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CNBC Daily Open: Buffeted by Middle East, propelled by China

Published

1 month ago

October 3, 2024

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Customers at a restaurants on Nanjing East Road in Shanghai, China, on Wednesday, Oct. 2, 2024.

Qilai Shen | Bloomberg | 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

Geopolitical uncertainty
Major U.S. indexes all closed slightly above the flatline on Wednesday. Oil prices continued rising, helping energy stocks outperform. Nike fell 6.8% and Tesla lost 3.5%. Asia-Pacific stocks traded mixed Thursday. Japan’s Nikkei 225 rose about 2% as the yen slipped, while Hong Kong’s Hang Seng index dropped around 1.4% after enjoying a strong rally on Wednesday.

Yen slides on Ishiba’s dovish comments
The Japanese yen fell to as low as 147.15 against the U.S. dollar during Asia trading hours today on dovish comments from new Japanese Prime Minister Shigeru Ishiba. “I do not believe that we are in an environment that would require us to raise interest rates further,” Ishiba said Wednesday. Analysts, however, think the Bank of Japan will still raise rates by early 2025.

OpenAI’s $157 billion valuation
OpenAI has raised $6.6 billion in its latest funding round, putting it at a valuation of $157 billion. The round was led by Thrive Capital – which planned to invest $1 billion – and included participation from Microsoft, Nvidia and Softbank, said a person with knowledge of the matter.

Behind India’s booming market
India Nifty 50 index is up 18.7% year to date, hitting record highs on its way there. Several factors are driving its rally: public infrastructure investments by the government, companies diversifying their supply chains away from China to India, healthy economic growth, a growing population and lower U.S. Federal Reserve interest rates.

[PRO] Opportunities amid disruptions
Strikes by longshoremen at U.S. coastal ports are only the latest in a series of supply chain disruptions we’ve experienced in recent years. While those interruptions are generally bad for the global economy by increasing shipment prices and delivery times, Goldman Sachs thinks some stocks can benefit from such events.

The bottom line

The nature of today’s globalized world means that the manufacturing process of one smartphone may take it to more places around the world than I will ever be.

It may begin with designing a blueprint in the U.S., sourcing minerals from China, manufacturing semiconductors in Taiwan, assembling the product in India and working with the European Union to meet standards.

But supply lines are so intricately connected that the moment one link in the chain snaps, the whole process can be interrupted.

That’s why the recent tension in the Middle East – already simmering for a year, now bubbling slightly more furiously – has weighed on investor sentiment across the world. The conflict’s effects are magnified because the region is the epicenter of oil production, and oil is, well, literally the fuel for the global economy.

Furthermore, producing oil is not like manufacturing a smartphone, in which a company can shift assembly to another country. Either there is or isn’t oil in the land. Oil suppliers are bound to where they are.

You’d expect that markets would have been shaken by that threat to the global economy. But all major U.S. indexes managed to close just a tad above the flatline. The S&P 500 was mostly unchanged, the Dow Jones Industrial Average eked out a 0.09% gain and the Nasdaq Composite ticked up 0.08%.

Headwinds blowing from Middle East might have been tempered by optimism in China.

Lifted by Beijing’s recent announcement of economic stimulus, Chinese stocks have been on a tear. That’s caused U.S. exchange-traded funds that track Chinese stocks to rally, helping to keep the U.S. market afloat amid worries over the escalating Middle East conflict.

Indeed, U.S. stocks tend to benefit whenever the Chinese government unleashes economic stimulus and credit expansion, according to Ryan Grabinski, strategist at Strategas Securities.

Here’s the flipside of globalization: Negative developments in one part of the world may weigh down others, but positive ones will radiate optimism beyond their origin.

– CNBC’s Hakyung Kim, Yun Li, Alex Harring and Samantha Subin contributed to this story.

Environment

What makes a Honda a Honda? Prologue engineers help us find out!

Published

9 hours ago

November 16, 2024

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What makes a Honda a Honda? Prologue engineers help us find out!

On today’s informative episode of Quick Charge, we’ve got Honda engineers Jason Hwang and Emilio Sanchez to talk us through some of the things that make the GM Ultium-based Honda Prologue EV feel like a real Honda, and why that matters.

Jason and Emilio talk about some of the choices they made to make the Honda Prologue and Acura ZDX feel different from its GM-branded cousins, and explain why this was much more than a case of badge-engineering. Give it a listen, then let us know what you think of the Prologue and ZDX in the comments.

Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Learn more by clicking here.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!

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The Eastern US’s first CFI-funded EV charging hub comes online

Published

12 hours ago

November 15, 2024

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The Eastern US's first CFI-funded EV charging hub comes online

CF EV charging — Photo: Joint Office of Energy and Transportation

The first EV charging hub funded by the Charging and Fueling Infrastructure (CFI) Program in the Eastern US is now online in Deerfield, Massachusetts.

The town installed the region’s first DC fast chargers (four ports), along with four Level 2 chargers, at 59 North Main Street in South Deerfield.

These new charging stations, funded with $2.46 million from the CFI program, are conveniently located near Interstate 91 in Franklin County, the most rural county in Massachusetts, which serves drivers from Connecticut up to the Canadian border.

The hub also features local and regional bus stops and designated bike lanes with secure onsite bike racks. The chargers are meant to cater to everyone: from local residents and visitors to municipal EVs and commercial vehicles that service the region’s businesses, like those in food and beverage manufacturing.

Gabe Klein, executive director of the Joint Office of Energy and Transportation, sees this as a model for future projects:

Multi-modal charging hubs in communities are key to giving more people the choice to ride and drive electric. The Town of Deerfield is showing leadership in building out convenient charging infrastructure that brings new transportation choices to rural and disadvantaged communities while supporting local commerce.

In recent years, Deerfield has experienced increased climate change-driven flooding from nearby rivers, including the Deerfield River, the Connecticut River, and the Bloody Brook. The project incorporates environmental engineering designed to mitigate and adapt to the effects of flooding and climate, including the installation of permeable asphalt and rain gardens, planting of native trees, grasses, and shrubs, and the creation of new greenspace in the center of Deerfield.

The Biden-Harris administration’s CFI Grant Program is expanding EV infrastructure nationwide. It offers grants for projects that complement and expand upon the initiatives of the NEVI program in urban, rural, and disadvantaged and low-income communities. So far, the CFI Grant Program has allocated over $1 billion to nearly 100 projects across the US, encouraging private investments and expanding the EV charging network to make EV ownership more practical and convenient.

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Environment

Kia’s new low-cost EV4 was just spotted in the US for the first time

Published

13 hours ago

November 15, 2024

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Kia's new low-cost EV4 was just spotted in the US for the first time

Kia’s upcoming EV4 electric sedan was just spotted testing in the US for the first time. The low-cost EV is expected to make its big debut by the end of the year. Here’s a look at the new model.

The EV4 will round out Kia’s new “EVs for all” master plan launched last year. Kia showcased three new models, the EV3, EV4, and EV5, during its first annual EV Day in October 2023.

During the event, Kia outlined its new global strategy to “lead and accelerate the EV revolution” with a wide range of models priced from $30,000 to $80,000.

Kia plans to rapidly expand its lineup with a series of smaller, lower-priced models. It launched the EV9, its first three-row electric SUV, which is already proving to be a hot seller in the US. Starting at under $55,000, the EV9 is still a great deal compared to others in its class, but Kia plans to go even lower.

The EV3 and EV4 are expected to be among the most affordable electric vehicles when they arrive in the US.

Kia’s new EV4 is now testing in the US

Ahead of its official debut, Kia’s new EV4 sedan was recently caught driving on US streets for the first time.

The latest image from KindelAuto doesn’t reveal much more than what’s been shown in the past, but the fact that it’s now testing in the US is significant.

Kia EV4 caught on US streets for the first time (Source: KindelAuto)

Kia’s EV3 is already on sale in Korea, starting at around $30,000 (42.08 million won). Earlier this week, the company said its new compact SUV is now available across Europe, starting at around $38,000 (36,000 euros) with a “segment-leading range” of up to 375 miles (WLTP).

Next up will be the EV4. Kia is expected to officially reveal the new EV by the end of the year, with deliveries starting in 2025. It could be as soon as next week at the 2024 LA Auto Show.

The interior will feature Kia’s advanced new ccNC infotainment system with dual 12.3″ navigation and driver display screens. An otherwise minalimalistic design is expected inside.

Kia’s EV4 will also be available in a hatchback variant. Although the hatch is likely aimed at European buyers, it was also recently spotted testing in the US for the first time.