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Dockworkers strike at the Bayport Container Terminal in Seabrook, Texas, on October 1, 2024. 

Mark Felix | Afp | 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

U.S. stocks shaken as Hong Kong market rallies
U.S. stocks
fell on fears over growing geopolitical tensions. The S&P 500 slipped 0.93%, the Dow Jones Industrial Average lost 0.41% and the Nasdaq Composite retreated 1.53%. Hong Kong’s Hang Seng index popped around 5%, propelled by the year’s strongest rally in Hong Kong-listed Chinese property stocks.

Escalating Middle East conflict
Prices of WTI and Brent oil rose around 1.6% during Asian trading hours as conflict escalated in the Middle East. On Tuesday, Israel began a ground offensive in Lebanon and Iran launched a ballistic missile attack on Israel. Analysts told CNBC there’s a chance Israel will hit Iran’s oil infrastructure, which could cause oil to spike to more than $100 a barrel.

Widespread effect of port strike
Members of the International Longshoremen’s Association started striking Tuesday, halting activity at U.S. East Coast and Gulf Coast ports, which stretch from Maine to Texas. If the strike drags on, global supply chains and the economy could take a beating. That runs the risk of causing inflation to flare up again.

Risk-off on crypto
Amid this cautious atmosphere, investors pulled back from cryptocurrency. Bitcoin is currently trading at $61,407.21, down from nearly $66,000 on Sunday. Crypto-related companies also struggled on Tuesday. Coinbase tumbled 7.4% and fell around 1% in extended trading.

[PRO] Fund manager’s worst-performing stock
Ranmore Global Equity Fund managed to beat the S&P the past two years. But there have been slip-ups as well. Its fund manager shares with CNBC the worst-performing stock he’s picked: why he bought it, what went wrong and the lessons he learned.

The bottom line

Just when the coast appeared clear, geopolitical tensions and potential supply chain snarl-ups threaten to turn the soft-landing trajectory into a bumpy one.

Port workers along the U.S. East Coast and Gulf Coast started striking Tuesday. At a port in the New York-New Jersey area, around 100,000 shipping containers “are literally in limbo in the port,” said New York Governor Kathy Hochul. 

“A disruption of a week or two will create some backlogs but the broader consequences will be minimal,” said Adam Kamins, economist at Moody’s Analytics.

Should the work stoppage go on for longer, however, “you’re running into businesses that have real shortages and, yeah, they’ll absolutely have to raise those prices,” said Christopher Ball, economics professor at Quinnipiac University.

(Fans of Rao’s pasta sauce need not fear, for now. Piper Sandler wrote that Campbell Soup, which bought Rao’s earlier this year, “has healthy levels of inventory on hand.”)

Meanwhile, oil prices spiked as markets feared Iran, a member of OPEC, would be dragged into a larger conflict in the Middle East. Higher oil prices pose a risk to inflation resurging, or at least slowing less than everyone is hoping for.

With those fears and uncertainties swirling, the Cboe Volatility Index, known as Wall Street’s fear gauge, climbed to 19.3 on Tuesday. It closed at 15.4 a week ago. Major U.S. indexes fell, with the tech-heavy Nasdaq suffering the most as megacaps like Tesla, Nvidia and Apple dropped.

It’s just the first days of the port strike and flare-up in Middle East tensions, however. The classic safe-haven trades, like bonds, gold and the U.S. dollar, aren’t showing up in the prices of those assets yet, noted CNBC’s Steve Liesman.

The best-case scenario would be that recent events are just minor turbulence on the way to a soft landing.

– CNBC’s Jeff Cox, Fred Imbert, Lori Ann LaRocco, Sean Conlon, Alex Harring and Brian Evans contributed to this story.  

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Sennebogen 824 G Electro Battery material handler promises 24/7 power

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Sennebogen 824 G Electro Battery material handler promises 24/7 power

Sennebogen’s new 824 G Electro Battery material handler is being put through its paces at a recycling site in Munich’s Aubing district. And, thanks to its innovative grid-connected/battery system, it never has to stop to recharge!

With its emphasis on the recycling of stainless steel, ferroalloys, and superalloys, CRONIMET Alpha’s recycling operations are loud, and adding the ceaseless drone of diesel engines straining against the mass of all that metal as it’s sorted and fed into bailing presses. That’s why the company was so excited to test out Sennebogen’s new, all-electric 824 G Electro Battery material handler during an extensive trial at its Munich site.

So far, CRONIMET’s operators have been impressed with the new Sennebogen. “The battery-powered machine drives just like a diesel-powered one,” explains equipment operator Zoran Alexsic. “You don’t notice any difference in power – only that everything runs much more smoothly and quietly … you don’t have to take breaks to escape the noise.”

Quiet, but powerful


824 G Electro Battery; via Sennebogen.

The Sennebogen 824 G comes standard with a 98 kWh battery, but operators can install up to four modular packs for a total of 392 kWh and roughly eight hours of runtime. Even with a single pack—good for 1.5 to 3 hours—the machine can keep CRONIMET’s operations running almost nonstop, thanks to its built-in dual power mode.

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Sennebogen’s dual power mode enables the 824 G to run on battery while drawing power from the grid at the same time. When connected to grid power, the machine can recharge its batteries as it works, eliminating the downtime other BEVs need for charging and giving operators the freedom to reposition the machine on battery power, then plug back in when convenient.

Beyond flexibility, the electric handler is also cleaner, quieter, and more cost-effective than the diesel models it’s designed to replace. By seamlessly cycling between battery and grid power, it reduces both noise on the job site and energy costs during peak hours.

Electrek’s Take


Drop the beat; via Sennebogen.

