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The onshore RMB closed at 7.1056 against the US dollar at 16:30 on September 17, up 107 points from the previous trading day.Julius Baer analyst David Kohl stated in a report on September 17th that the Federal Reserves 25 basis point interest rate cut, coupled with recent weak US economic data, suggests the Fed is likely to continue cutting rates at each meeting until March 2026. The chief economist noted that this would shift US monetary policy from its current restrictive stance to a neutral one. "We expect the US economy to maintain balanced growth in the coming months, which provides a reasonable basis for a gradual transition from a restrictive to a neutral stance of monetary policy," he said.Deutsche Bank on Monday raised its gold price forecast for next year, predicting an average price of $4,000 per ounce, up from a previous estimate of $3,700. The bank said a favorable foreign exchange and interest rate environment could drive further price increases. "While gold appears expensive relative to its fair value, we believe this is primarily due to strong official demand, which we expect to continue," the bank said in its report. Deutsche Bank also raised its silver price forecast for 2026 to $45 per ounce, up from its previous estimate of $40.On September 17th, Jefferies Research reported that Baidu (09988.HK)s recent AI developments have attracted market attention, including the signing of several major AI partners, its recognition as a key player in both AI cloud revenue market share and large customer penetration, and the development of its Kunlun chip. Its AI agent and digital human capabilities are experiencing rapid growth, and its autonomous driving platform, Apollo Go, is expanding overseas. The bank believes that Baidus stock price reflects its emphasis on user experience in its AI search transformation and maintains a "buy" rating. The target price for the US stock has been raised from US$108 to US$157, and from HK$104 to HK$152.UK AI infrastructure company Nscale: Announced a partnership with Microsoft, Nvidia and OpenAI, committing to investing in UK artificial intelligence infrastructure.

General Motors will invest in an Australian mining firm

Charlie Brooks

Oct 12, 2022 11:37

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General Motors Co stated on Tuesday that it will invest up to $69 million and acquire a stake in Queensland Pacific Metals to secure a new supply of nickel and cobalt for battery cells used in U.S. manufacturer vehicles.


GM noted that the investment will enable electric vehicles to qualify for consumer incentives under the United States' new clean energy tax credits. The nickel laterite ore, according to GM, will be processed using a new, patented procedure that reduces waste.


A law enacted in August requires automakers to get battery materials from nations with free trade agreements in order to qualify for U.S. consumer EV tax credits.


GM's investment will help the development of its projected Northern Australia Townsville Energy Chemicals Hub (TECH) Project. GM announced that nickel laterite ore of superior quality will be brought from New Caledonia.


GM has already secured the necessary battery raw materials to reach its goal of 1 million yearly units in North America by 2025.


GM claimed that the "new collaboration builds on these commitments as we seek to secure supply through the end of the decade and contribute to the growth of the EV industry."


The CEO of Queensland Pacific Metals, Stephen Grocott, remarked, "GM's investment in our company and the accompanying offtake brings us one step closer to building the TECH Project."


GM revealed in August that it was prepaying Livent (NYSE:LTHM) Corp $198 million for a guaranteed six-year supply of lithium, a transaction that demonstrates the auto industry's rising anxiety over a tightening market for the metal used in electric vehicle battery cells.


It is uncommon in the mining industry for a metal supply guarantee to be paid for in advance. Livent operates producing facilities for lithium in the United States and Argentina.

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