19.41 – First cracks in relationship between Xi and Putin?
Supplying all residents of China with energy is a titanic task that requires the country several pipelines. Russia is trying to force a second line through Siberia, but Beijing (for now) prefers Turkmenistan. Read all about it here.
18.49 – Ford CEO: “Chinese electric car makers are our biggest rivals”
According to Jim Farley, Ford’s CEO, the main competitor of the American company is not Tesla or General Motors, but the Chinese producers of electric cars.
- At a Morgan Stanley sustainability summit, the CEO noted that Chinese car manufacturers are ahead of their American rivals in areas such as battery chemistry and other emerging technologies.
- He was specifically referring to BYD, a producer backed by Warren Buffett. “I love BYD. Fully vertically integrated, aggressive… It’s a very, very impressive company. And they have always been committed to electric vehicles.
17.53 – Bel20 again ends in the red
After yesterday’s loss, the Bel20 plunged further today. The Belgian star index dropped 0.8 percent. The Eurostoxx50, on the other hand, posted a modest gain of 0.2 percent.
- D’Ieteren was the strongest of the Bel20 and rose by 3.6 percent after repeating the outlook for 2023. According to Degroof Petercam, D’Ieteren has started the year strongly. Reason to maintain the Buy recommendation.
- UCB fell 2.7 percent to finish at the very bottom.
5.22pm – Rating agencies are pressuring US to raise debt ceiling
After Fitch, the rating agency DBRS Morningstar now also indicates that it is considering lowering the credit score of the United States. The reason? There is still no agreement on a debt ceiling increase, while the deadline is getting closer. On June 1, a US default is imminent.
16.39 – Number of new US aid applications slightly up
The number of new claims for unemployment benefits in the United States rose in the week ending May 20, but after a sharp downward revision from a week earlier. This is according to figures from the US Department of Labor.
- The number of new applications for unemployment benefits went from 225,000 to 229,000. That 225,000 was an adjustment of the previously reported 242,000. Economists had expected 245,000 applications in advance.
- The number of extended aid applications in the week ending May 13 stood at 1.794 million applications, 5,000 fewer than a week earlier.
3.40pm – Mixed opening Wall Street
After ten minutes of trading, the Dow Jones is down 0.35 percent. The S&P500, on the other hand, gains 0.5 percent and the Nasdaq even shoots 1.35 percent higher. The sharp rise in the tech index is mainly due to the strong performance of the AI companies, which in turn are doing particularly well after the publication of Nvidia’s quarterly results.
15.31 – Nvidia stock market value rises by about $ 200 billion
The chip giant Nvidia shared its quarterly results yesterday. Due to the strong growth expectation, the share price shot up about 25 percent after the opening bell rang. Nvidia expects revenue of $11 billion this quarter, well above analyst expectations.-