Blog — 16 Aug, 2022
Insight Weekly: Examining the US climate bill; fintech earnings dip; mining equipment costs rise
By Sarah Cottle
Today is Tuesday, August 16, 2022, and here’s your weekly selection of essential intelligence on 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 U.S. Inflation Reduction Act, a Senate bill packed with $369 billion in energy security and climate change spending. The bill includes renewable energy and energy storage tax credits that could accelerate the clean energy transition, industry executives say. The legislation puts the U.S. within reach of its 2030 emission reduction target, but the nation still would need additional policies to get there, according to analysts. Some experts say the measure also will raise the stakes for expanding the U.S. electric transmission system and expedite environmental reviews.
Most financial technology companies, payment processors and specialty finance companies that have reported second-quarter earnings saw quarter-over-quarter declines in their EPS, according to S&P Global Market Intelligence data. Headwinds from the volatility in foreign-exchange rates and the current macro environment hurt companies' revenue growth.
Supply chain disruptions are pushing up the price of machinery and raw materials, driving increases in production costs for equipment manufacturers and mining companies that are rethinking their existing equipment fleets. The equipment shortage has had varying impacts on miners' activities and forced them to make unusual sourcing choices.
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Written and compiled by Louis Bacani
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