Insight Weekly: Examining the US climate bill; fintech earnings dip; Mining equipment costs are increasing
Today is Tuesday, August 16, 2022, and here is your weekly selection of important information about financial markets and the global economy from S&P Global Market Intelligence. Subscribe to be notified of each new Insight Weekly.
In this edition, we examine the American Inflation Reduction Act, a Senate bill packed with $369 billion in energy security and climate change. The bill includes tax credits for renewable energy and energy storage that could accelerate the transition to clean energy, industry leaders say. The legislation puts the United States within reach of its 2030 emissions reduction target, but the nation will still need additional guidelines to get there, according to analysts. Some experts say the measure would also boost efforts to expand the U.S. electric transmission system and speed up environmental assessments.
Most fintech companies, payment processors and specialty finance companies that have reported earnings in the second quarter saw quarter-over-quarter declines in EPS, according to data from S&P Global Market Intelligence. Headwinds from exchange rate volatility and the current macro environment hurt corporate earnings growth.
Disruptions in the supply chain push up the price of machinery and raw materials, and lead to increased production costs for equipment manufacturers and mining companies that are reassessing their existing equipment fleets. The equipment shortage has had a varying impact on miners’ activities, forcing them to make unusual purchasing choices.
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Written and compiled by Louis Bacani
