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May 12 (Reuters) - SBM Offshore reported a 15% drop in first-quarter revenues as its turnkey business continued to suffer from tough energy markets, sending it shares as much as 4.6% lower on Wednesday.
The Dutch-based company’s turnkey division builds and sells floating production and storage vessels to oil and gas firms and so is highly sensitive to their investment plans.
These customers slashed spending last year as oil demand plunged in the pandemic, but a recovery in energy prices has since buoyed their earnings.
“We believe SBM’s trading update was reasonable, albeit revenues ended (.) lower than we could expect based on its 2021 guidance of $2.6 billion,” ING analyst Quirijn Mulder said in a note to clients.
MSCI’s global stock gauge down for third straight day U.S. Treasury jump on inflation data
NEW YORK, May 12 (Reuters) - U.S. stocks fell again on Wednesday as benchmark Treasury yields jumped after data showed consumer prices unexpectedly rose by the most in nearly 12 years in April, prompting bets on earlier interest rate hikes.
Moments after data showed the U.S. consumer price index jumped 0.8% last month, outpacing a 0.2% forecast, the dollar spiked, only to tumble minutes later to stand little changed.
The gyrations in financial markets underscored concerns among some investors that the Federal Reserve could be wrong in its prediction that inflation pressures in the United States are “transitory”, and that the central bank may have to raise rates sooner than it currently expects to.
By Reuters Staff
2 Min Read
FILE PHOTO: The Federal Reserve Bank of Boston s President and CEO Eric S. Rosengren speaks in New York, April 17, 2013. REUTERS/Keith Bedford/File Photo
(Reuters) - The Federal Reserve is exploring the technology that would be required to establish a central bank digital currency, but more research needs to be done before it would move forward with a currency, Boston Fed Bank President Eric Rosengren said on Wednesday.
“It is important to highlight that this is exploratory work, and any decision to move forward with such a currency would depend on a variety of factors beyond the technological feasibility and implementation,” Rosengren said in remarks prepared for a virtual event organized by Harvard Law School.
The U.S. Federal Reserve has asked lenders to start providing information on the measures they are taking to mitigate climate change-related risks to their balance sheets, according to four people with knowledge of the matter.
German Chancellor Angela Merkel's cabinet approved on Wednesday draft legislation for more ambitious CO2 reduction targets, including being carbon neutral by 2045, after a landmark court ruling last month forced the government to act.