{"id":46368,"date":"2022-09-01T20:53:34","date_gmt":"2022-09-02T00:53:34","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/energy-crisis-tearing-through-markets-leaves-a-trail-of-losers\/"},"modified":"2022-09-01T20:53:34","modified_gmt":"2022-09-02T00:53:34","slug":"energy-crisis-tearing-through-markets-leaves-a-trail-of-losers","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/energy-crisis-tearing-through-markets-leaves-a-trail-of-losers\/","title":{"rendered":"Energy crisis tearing through markets leaves a trail of losers"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe64b321679]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fe64b321679'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Energy crisis tearing through markets leaves a trail of losers<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fe64b327e47'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">September 1, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe64b32a4cc'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This article was written by Kat Van Hoof\u00a0and\u00a0Abhishek Vishnoi. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>The energy crisis that\u2019s sent inflation soaring across the world is getting worse each week, leaving stock traders with a challenge to figure out where to put their money.<\/p>\n<p>The nightmare scenario that\u2019s developed this year has already walloped equities, which suffered a bruising first half. A rally over the summer helped to reduce losses, but the worsening crisis, which appears nowhere near over, is putting up a huge hurdle to further gains.<\/p>\n<p>The surge in power prices, along with threats to supply, is affecting businesses from China to Germany to the US. It jacks up costs and threatens margins, while also sucking money out of their customers\u2019 pockets, destroying demand. And from industrial gas guzzlers to retailers who rely on consumers with money to spend, the damage is proving widespread.<\/p>\n<p>Germany\u2019s heavy reliance on Russian fuels has left its corporate heavyweights particularly vulnerable. A Citigroup Inc. basket of stocks sensitive to a gas shock that includes\u00a0Covestro AG,\u00a0Thyssenkrupp AG\u00a0and\u00a0Siemens AG\u00a0has underperformed Europe\u2019s broader Stoxx 600 market this year.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"461\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_2547caf.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Biggest Losers German industrials and chemicals stocks buckle as energy prices soar\" title=\"Biggest Losers German industrials and chemicals stocks buckle as energy prices soar\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_2547caf.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_2547caf.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_2547caf.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_2547caf.png 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_2547caf.png 879w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>As the squeeze intensifies, retail looks like another loser. In the US last week, two big names reminded investors that any worries are well founded. Nordstrom Inc. plunged 20% on one day alone after slashing its full-year outlook, while Macy\u2019s Inc. also cut its forecast. In the UK, a retail stock gauge has slumped about 35% so far this year.<\/p>\n<p>\u201cThe energy crisis brings a huge amount of unknowns and concerns in the market,\u201d said\u00a0Clive Burstow, Barings\u2019 London-based head of global resources. \u201cHigh prices are driving inflation and pushing industrial capacity offline, which is worsening an already constrained supply chain.\u201d<\/p>\n<p>The inflation surge has also prompted an aggressive response from the world\u2019s major central banks, which have been jacking up interest rates to get the situation under control.<\/p>\n<p>Federal Reserve Chair\u00a0Jerome Powell\u00a0signaled on Friday that the US central bank will keep tightening policy and pushed back against the idea it would reverse course soon. Some European Central Bank officials want to discuss a hike of\u00a075 basis points\u00a0in September.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Commodities insights delivered monthly to your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_6293695319909190115\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>\u201cConsumers are faced with higher prices for, frankly, everything,\u201d said Ben Powell, an investment strategist at the BlackRock Investment Institute. Earnings \u201clook at little bit wobbly over the next several quarters,\u201d he said.<\/p>\n<p>Investor worries were on show in the latest flow numbers from EPFR Global data. Global equity funds had outflows of $5.1 billion in the week through Aug. 24, with US stocks seeing their first redemptions in three weeks.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"455\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25804cc.