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Volvo Cars: Plans to launch 13 new models between now and the end of 2030.Volvo Cars aims to achieve 30% parts commonality and reduce raw material costs by 5% by 2030.On September 17th, Goldman Sachs stated that gasoline prices are poised for further increases as tight supply conditions spread in the global fuel market. The bank has adjusted its trading strategy, shifting its focus from diesel to this widely used vehicle fuel. Analysts, including Yulia Zhestkova Grigsby and Daan Struyven, noted in a report: "The key reason behind this new recommendation is that refiners are shifting production from gasoline to diesel, leading to a rapid tightening of the gasoline market supply." In a report dated September 16th, analysts stated that while diesel prices may still rise further, gasoline currently offers "greater upside potential" due to factors such as more resilient demand and relative inventory changes. Therefore, the bank closed out previous positions on different diesel contract spreads (i.e., time spreads) and recommended establishing long positions in European gasoline targeting mid-2027.On September 17th, according to the Financial Times, Emulate, a UK-based AI startup founded just one month ago by former DeepMind researchers, is launching a new funding round worth hundreds of millions of dollars at a post-money valuation of nearly $4 billion. Sources familiar with the matter revealed that the company is in advanced talks with potential investors, planning to raise up to $700 million, which would bring its valuation to $3.7 billion upon completion. The sources also stated that this massive funding round will be jointly led by prominent UK venture capital firm Index Ventures and Silicon Valley-based Lightspeed Venture Partners.According to the Financial Times, Emulate, a British startup founded by former DeepMind researchers, is raising hundreds of millions of dollars in a new funding round just one month after its founding, with a valuation of nearly $4 billion.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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