Month: September 2020

(Bloomberg) — The pound extended its decline to a two-month low as investors fretted over the possibility of a new lockdown in Britain.The currency dropped as much as 0.5% to $1.2676 after Foreign Secretary Dominic Raab said that he can’t rule out a nationwide shutdown before trading little changed. Government bonds advanced, sending the yield across tenors down about one basis point.On Tuesday, Prime Minister Boris Johnson set new rules to curb the rise in coronavirus cases, including a 10 p.m. closing time for pubs and restaurants and a recommendation for office workers to work from home if they can.These …read more […]

(Bloomberg) — Oil edged higher as positive European manufacturing data and rising equity markets gave some respite to recent demand worries.Futures in New York for November delivery rose to over $40 a barrel. The German economy continues to recover thanks to stronger-than-expected manufacturing figures, data showed, while equity markets in Europe are also stronger. Citgroup Inc. said it remains bullish on the outlook for oil, though the market is undergoing a fitful rebalancing.The American Petroleum Institute reported crude stockpiles increased by nearly 700,000 barrels last week, while gasoline inventories shrunk by 7.7 million barrels, according to people familiar, ahead of …read more […]

(Bloomberg) — Just a few days ago, the TikTok deal looked like a win for China. Now its state-run media are denouncing it as “an American trap” and a “dirty and underhanded trick.”The quick shift in sentiment shows the complications of concluding an agreement that is about much more than finding a proper valuation for an addictive video app that has enthralled teenagers around the world. It also has big ramifications for how the world’s biggest economies handle security threats related to new technologies that will drive growth over the next few decades.For China, the political stakes are similar to …read more […]

Shares in Sorrento Therapeutics (SRNE) spiked 10.51% in Tuesday’s trading after the company released positive Phase 1b Study results evaluating safety and MTD (maximum tolerated dose) of epidural resiniferatoxin (RTX) injection to treat intractable cancer pain.A majority of patients reported meaningful pain reduction of 30% or more from baseline, and no dose limiting toxicities were reported.The data was presented at the 14th Annual Pain Therapeutics Summit held virtually from September 21 to 22, 2020.“We are extremely encouraged by the results of this initial study. Even in patients with high levels of pain, RTX given via an epidural injection has been …read more […]

(Bloomberg) — Tesla Inc.’s Elon Musk cast a shadow of uncertainty over the sales prospects of his suppliers in Asia after unveiling a push to lower the cost of batteries for electric vehicles and underscoring the point by signaling that it will eventually start producing its own cells.Shares of LG Chem Ltd. slid as much as 5.5% in Seoul, while Contemporary Amperex Technology Co. dropped 4.7% in Shenzhen and Panasonic Corp. dropped 4.3% in Tokyo. The world’s three top EV battery makers all supply Tesla, according to Bloomberg’s Supply Chain Analysis.The maker of the Model S, X and 3 electric …read more […]

Tesla Inc (NASDAQ: TSLA) battery supplier shares slumped in morning trade on Asian markets Wednesday after the automaker’s CEO Elon Musk revealed a plan to halve the cost of batteries and make them at its own factories.What Happened: Korea’s LG Chem Ltd (OTC: LGCLF) fell 4.5% in the morning hours in Seoul, while Panasonic Corp (OTC: PCRFY) shares fell 4% in Tokyo and China’s CATL fell by as much as 4% in Shenzhen, Reuters reported.Growth of battery makers in China, South Korea, and Japan may be stunted in the long-term as Musk’s comments at the company’s battery day are reportedly …read more […]

Wilfried Haas owns a 3 kilowatt solar system which has been running as a micro power station since 1992, helping Germany, Europe’s largest economy, curb its dependence on coal and nuclear power. Together with thousands of other pioneer investors, Haas is considering whether he can continue his micro-generation without the subsidy scheme that helped to give Germany the highest level of installed renewable capacity in Europe. …read more […]

European airlines are pinning hopes on pre-flight COVID-19 tests that deliver results as fast as pregnancy tests to help restore passengers’ confidence in taking to the skies in confined spaces with shared air. Germany’s Lufthansa, at the mercy of government bailouts for survival, is in talks with Swiss drugmaker Roche over deploying so-called antigen tests, according to two people familiar with the discussions, as the airline aims to make them available next month. Italian operator Alitalia, meanwhile, told Reuters that from Wednesday it would add two flights from Milan to Rome, to the two it is already offering …read more […]

(Bloomberg) — Gold could hit a record before the year-end, aided in part by the risks surrounding the U.S. presidential election, according to Citigroup Inc.Uncertainty over the contest and delays about the outcome may “be under-appreciated by precious metals markets,” analysts including Aakash Doshi said in a quarterly commodities outlook. The bank’s forecast implies a surge of more than $200 for bullion futures from current levels.Gold rallied to an all-time high last month as investors sought havens amid the coronavirus pandemic, but prices have slipped back since then. Citi’s outlook reflects rising investor concern about the battle for the White …read more […]

Tesla Inc’s (NASDAQ: TSLA) battery day was a highly anticipated event that ended up delivering a lot of updates on the company’s plans. Here are some major announcements the company made that could help extend its electric vehicle lead in the years to come.FSD Rewrite Coming Soon: CEO Elon Musk has been talking about a full self-driving rewrite for a while now. This is supposed to make the FSD software vastly more impressive. He said it should be available in a closed beta in about one month.New 4860 Battery Cells: This is Tesla’s new battery design. It is tabless, power …read more […]

(Bloomberg) — Huawei Technologies Co., the telecom giant at the center of U.S.-China tensions, said it has “sufficient” inventory for its communications equipment business while it seeks out supplies of smartphone chips that have been cut off by a Trump administration ban.The company has enough supplies to keep its enterprise and carrier units afloat and it’s developing new consumer devices to offset the hit to its smartphone business, Guo Ping, Huawei’s rotating chairman, told reporters in Shanghai on Wednesday. It’s still evaluating the impact of the U.S. blacklist, which has greatly limited American suppliers’ businesses, Guo added, saying Huawei is …read more […]

Spot gold fell 0.2% to $1,894.69 per ounce by 348 GMT. U.S. gold futures were down 0.5% to $1,898. “We are seeing a risk-off environment taking hold, which means that the dollar continues strengthening and there is a lot of pressure on gold prices in the near-term,” said Howie Lee, economist at OCBC Bank. …read more […]

Some experts believe we may have hit “peak gold” production in our pursuit of the precious metal. …read more […]

(Bloomberg) — Tesla Inc. laid out a road map to build a $25,000 car by 2023 and eventually 20 million cars a year, part of a highly anticipated presentation that was short on the sizzle from Elon Musk that investors have come to expect.The cheaper car will come from cutting the cost of batteries in half, the chief executive officer said at an event Tuesday, based on a series of innovations that include using dry electrode technology and making the battery a structural element of the car.Those incremental and longer-term advances belied expectations for a blockbuster leap forward, which Musk …read more […]

(Bloomberg Opinion) — Plans by China to draw up a blacklist of U.S. technology firms might sound great to hardliners as a retaliatory measure against Washington, but would most likely backfire. Pulling the trigger on such a threat could end up proving that the importance of the world’s most populous country as a global buyer may be smaller than many imagine.Beijing has sped development of a catalog of companies it could target, yet debate remains in the halls of power over whether to release it before November’s U.S. election, if at all, the Wall Street Journal reported Tuesday, citing officials …read more […]