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On November 17th, Japanese self-driving technology startup Turing raised approximately 15.3 billion yen (about $99 million) from investors including Toyota supplier Denso, highlighting the growing market interest in its artificial intelligence technology. Sources familiar with the matter revealed that the companys valuation nearly quadrupled a year ago after its Series A funding round, reaching approximately $388 million. The company stated in a statement on Monday that the round included a 5.5 billion yen syndicated loan. Turing was co-founded by prominent Japanese AI developer Issei Yamamoto, who rose to fame for his algorithm defeating Japans top-ranked shogi player in 2017. Founded in 2021, the startup aims to build a fully autonomous vehicle system and currently employs approximately 85 people, mostly engineers. In an interview, Yamamoto stated, "The difficulty lies in the technology, not the business model. The message from companies like Denso is that they will actively support mass production once the technology matures."On November 17th, according to Tianyancha App, Chery Automobile Co., Ltd. underwent an industrial and commercial registration change on November 13th, increasing its registered capital from approximately 5.47 billion RMB to approximately 5.81 billion RMB, an increase of about 6%. The company was established in January 1997, with Yin Tongyue as its legal representative. Its business scope includes the production and sales of automobiles and engines. Shareholder information shows that the company is jointly held by Wuhu Investment Holding Group Co., Ltd., Wuhu Ruichuang Investment Co., Ltd., and Anhui Provincial Credit Financing Guarantee Group Co., Ltd., among others.Starry Sky Chinese (06698.HK) shares in Hong Kong experienced a flash crash, falling more than 30% at one point during the session, and are currently down more than 10%.NIO (09866.HK) announced the launch of the 300,000th unit commemorative edition of the new ES6, with a vehicle purchase plan priced at RMB349,800 and a battery rental plan at RMB241,800.Ukrainian officials say Russia launched a missile attack on the Kharkiv region in eastern Ukraine overnight, killing three people and injuring ten.

Natural Gas Price Prediction: XNG/USD recovers from its largest daily loss in a month to trade near $2.20 on sluggish markets

Alina Haynes

Apr 13, 2023 14:06

截屏2023-01-19 下午3.42.24.png 

 

Early Thursday morning in Europe, the price of Natural Gas (XNG / USD) fluctuates around $2.22. In doing so, the energy instrument justifies the market's inaction while searching for additional clues for a clear direction after declining the most in a month the day before.

 

Nonetheless, growing concerns of recession, or at least weaker growth numbers, in the West combined with discussions of Northern Ireland's (NI) prohibition on Russian gas imports to weigh on XNG/USD prices the day before. Notably, China's disappointing inflation data also put downward pressure on the price of Natural Gas before the dragon nation's recent trade data provided a tailwind.

 

Headlines from the International Monetary Fund (IMF) and the World Bank (WB) indicate apprehensions of sluggish growth, if not recession, for the global economy in the future. On the same line could be macros predicting milder weather in the West and more restrictions on Russian gas from countries on the old continent, specifically Europe.

 

Notably, however, weak US inflation and dovish Fed Minutes impact on the US Dollar, allowing the XNG/USD to consolidate yesterday's losses as traders search for additional catalysts following a volatile Wednesday.

 

Ten-year and two-year Treasury bond yields in the United States show modest gains of 3.41 and 3.91 basis points, respectively, while reflecting the current state of the economy. In spite of this, US 10-year Treasury bond yields halted a three-day uptrend with modest losses to around 3.40 percent, while the two-year counterpart yielded the first daily decline in five days to reach 3.96 percent. Moreover, despite Wall Street's disappointing close, S&P 500 Futures post modest gains, whereas Japan's Nikkei 225 index is currently up 0.60 percent intraday.

 

The US Energy Information Administration (EIA) Natural Gas Storage Change for the week ending April 7, prior -23B, will be crucial for intraday direction moving forward. Nevertheless, the US US Producer Price Index (PPI) for March and Friday's preliminary readings of the Michigan Consumer Sentiment Index for April, as well as risk catalysts, may also attract XNG/USD traders' attention.


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