Global oil markets are expected to face a major surplus by the end of this decade, with spare capacity hitting levels only seen during the initial stages of the pandemic as demand growth slows and supply surges, the International Energy Agency said.
Umicore now expects 2024 earnings for its battery business to be around break-even, with volumes to be equal or slightly lower than last year, while group profit forecasts were also cut back.
Gross domestic product was flat in April, in line economists’ expectations, underlining the scale of the task facing the next government in lifting the country out of a long period of stagnation.
