August 3, 2022
United States:
US Stocks Slip as China Tension Boosts Havens: Markets Wrap
US stocks rose and Treasuries extended a decline on Wednesday as hawkish comments from Federal Reserve officials made it apparent that a policy pivot is unlikely.
Treasury yields climbed, with the 10-year yield hovering near 2.78%. The S&P 500 and the Nasdaq 100 rose as mixed corporate earnings continued to roll in. Oil jumped as OPEC+ members agreed to a small production increase. A dollar gauge was little changed.
Europe:
European Gas Prices Ease With Inventories and Demand in Focus
Natural gas prices in Europe edged lower amid rising inventories and signs of reduced demand, while supplies from Russia remain steady, albeit low.
Benchmark futures erased earlier gains, though they’re still trading near their highest levels since early March, during the first weeks of Russia’s invasion of Ukraine. Prices rallied last week as state-run Gazprom PJSC curbed flows on the key Nord Stream pipeline to Germany to about 20% of capacity.
Asia:
BYD’s July New Energy Vehicle Sales More Than Triple to Record
Chinese electric-car maker BYD Co. extended its lead over rivals in July, with sales of its new energy vehicles more than tripling to a record.
The company, backed by Warren Buffett’s Berkshire Hathaway Inc., sold 162,530 units last month compared with 50,492 a year ago. Earlier this week, BYD signed agreements to start selling its electric vehicles in the coming months in Germany, Sweden and Israel as it extends its footprint beyond China.
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