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Inflation, Growth Woes Dull the Earnings Outlook\" title=\"Inflation, Growth Woes Dull the Earnings Outlook\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25804cc.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25804cc.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25804cc.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25804cc.png 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25804cc.png 884w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Russia\u2019s chokehold on gas supplies to Europe means that power prices there are spiraling out of control. UBS Group AG economists say the euro-area economy has already entered a recession, and Morgan Stanley last week cut its growth forecast. In the UK, energy bills are set to almost triple this winter, adding to the squeeze in a country where inflation is already the highest in four decades.<\/p>\n<p>But the pain from higher prices is being felt everywhere, and governments are looking at dramatic options. Japan is planning\u00a0to shift\u00a0back to nuclear power, and Germany is reviving old\u00a0coal-fired plants. Kosovo has started rolling blackouts, something that could spread to other countries as the need to conserve resources becomes more pressing.<\/p>\n<p>Power rationing would affect multiple sectors, including chipmakers which use\u00a0vast amounts of electricity\u00a0to make ever-smaller semiconductors.<\/p>\n<p>The damage is already ripping through industrial and chemical firms.\u00a0Yara International ASA\u00a0and\u00a0Grupa Azoty SA\u00a0have\u00a0slashed output, and lower fertilizer supply could hit agriculture, with repercussions for food costs.\u00a0UK carmakers\u00a0said soaring energy costs are threatening output, while a\u00a0Honda Motor Co.\u00a0plant in China has been shut amid an\u00a0order to curb power use.<\/p>\n<p>\u201cGovernments will print money to help out, but they can\u2019t print gas,\u201d said\u00a0Beata Manthey, global equity strategist at Citigroup Inc. \u201cAside from industrials and chemicals, I\u2019m worried about cyclical growth stocks that still trade at high multiples, particularly in the consumer, technology and retail sectors.\u201d<\/p>\n<h2>Picking winners<\/h2>\n<p>Avoiding pitfalls is only half the battle in any crisis, and identifying potential winners is high on the list of stock traders\u2019 priorities. The most obvious are commodities companies, from oil and gas producers to miners. In Europe, the\u00a0energy sub-index\u00a0is up 26% this year.<\/p>\n<p>\u201cWe are looking for buying opportunities in the energy sector,\u201d said\u00a0Gary Dugan, chief executive at the Global CIO Office. \u201cWe could see very robust profits with good dividend payments making it particularly attractive in the US, where there is less risk of windfall taxes on the sector.\u201d<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"460\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25ac061.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Energy Rally Still Has Legs\" title=\"Energy Rally Still Has Legs\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25ac061.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25ac061.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25ac061.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25ac061.png 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Snag_25ac061.png 895w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Bank of America Private Wealth Management is sticking to the so-called FAANG 2.0 strategy &#8212; fuels, aerospace &amp; defense, agriculture, nuclear and renewables, and gold and metals.<\/p>\n<p>\u201cIt\u2019s a play on hard assets and hard power,\u201d said Joseph Quinlan, chief market strategist. \u201cThat\u2019s where we\u2019ve been hiding out, it\u2019s been working out well relatively speaking to the rest of the market.\u201d<\/p>\n<p>Governments and the corporate world have turned en masse to renewables in their scramble to cut dependence on fossil fuels, boosting prospects for the sector. But in the short term, the investment case is murkier. Building capacity, infrastructure and updating the grid to accommodate green energy will take time and industrial equipment like steel and aluminum, which is currently in short supply.<\/p>\n<p>Meantime, for all the daily headlines highlighting the surge in energy prices and its impact on households, businesses, economic growth and profits, ultimately, stock pickers will just have to accept they\u2019re in a new world that isn\u2019t going away.<\/p>\n<p>\u201cThe energy crisis, I feel the market has somewhat come to terms with it,\u201d said\u00a0Mehvish Ayub, senior investment strategist at State Street Global Advisors. \u201cIt was a very big shock at the beginning of the year, and it\u2019s now a staple of the macro backdrop and we are able to focus on the fundamentals of the equity earnings.\u201d<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe64b33b176]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fe64b33b176'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['69fe64b33e561'] = 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