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CNBC Daily Open: A ‘crazy’ summer

Published

3 months ago

August 21, 2024

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Traders work on the floor of the New York Stock Exchange during morning trading on August 20, 2024 in New York City.

Michael M. Santiago | Getty Images

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

End of a run
Wall Street closed lower ending a multi-session winning streak. After an eight-day run-up, the S&P 500 and the Nasdaq Composite climbed 0.2% and 0.3% respectively. The Dow Jones Industrial Average dropped 0.2%, snapping a five-day win streak. Boeing was among the biggest decliners, down 4.2%, after finding defects on engine mounting structures on a 777X test plane. Meanwhile, the yield on the 10-year Treasury was little changed as investors await minutes from the Federal Reserve’s July meeting due Wednesday. U.S. oil prices fell below $74 a barrel on demand concerns.

Diabetes risk cut
Eli Lilly‘s weight loss drug tirzepatide, used in Zepbound and Mounjaro, reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes, according to preliminary findings from a long-term study. The trial, which studied over 1,000 participants over 176 weeks, also showed sustained weight loss, with patients on the highest dose losing 22.9% of body weight on average. The results highlight the potential of GLP-1 drugs in delaying diabetes and offering significant long-term health benefits for people with obesity and prediabetes. Eli Lilly’s shares rose 3%.

Shein sues Temu
Chinese-linked fast-fashion retailer Shein is suing rival Temu for allegedly stealing its designs and engaging in counterfeiting, intellectual property infringement and fraud. Shein, which filed the suit in Washington D.C. on Monday, is fending off similar allegations from the likes of Levi Strauss and H&M. Shein claims Temu falsely presents itself as a legitimate marketplace while actively encouraging its sellers to copy designs and preventing them from removing infringing products. PDD Holdings, which owns Temu, dropped 4.5% on Tuesday.

Waiting for Fed cut
Lowe’s has lowered its full-year sales and earnings forecasts as it anticipated weak home improvement spending. CEO Marvin Ellison told CNBC that consumers are waiting for the Federal Reserve to cut interest rates. “Inflation remains high,” he said. “And big-ticket purchases are being delayed as customers sit back and wait for interest rates to fall.” Lowe’s stock dropped 1.2%.

JD.com sinks Hang Seng
Asia-Pacific markets fell, led by Hong Kong’s Hang Seng index after Walmart said it would sell its stake in e-commerce giant JD.com worth a reported $3.74 billion. The index dropped 1% and JD.com slumped 10%, while mainland China’s CSI 300 index dipped 0.3%. Japan’s export-heavy Nikkei 225 slipped 0.29% after trade data for July revealed exports rose less than expected. Elsewhere, Australia’s S&P/ASX 200 rose 0.16%, while South Korea’s Kospi edged up 0.13%.

[PRO] 100% gain
Jefferies analysts believe this insurer and asset manager’s stock could double in value due to falling interest rates. Although financial firms usually profit from high rates, this company seems to perform better in the opposite scenario.

The bottom line

As the S&P 500 and Nasdaq failed to extend their recovery rally into a ninth session, it’s worth reflecting on the past few weeks. When asked by CNBC’s Sara Eisen to describe the market’s current state, Holly Newman Kroft of Neuberger Berman Private Wealth said “it’s been a little crazy” this summer.

“We couldn’t have scripted a better start to the summer with equities really rallying and everyone feels good when the market goes up. The last six, seven, eight weeks have been many head-spinning turns of events. We had an assassination attempt. We had a broadening of the market. We had the market pricing in a Trump win, a red wave. Then we had Biden drop out, Kamala come in and now its sort of a dead heat,” Kroft explained.

Kroft said the market is navigating an uncertain environment plagued with volatility. “Two weeks ago, in the face of a not-great-jobs number — it wasn’t bad jobs number but it wasn’t great — we had a knee-jerk reaction in the market. And so on Monday it opened down almost 10%. What’s kind of also mind-blowing is by the end of the week the market was flat.”

With the S&P 500 less than two percentage points shy of its July record high, Kroft sees limited upside and expects more volatility to pick up into the election. What the markets need is for “calmer heads to prevail in the role of the Fed,” she said.

Oppenheimer’s chief investment strategist, John Stoltzfus, said Fed Chair Jerome Powell’s speech on Friday could influence markets, with investors awaiting rate cuts at the central bank’s September meeting.

“With many folks now looking for a cut of as much as 50 bps in September, a degree of hesitancy in the Chair’s remarks could reintroduce some volatility into the market ahead of next weekend,” Stoltzfus wrote in a Monday note. Still, he believes a 25 basis-point cut is more likely, given last week’s stronger-than-expected jobs and retail sales data.

Yung-Yu Ma, investment chief at BMO Wealth Management, believes the Fed’s rate cuts could have a more significant impact than investors anticipate. “We think that the rate cuts are actually going to have much stronger and favorable impact, probably than the markets are pricing in now,” Ma told CNBC’s “Money Movers.”

“Maybe not the first rate cut, but after we get 75 basis points, 100 basis points of rate cuts, we think there’s a lot of pent-up demand lurking beneath the surface,” Ma added.

— CNBC’s Hakyung Kim, Sarah Min, Alex Harring, Gabrielle Fonrouge, Yun Li, Melissa Repko, Annika Kim Constantino, Spencer Kimball, Lim Hui Jie and Amala Balakrishner contributed to this report.

Environment

Kempower, Proviridis partner on novel electric semi truck charging solution

Published

9 hours ago

November 23, 2024

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Kempower, Proviridis partner on novel electric semi truck charging solution

Proviridis develops underground electric truck charging solution

French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.

By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”

For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.

Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.

