Overseas Headlines – August 3, 2022

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.



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.



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.




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