Economy: Both Maersk and BMW Warn

Two from Reuters, August 3. Via Autoblog:

BMW sees volatile 2022 with chips and energy squeeze in focus
Expects fewer deliveries despite strong EV demand

BMW lowered its output forecast and warned of a highly volatile second half on Wednesday, pinpointing supplies of energy in Europe and chips worldwide as the two crucial factors to the carmaker hitting full-year earnings targets.

New incoming orders were beginning to fall but order books remained filled for the next few months, chief executive Oliver Zipse said.

Demand for electric models was particularly high, finance chief Nicolas Peter added. The premium carmaker was on track to meet its goal of doubling all-electric car sales by year end and expected total sales growth of 5% to 10% in the second half boosted by strong Asian markets, he said.
Still, BMW expects year-end deliveries to fall short of last year's record highs of 2.52 million.

Tightening sanctions on Russia, interruption of gas supply or the possibility of the war in Ukraine spreading were not factored into its forecast.
"The crucial factor will be how the supply situation develops – not just for semiconductors, but also energy supplies in Europe," Zipse said.

Daniel Schwarz, analyst at Stifel, called its outlook "rather disappointing" while Berstein Research noted how BMW became the first carmaker to signal caution about demand.

ENERGY EMERGENCY PLANS

Germany and other European Union members have adopted emergency plans to curb gas use amid fears that Russia could further cut or stop supplying gas to Europe in response to Western sanctions over its invasion of Ukraine....

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And via Yahoo Lifestyle (what, gotta problem with that?):

Shipping group Maersk expects global container demand to fall this year as sales of durable goods come to a "standstill", leaving flat-screen TVs and furniture piling up in warehouses, the company said on Wednesday.

A surge in consumer demand and pandemic-related logjams holding up containers in key ports had boosted freight rates and profits in the shipping industry in recent quarters, yet the cost of living crisis has reversed that trend.

Maersk, one of the world's biggest container shippers with a market share of around 17%, said inflation and a worsening economic situation had dented consumer demand, which could lead to a normalization of the global shipping market towards the end of the year.

"Sales of durable consumer goods have come to a standstill," Chief Executive Soren Skou told journalists at the company's headquarter in Copenhagen. "Consumers have bought what they need for now of new sofas, kitchens, flat screens and garden furniture."

However there were also more positive signs.

"On the other hand, within fast fashion and lifestyle products, like Nike and other brands, there is still a lot of demand," Skou said....

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