as region shows more resilience.
For more information, visit www.gep.com/volatility
Note: Full historic data dating back to January 2005 is available for subscription. Please contact [email protected].
The next release of the GEP Global Supply Chain Volatility Index will be 8 a.m. ET, August 14, 2023.
ABOUT THE GEP GLOBAL SUPPLY CHAIN VOLATILITY INDEX
The GEP Global Supply Chain Volatility Index is produced by S&P Global and GEP. It is derived from S&P Global’s PMI™ surveys, sent to companies in over 40 countries, totaling around 27,000 companies. The headline figure is a weighted sum of six sub-indices derived from PMI data, PMI Comments Trackers and PMI Commodity Price & Supply Indicators compiled by S&P Global.
- A value above 0 indicates that supply chain capacity is being stretched and supply chain volatility is increasing. The further above 0, the greater the extent to which capacity is being stretched.
- A value below 0 indicates that supply chain capacity is being underutilized, reducing supply chain volatility. The further below 0, the greater the extent to which capacity is being underutilized.
For more information, click here.
About GEP
GEP® delivers transformative supply chain solutions that help global enterprises become more agile and resilient, operate more efficiently and effectively, gain competitive advantage, boost profitability and increase shareholder value. Fresh thinking, innovative products, unrivaled domain expertise, smart, passionate people — this is how GEP SOFTWARE™, GEP STRATEGY™ and GEP MANAGED SERVICES™ together deliver supply chain solutions of unprecedented scale, power and effectiveness. Our customers are the world’s best companies, including more than 550 Fortune 500 and Global 2000 industry leaders who rely on GEP to meet ambitious strategic, financial and operational goals. To learn more, visit www.gep.com.
About S&P Global
S&P Global (NYSE: SPGI) S&P Global provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction.
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Media Contacts |
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Derek Creevey |
Joe Hayes |
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Director, Public Relations |
Principal Economist |
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GEP |
S&P Global Market Intelligence |
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T 646.276.4579 |
T: +44-1344-328-099 |
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Email: [email protected] |
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HAMILTON, Bermuda, Dec. 19, 2024 /PRNewswire/ — FXGiants has recently launched a series of exciting bonuses. Participants on the FXGiants‘ online trading platform can now amplify their trading potential with a broad spectrum of bonuses that are tailored to fit different trading needs. These bonuses not only add extra value but also act as a safety net for traders to explore the financial markets without risking too much.
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View original content:https://www.prnewswire.co.uk/news-releases/fxgiants-online-trading-platform-launches-bonus-initiative-to-reward-traders-302338463.html
BEIJING, Dec. 23, 2024 /PRNewswire/ — Cheung Kong Graduate School of Business (CKGSB) successfully hosted the Western China MBA Professor Training Program in collaboration with the China National MBA Education Supervisory Committee and Shantou University School of Business on December 17 and 18, 2024. 58 professors from over 40 universities in China nationwide, mostly western China, attended this training.
Since 2007, CKGSB has been aspiring to address the pressing disparities in management education between eastern and western China with its MBA professor training program. As of 2024, the program has trained 372 professors from 155 universities across 22 provinces, 4 autonomous regions, 3 direct-administered municipality in China, indirectly impacting tens of thousands of MBA students.
This year, the training focused on social innovation and business for good, a topic many participating professors found lacking in their day-to-day teaching and research. Professor ZHU Rui (Juliet), CKGSB Professor of Marketing and Director of the ESG and Social Innovation Center, led the training. She introduced how CKGSB has been innovating with the integration of business for good in management education, and how our relevant practice-based course has already helped 2,800+ students integrate ESG into their businesses. Professor Zhu also hosted an interactive workshop with the training’s participants on how they may build this idea into their teaching.
Participants shared in their post-program survey that Professor Zhu’s teaching and her ESG Assessment map gave them a new perspective on how to balance profits and social responsibilities. Many also felt inspired on how to bridge the gap between research and practice.
Recognized in CKGSB’s 2022 and 2024 ESG and Social Innovation Reports and honored as a finalist for the 2021 China Social Impact Award by the United Nations and British Chamber of Commerce, this program exemplifies CKGSB’s impact in this critical area. Through partnerships with the government, NGOs, and business schools, this initiative has made significant progress in promoting quality education and reducing inequalities.
For more information on CKGSB’s ESG and social innovation efforts, visit our ESG and social innovation website.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion (https://english.ckgsb.edu.cn).
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VADUZ, Liechtenstein, Dec. 23, 2024 /PRNewswire/ — Wirex, a global leader in bridging traditional and digital finance, has announced the addition of VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to its platform. With this integration, Wirex users can now spend VEUR and VCHF directly through their Wirex cards, streamlining everyday transactions and enhancing convenience.
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Pavel Matveev, Co-founder of Wirex, said: “We’re excited to welcome VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to Wirex. This addition allows our users to effortlessly spend stablecoins in real life, whether for daily purchases, remittances, or managing their digital assets. At Wirex, our goal is to make digital currencies as convenient and versatile as traditional money, and VEUR and VCHF are another step toward achieving that vision.”
Future Features
Additional features will be rolled out later after the launch, complementing the immediate benefits of VEUR and VCHF. These include loans and high-yield X-Accounts, both of which are growing in popularity among Wirex users. Loans offer a smart and tax-efficient way to access liquidity without selling underlying digital assets. Users can leverage their BTC, ETH, SOL, and other digital assets, as collateral for loans in stablecoins, allowing them to benefit from potential appreciation while accessing funds without triggering taxable events.
X-Accounts provide an opportunity for users to earn industry-leading yields of up to 15% APY on their stablecoin balances, enhancing the overall value proposition of holding VEUR and VCHF within the Wirex ecosystem.
Upcoming Advanced Opportunities
VEUR and VCHF have the potential to become preferred options in Wirex’s advanced trading products, such as Wirex DUO and Wirex Multiply. Notably, Euro-backed stablecoins have already demonstrated significantly higher usage among Wirex users than larger USD alternatives, highlighting strong demand for Euro-denominated trading options.
As Wirex explores adding VEUR and VCHF to these products, it aims to further strengthen its position as a leader in digital finance by offering innovative solutions that bridge the gap between traditional finance and digital assets.
Disclaimer: The term “stablecoin” is used herein in relation to VEUR and VCHF for marketing purposes. The reader however shall understand that VEUR and VCHF are fiat-referenced tokens which are described in more detail in the VNX Gold based Fiat Referenced Tokens (FRT) Terms and Conditions which are available for review at www.vnx.li
About VEUR and VCHF
Both VEUR and VCHF are multichain tokens referencing the Euro and Swiss Franc, developed by VNX, generated by a licensed token generator under the Blockchain Act in Liechtenstein. VEUR and VCHF are supported by the reserves ensuring 1:1 parity and represent a reliable digital asset in the crypto world. These tokens combine the stability of fiat currencies with the convenience of crypto, enabling quick, low-cost, and 24/7 accessible cross-border payments while opening new opportunities in DeFi.
About Wirex
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management. Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
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