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Hyundai Motor & LGES Consider Building Two JV Battery Plants in USA
Hyundai and LG Energy Solution of South Korea are considering establishing two joint venture battery plants in the United States, according to a local online news outlet on Monday.
According to an unnamed source, the plants would be built in Georgia and would have an annual capacity of about 35 gigatonne hours (GWh), enough to power approximately 1 million electric vehicles.
MACROECONOMIC DATA ANALYSIS
The Indian economy is expected to return to a more normal 6.2% annual growth rate in July-September after a double-digit expansion in the previous quarter, according to a Reuters poll, but weaker exports and investment will limit future activity. Asia's third-largest economy grew 13.5% year on year in April-June, owing primarily to the corresponding period in 2021 being depressed by pandemic-control restrictions.
Hong Kong private home prices dropped 2.4% in October, the most since November 2018, according to official data released on Monday. The decline was caused by deteriorating market sentiment and a bleak economic outlook. In one of the most unaffordable housing markets in the world, home prices fell last month after dropping by a revised 2.1% in September. In the first ten months of this year, home prices in the financial center have decreased by 10.5%.
CURRENCIES
The U.S. dollar climbed on Monday as protests in China against COVID restrictions shook financial markets, sending the yuan lower and luring nervous investors to the safe-haven greenback. The Dollar Index, which measures the value of the US dollar against a basket of six other currencies, rose 0.33% to 106.270.
GOLD
Gold prices declined on Monday morning as markets awaited further cues on U.S. monetary policy from this week's key economic data. Copper prices plunged amid growing civil unrest in China over the renewal of COVID-19 lockdowns. Gold futures fell by 0.25% to $1,750 per ounce.
OIL
Oil futures dropped more than $2 a barrel on Monday’s early hours, with Texas-based WTI crude reaching an 11-month low as concerns about demand were fueled by protests in China over the stringent COVID-19 curbs. Brent crude futures tumbled by 2.64% to $81.50 a barrel, while West Texas Intermediate crude declines by 2.66% to $74.23 a barrel.
INDICES
USA: S&P500 -0.03%, Dow Jones Industrial Average +0.45%, Nasdaq Composite -0.70%
Europe: FTSE 100 +0.27%, DAX +0.01%, CAC 40 +0.08%
Asia: Nikkei 225 -0.42%, Hang Seng -1.85%, CSI 300 -1.46%, Nifty 50 +0.38%
Newest
Daimler and Toyota announced on Tuesday that they had entered a non-binding agreement to combine the businesses of their truck units in Japan. Under the partnership’s memorandum of understanding (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors would be combined under a holding company, as said in a statement.
OpenAI CEO Sam Altman said on Friday that the corporation is not planning on leaving Europe and areas of the European Union, contrasting a threat made earlier in the week to exit the region if it becomes difficult to comply with stringent artificial intelligence laws. The European Union is drafting a first set of global rules to govern artificial intelligence and Altman believes that the current draft is “over-regulating”.
