-- 米連邦準備制度理事会(FRB)が水曜日に発表した最新の経済報告によると、前回のベージュブック以降、米国の経済活動はほとんどの地区で上昇したが、一部地域では低迷が見られ、エネルギー価格の上昇が広範囲に及んだ。 ベージュブックは、「12のFRB地区のうち8地区で経済活動は小幅から緩やかなペースで増加したが、2地区では変化がなく、2地区では小幅から緩やかな減少が見られた」と指摘している。「中東紛争は、雇用、価格設定、設備投資に関する意思決定を複雑化させる大きな不確実性の要因として挙げられ、多くの企業が様子見の姿勢をとっている」。 製造業活動は小幅な増加を記録し、個人消費も冬の天候と燃料価格の上昇にもかかわらずわずかに増加した。 エネルギー関連活動は原油価格の上昇によって押し上げられたが、不確実性は依然として残っている。全体的な企業景況感は、将来の状況に対する広範な不確実性を示している。 雇用は、1つの地区で減少した以外は、横ばいからわずかに増加した。ほとんどの地区で労働需要は安定しており、主に補充雇用と最小限の解雇にとどまっていましたが、臨時雇用者の需要は増加しました。 労働力の供給状況はやや改善しましたが、一部のセクターでは依然として熟練労働者の確保に課題が見られました。 ベージュブックによると、「ほとんどの地区では、AIが全体の雇用レベルにまだ大きな影響を与えていないと回答しているものの、AIによる生産性向上によって多くの企業が採用を延期または削減できたと指摘する地区もありました。」 賃金は緩やかなペースで上昇し、一部の専門職や医療分野を除いて賃金競争は低調でした。 物価上昇率は全体的に緩やかでしたが、特にエネルギー製品において、投入コストが販売価格を上回りました。 ベージュブックによると、「中東紛争の影響で、すべての地区でエネルギーと燃料費が急騰し、輸送費やプラスチック、肥料、その他の石油製品価格の上昇につながった」と述べ、エネルギー以外の分野でも投入コストが上昇したことを付け加えています。 この報告書は、4月10日に発表される3月の消費者物価指数に先立ち、4月6日以前に収集された情報に基づいてニューヨーク連邦準備銀行で作成された。
Related Articles
Crude Oil Prices Rise on Stalled U.S.-Iran Peace Talks
Crude oil prices rose on Monday as talks to end the war between the U.S. and Iran remain frozen and flows through the crucial Strait of Hormuz continue to be disrupted.Brent crude at last look gained 2.7% to US$108.17/barrel and West Texas Intermediate crude climbed 2.4% to $96.63/barrel. The U.S. and Iran appear to still be far apart on issues including Iran's nuclear ambitions and the reopening of the strait, Reuters said in a Monday report."The diplomatic stand-off means that every day 10-13 million barrels of oil fail to get to the international market, worsening an already tight oil balance. Therefore, there is only one direction for oil prices to go," Reuters quoted PVM Oil Associates analyst Tamas Varga as saying.Goldman Sachs raised its fourth-quarter oil price forecasts to $90/barrel for Brent and $83/barrel for WTI, citing reduced output from the Middle East, the report said.
Japan Resorts to More Coal, Nuclear During Energy Crisis Sidelines Renewables, Says IEEFA
Japan is leaning on higher nuclear output and ramping up use of coal in power generation as contingency measures in the face of the global energy crisis, but these measures are simultaneously smothering renewables, the Institute for Energy Economics and Financial Analysis said on Monday.Temporary increased use of coal was decided upon to reduce the need for now-scarce LNG while the restart of some nuclear power plants is also providing additional resilience to supply shocks which have hit Asian nations hardest.IEEFA said this risks displacing domestic renewable energy which can supply just as much energy security but lower cost and it could also increase curtailment and undermine investment in more renewables, up-ending progress on decarbonization.Most of Japan's coal imports, about 71%, come from Australia, making it a safe option that reduces exposure to disrupted Middle Eastern logistics, the IEEFA report noted.But a shortage of diesel for plant operations at J-Power's Matsuura 2 gigawatt coal-fired power station slashed its output by 50% while the JFE Steel Fukuyama facility was halted over a shortage of heavy oil, underscoring that coal is not fully detached from oil and gas's geopolitical risk.Japan typically imports 4 million tons of LNG that pass through the Strait of Hormuz each year, representing about 6% of its total imports.As of March, 15 of Japan's 36 nuclear reactors were operating, as that sector recovers from the multiple impacts of the Fukushima disaster.They generate a combined 37 GW. Bringing the remainder online could cut Japan's LNG needs by 12.5 million tonnes, IEEFA said. Regulatory changes in early April were introduced, facilitating more restarts.Backing up its argument that more coal and nuclear, both less flexible power sources, could increase curtailment of renewables, IEEFA said that each nuclear restart in Japan has been followed by a reduction in renewables generation.Curtailments in Japan have risen to 1.9 terrawatt hours by 2023, up from 100 GWh in 2018. In the first half of 2025, curtailments were faster still at 1.7 terrawatt hours for a six-month period.The fact that output from coal and nuclear can not rapidly be increased or slowed means it can be difficult to make room for renewable supply on the grid when its output rises.IEEFA said that limitations in Japan's grid infrastructure is an additional constraint that limits absorption of renewable power and led to a situation in March where it curtailed renewables while importing power from abroad.IEEFA suggests that the addition of battery storage to the grid could go some way to boosting its flexibility.Curtailment of renewables output has another inherent problem in that it leads to a less favourable economic case for later additions of zero carbon generation capacity, the report said, all the more so because Japan does not compensate renewables suppliers for curtailments, a practice common in Europe.Developers are adding battery storage as a work-around to that, securing contracts that remunerate battery-discharged electricity instead of directly generated then consumed electricity.The addition of batteries adds to project costs however at a time when investor interest has yet to turn into large scale deployment, with erosion of revenue support measures a further deterrent, IEEFA said.
UOB Kay Hian Upgrades Hana Microelectronics to Buy from Hold; Price Target is THB38
Hana Microelectronics (BKK:HANA) has an average rating of overweight and mean price target of 25.44 Thai baht, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)