S&P Global Inc. - SPGI STOCK NEWS

The average age of vehicles in the U.S. has hit a record 12.6 years in 2024, according to S&P Global Mobility. This trend, while showing signs of slowing, continues to present substantial opportunities for the automotive aftermarket sector. As vehicles age, the demand for repairs and services is projected to rise, with more than 110 million vehicles currently in the prime repair age range of 6-14 years. Vehicle scrappage rates remain stable at 4.6%, with a notable shift towards utility vehicles. The total U.S. vehicle fleet has grown to 286 million, including 3.2 million EVs, though EV adoption has seen slower growth than expected. Consumer preference for utility vehicles is reshaping the market, and the impact of COVID-19 continues to influence vehicle supply and age distribution.

S&P Global announced that three executives have been recognized by INvolve's 2024 Empower Role Model Lists, supported by YouTube, for their efforts in promoting diversity and inclusion. The recognized executives are Martina Cheung, President of S&P Global Ratings, Swamy Kocherlakota, Chief Digital Solutions Officer, and Dan Draper, CEO of S&P Dow Jones Indices. The acknowledgment highlights their commitment to increasing representation and inclusion of people of color in the workplace. Martina Cheung emphasized the importance of diversity in leadership for fostering innovation and growth. Swamy Kocherlakota reiterated the value of diverse experiences in enhancing work quality, while Dan Draper expressed his honor in being recognized on the Advocates Role Model List. In 2023, 13 S&P Global executives appeared on various INvolve Role Model Lists.

A new report from AARP and S&P Global highlights challenges faced by US family caregivers in balancing work and caregiving duties. The 2023 survey of 1,200 caregivers employed at large companies reveals that 67% struggle with caregiving responsibilities, leading many to reduce work hours, decline promotions, or change jobs. As the population of adults over 65 grows, supportive employer policies are essential. Key findings include lower satisfaction among caregivers without children, higher discrimination against remote workers, and increased difficulties due to inflation. Most caregivers provide over 20 hours of unpaid care weekly, contributing $600 billion annually in unpaid labor.

S&P Global Commodity Insights, a division of S&P Global, announced its acquisition of World Hydrogen Leaders, a leading organizer of hydrogen-related conferences and events. This acquisition enhances S&P Global's portfolio of global conferences and complements its offerings in Energy Transition data and insights. World Hydrogen Leaders is known for its premier events in the hydrogen sector, including the flagship World Hydrogen Week. The acquisition aligns with the projected growth in hydrogen supply, expected to nearly triple by 2050. Financial terms were not disclosed.

automotiveMastermind announced a strategic partnership with CarNow to enhance dealership consumer experiences. This collaboration leverages first-party data to provide real-time actionable insights, improving customer engagement and personalized marketing. Over the last 15 months, automotiveMastermind has formed multiple successful integrations, including Reynolds & Reynolds, Tekion, Elead/CDK, and Dealer Socket. The new integration with CarNow aims to modernize the consumer shopping journey by connecting dealers' operational systems, enhancing tracking, and providing predictive models for online vehicle sales. The enhanced functionality will be available to dealer partners later this year.

Global supply chains are currently operating near full capacity, indicating a positive outlook for the manufacturing sector. The GEP Global Supply Chain Volatility Index rose in April, showing increased demand and activity in the Asian market, tightening capacity in North America, and improved conditions in Europe. Global transportation costs have risen slightly, following an increase in oil prices.

S&P Global Commodity Insights has raised its 10-year oil sands production outlook for Canadian oil sands, with production expected to reach 3.8 million barrels per day by 2030, representing a 3% increase from the previous forecast. The increased projection is attributed to producers' focus on maximizing existing assets through efficiency and optimization projects. However, challenges such as export capacity constraints and potential impacts of federal emission caps may affect the long-term growth of oil sands production.

Chinese banks maintained their dominance in the global largest lender rankings of 2023 despite a downturn in the property sector. Industrial and Commercial Bank of China remained the world's largest bank, with assets of $6.3 trillion. Agricultural Bank of China surpassed China Construction Bank Corp. to claim second place, with 14.5% loan growth in 2023, showcasing the continued strength of China's banking sector. In the Asia-Pacific region, seven of the eight Japanese banks on the list fell in the ranking. India-based HDFC Bank newly entered the list at 74th position. Among U.S. banks, JPMorgan Chase & Co. remained the fifth-largest bank in the world. European banks also experienced weaker loan growth in 2023, with some of the biggest banks shedding assets.

S&P Global's President and CEO, Doug Peterson, will be participating in the Barclays Americas Select Franchise Conference on May 7, 2024, in London, UK. The session will be webcast, with Mr. Peterson scheduled to speak from 1:30 p.m. to 2:10 p.m. BST.