“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”

Electrek’s Take

While traditional charging equipment can cause up to 20% of an existing truck depot’s parking capacity to be lost, the Kempower products have already gained recognition for the efficient size footprint of its overground Satellites. If this underground version proves to be even better, you can expect to see a lot more Kempower installations near you.

SOURCE | IMAGES: Kempower.

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For a limited time, save $500 on a Centris folding eBike from Buzz Bicycles

Published

11 hours ago

November 23, 2024

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For a limited time, save 0 on a Centris folding eBike from Buzz Bicycles

In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.

Buzz Bicycles is back with an exclusive new deal

Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.

The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.

The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.

By leveraging the global presence of its parent company, Buzz Bicycles can make good on its promise to deliver affordable eBikes that are comfortable, powerful, and safe, much like the Centris Folding eBike, which is as versatile and compact as it is fun. The exclusive deal Buzz Bicycles is offering on the Centris makes it even more fun. You can take advantage of it below.

But first, you’ll want to learn about the capabilities of this foldable eBike to truly understand its value, as well as what accessories are available to level up your purchase.

The Buzz Centris is an easy to ride foldable eBike for all

The Buzz Centris is a Class 2 Folding eBike built for comfort and convenience no matter where you take it. At full size, the Centris’ step-through frame offers a low step-over height of just 16 inches, perfect for riders of all sizes, enabling easy transitions from ground to saddle for its riders.

When you’re not riding, the Centris from Buzz Bicycles folds neatly to 34 inches in length and 22 inches in height, making it easy to store at home or to carry in a vehicle on the way to your next ride. Furthermore, the assembled bike only weighs 68 pounds, making it easy to transport.

You can easily navigate tougher terrain on the Centris thanks to the eBike’s 20″ x 4″ knobby tires and front suspension. The bike is powered by a 48V, 500-watt-hour (Wh) battery pack that can propel it to a top speed of 20 mph for an all-electric range of up to 40 miles on a single charge.

Additionally, this folding model from Buzz Bicycles comes equipped with both a front and rear rack, offering versatile cargo-carrying options so you can customize your ride with a variety of Buzz accessories.

Like all Buzz eBikes, the Centris is tested and deemed compliant with the UL2849 standard. This standard covers the entire electric bicycle system, including the motor, battery, controller, and charger, offering the highest safety standards for added peace of mind.

The Centris Class 2 folding bike from Buzz is available in two colors: Gloss White or Matte Black. This $1,199 eBike is currently reduced to $899 – and you can score an additional $200 off with this exclusive promo, but only for a limited time.

With the purchase of any Buzz eBike, including the Centris, you are guaranteed the following:

10-year limited warranty (lightweight aluminum frame protected for full 10 years)
2-year limited warranty (electrical components covered by 2-year warranty for peace of mind)
6-month limited warranty (additional bike components protected by a 6-month warranty)

Are you interested in the Centris from Buzz Bicycles? You’ve come to the right place. Starting today, while supplies last, you can take advantage of an additional $200 off the sale price by using promo code “ELECTREK200.“ That’s a $500 discount in total!

Don’t wait, because this deal only runs through 11:59 PM on December 8, 2024.

We highly recommend perusing Buzz’s entire lineup of products. They are designed for commuters and casual riders, with technology and features that help you quickly feel comfortable riding. If you are new to the world of E-transportation, Buzz Bicycles is the brand for you.

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Environment

It begins: Mercedes eActros 600 electric semi truck enters production

Published

11 hours ago

November 23, 2024

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It begins: Mercedes eActros 600 electric semi truck enters production

Production starts on eActros long haul electric truck

With up to 500 km (310 miles) of all-electric range, the new Mercedes eActros 600 electric semi truck was designed for long-haul trucking – and now, it’s officially in production at the company’s Wörth plant in Bavaria.

The electrification of Daimler Truck’s Mercedes line is progressing nicely, with the eActros 300 and 400 models handling drayage and short-haul duties, and the eEconic seeing duty in waste disposal and airport refueling. The addition of the new 600 model expands on that work with a truly capable long-haul solution that will help Mercedes’ customers clean up their operations.

“The start of series production of our eActros 600 is a further proof of our ambition to transform the industry,” offers Karin Rådström, CEO of Daimler Truck. “With a range of 500 kilometers on a single battery charge, our eActros 600 is addressing the long-haul segment in Europe which is responsible for two-thirds of CO2 emissions from heavy road freight. Our battery-electric long-haul truck will therefore make a real difference.”

In addition to the 600’s additional range, the newest eActros marks another milestone by becoming the first electric Mercedes semi to be manufactured on a single line (the eActros 300/400 and eEconic leave their standard production lines to have their electric drive components installed at Mercedes’ Future Truck Center in Wörth).

“With the start of series production of the eActros 600, we are expanding our Wörth product portfolio with an important vehicle for the future,” says Andreas Bachhofer, Head of the Wörth site and Production at Mercedes-Benz Trucks. “Construction of this first battery-electric truck made in Wörth will be fully integrated into the existing assembly hall, flexibly alongside the manufacturing of combustion-engine trucks. This means that we are ideally positioned for the production of larger quantities. Our production team is well prepared for the successive ramp-up over the coming months.”

The new electric semi truck features a 600+ kWh battery (hence, eActros 600) that sends power to a new, highly efficient electric drive axle developed in-house by Mercedes-Benz, good enough to “be able to travel significantly more than 1,000 kilometers per day. This is made possible by intermediate charging during the legally prescribed driver breaks – even without megawatt-charging.”

The company claims the massive, 600 kWh battery in the eActros can be charged from 20 to 80 percent in about 30 minutes at a megawatt charging station, which will soon (?) be available across Europe. First deliveries of the new 600 series Mercedes electric semi trucks are expected to begin Q1 of 2025, with production ramping up to full speed soon after.