We’ve seen grid-connected equipment assets like this before, and with good reason. Simply put, it takes many more kilowatts of energy to dig up tons and tons of dirt and rocks than it does to send an aerodynamically smoothed sedan down a road. That’s why you still see a push towards hydrogen and other energy-dense fuels in construction – but permanently grid connected assets, whether wired or inductive, could solve for some of the limitations of batteries on job sites that can support them.

If the 824 G Electro Battery is a commercial success, expect Sennebogen to roll out more grid-connected options in the years to come.

SOURCE | IMAGES: Sennebogen.


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MINI x Deus Ex Machina Skeg electric concept lightens the mood

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MINI x Deus Ex Machina Skeg electric concept lightens the mood

MINI has partnered with lifestyle brand, Deus Ex Machina, to develop this. It’s called the Skeg, and it’s a high-performance, racing-inspired electric concept car that’s sure to lighten the mood – by shedding fully 15% of its mass in the quest for speed.

One of a pair of exclusive, one-off concepts based on MINI’s John Cooper Works cars. The Deus Ex Machina Skeg celebrates MINI’s storied racing history with what the company calls, “a clean, minimal, and quiet rebellion,” that draws on materials, technologies, and philosophies from the world of surfing.

The electric MINI JCW Skeg is stripped to its essentials, with much of the steel and aluminum bits replaced with lightweight fiberglass to maximize acceleration while driving the minimalist aesthetic home. The end result weighs 15% less than the standard car – but makes the same stout 190 kW (258 hp) as the production car.

Surf’s up


MINI Skeg concept interior; via BMW.

The interior is stripped back to the barest essentials, reflecting BMW’s vision of a surf culture that prioritizes function over form. MINI claims the end result resembles a mobile surf shop, with fiberglass trays for wetsuits, specially shaped bins, neoprene seats, and other touches that “bring the surf culture into the interior.”

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For their part, the BMW and MINI styling team seems pretty proud of its minimalistic electric endeavor. “In this extraordinary collaboration … every single detail has been crafted with artisanal precision and expertise,” says Holger Hampf, Head of MINI Design. “This has resulted in unique characters that are clearly perceived as belonging together through their distinctive design language and use of graphics.”

The concept retains the production version’s 54.2 kWh li-ion battery pack, up to 250 of WLTP range with the production aero kit, sprints from 0-100 km (62 mph) in just 5.9 seconds. With 15% less mass, though, that should jump to more than 255 miles, with 0-60 times dropping below 5.5 seconds.

I dig it – but I’d skip the surf bits and just appreciate the raw composite, minimalist interior look for what it is. Take a look at the image gallery, below, then let us know what you think of MINI’s Skeg concept in the comments.


SOURCE | IMAGES: BMW MINI.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Volvo Penta teams up with e-power to equip Boels with next-gen Battery Energy Storage Systems (BESS)

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Volvo Penta teams up with e-power to equip Boels with next-gen Battery Energy Storage Systems (BESS)

Veteran marine and industrial power solutions company Volvo Penta has joined forces with energy solutions provider e-power to build battery energy storage systems (BESS). Volvo Penta’s battery systems for energy storage will power BESS units built by e-power that can be catered to a range of applications, most notably construction rental clients like Boels Rentals in Europe.

Volvo Penta is a provider of sustainable power solutions that currently serves land and sea applications under the Volvo Group umbrella. As more and more of the world goes all-electric, the global manufacturer has also adapted, sharing cultural values with Volvo Group to engineer new and innovative sustainable power solutions.

Nearly 100 years later, Volvo Penta remains an industry leader in marine propulsion systems and industrial engines. As more and more of the world goes all-electric, the Swedish manufacturer has also adapted, sharing cultural values with Volvo Group to engineer new and innovative sustainable power solutions.

For example, all Volvo Penta diesel engines now run on hydro-treated vegetable oil (HVO), reducing well-to-wheel emissions by up to 90% across the marine and industrial power industries. On the zero-emissions side, Volvo Penta has expressed its dedication to fossil-free power solutions, including battery electric components to serve heavy-duty applications such as terminal tractors, forklifts, drill rigs, and feed mixers, to name a few.

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To leverage its battery electric value chain, Volvo Penta has also ventured into battery systems for energy storage (or BESS subsystems). These energy-dense, purpose-built BESS subsystems can provide portable, sustainable energy for all-electric charging and reduce grid dependency.

Volvo battery
Source: Volvo Penta

Volvo Penta to deploy battery systems for energy storage

Volvo Penta recently announced a strategic partnership with e-power, a Belgian power solutions provider. Together, Volvo Penta and e-power will develop a scalable Battery Energy Storage System (BESS) for Boels Rental.

The collaboration continues a long-standing partnership between all three companies. Boels – one of the largest construction rental companies is a long-time customer of e-power generators that utilize Volvo Penta engines. As the company shifts toward electrification and sustainability, it will again turn to those companies to deliver reliable performance.

Volvo Penta’s BESS subsystem comprises battery packs, a Battery Management System (BMS), DC/DC converters, and thermal management, combining to offer a compact, high-density, and transport-friendly solution optimized for rental operations. The company shared that this BESS design is integration-ready, enabling other OEMs like e-power to adapt and scale systems to customer-specific needs. Per e-power business support director, Jens Fets:

We’ve built our reputation on reliability and efficient power systems. Working again with Volvo Penta, this time on battery energy storage, allows us to meet the growing demand for energy in a silent, low-emissions, compact and mobile design—especially in rental applications.

The deployment of these new battery energy storage systems will help Boels cater to its customers’ growing demand for clean, silent, and mobile energy solutions in construction and other industrial applications. 

Aside from being more quickly adaptable to customer needs, Volvo Penta says its BESS architecture marks an overall shift in rental power systems. This is welcome news for all who support a cleaner, more sustainable future across all industries.

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