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Zacks
NIO Buys Stake in Greenwing to Secure Lithium for Batteries
NIO’s investment of $12 million in Greenwing Resources gives it a 12.6% stake in the company. The deal will help NIO to access the lithium needed to bolster its battery development efforts.
TechCrunch
China’s Nio joins the race for lithium, buys 12% of Australia’s Greenwing Resources
China’s electric vehicle upstart Nio has joined Tesla in sourcing raw materials directly from mines rather than its own battery suppliers as soaring prices of lithium, a critical component of EV batteries, hurt manufacturers’ supply chain stability and bottom lines. Lithium carbonate prices in China hit a record 501,500 yuan/tonne in September, tripling the number from a year ago. Nio, an eight-year-old premium EV maker, has agreed to pay $12 million for a 12.16% stake in Greenwing Resources, an Australian lithium mining company, Greenwing said in a filing with the Australian Stock Exchange.
Reuters
U.S. new home sales unexpectedly rise in August
New home sales surged 28.8% to a seasonally adjusted annual rate of 685,000 units last month, the Commerce Department said on Tuesday. July’s sales pace was revised higher to 532,000 units from the previously reported 511,000 units. The Federal Reserve’s aggressive monetary policy tightening, marked by oversized interest rate increases, has weakened the housing market.
Reuters
U.S. to appeal court loss against sugar merger
WASHINGTON (Reuters) -The U.S. Justice Department said on Monday it would appeal a judge’s ruling that U.S. Sugar Corp’s plans to buy rival Imperial Sugar Co was legal under antitrust law, according to a court filing. Judge Maryellen Noreika of the U.S. District Court for Delaware had ruled for the companies on Friday, rejecting the government’s request that she stop the deal from going forward. Asked about the government’s indication that it would appeal, U.S. Sugar said: “We look forward to expeditiously closing this acquisition as planned.”
TheStreet.com
EV Industry Developments Have Us Charged Up About This Position
Today the Department of Transportation approved EV infrastructure development plans for all 50 states. All states now have access to all FY22 and FY23 National Electric Vehicle Infrastructure (NEVI) Formula Program funding that totals more than $1.5 billion. As a reminder, that program will help build EV chargers covering approximately 75,000 miles of highway across the country and has earmarked $5 billion to spend over the coming five years as part of the Biden Infrastructure Law.
Reuters
Options activity hints U.S. stock market has not reached bottom- Barclays
Options trading activity does not yet hint at a bottom in U.S. stocks, Barclays derivatives strategists said on Tuesday, rebutting speculation among some investors that a record surge in put option trading volumes suggested the market may be nearing a reversal. With the S&P 500 marking a fresh bear market low on Tuesday, down 24% for the year, traders and investors are searching for clues as to when the market may bottom out. Trading in put contracts – typically used to protect against market losses – has surged, with a record 33.93 million put contracts changing hands on Friday alone.
Bloomberg
Apple Suppliers Drop as Firm Said to Ditch IPhone Output Boost
(Bloomberg) — Shares in Apple Inc.’s Asian suppliers extended losses Wednesday after Bloomberg reported the Californian company is backing off plans to increase production of its new iPhones.Most Read from BloombergGermany Suspects Sabotage Hit Russia’s Nord Stream PipelinesApple Ditches iPhone Production Increase After Demand FaltersAlzheimer’s Progression Slowed by Drug in Major TrialPutin’s Mobilization Hits Russia’s Economy in Its Weak SpotsUS Housing Prices Fall for First Time Since 2012Ho
Bloomberg
Biden Tells Oil Companies ‘Bring Down Prices You’re Charging’
(Bloomberg) — While US gasoline prices have come down from the highs seen this summer, they’re clearly still weighing on President Joe Biden, who on Monday repeated demands for oil companies to charge less.Most Read from BloombergJohn Paulson on Frothy US Housing Market: This Time Is DifferentEverything-Selloff on Wall Street Deepens on 98% Recession OddsStocks, Commodities Drop; US Treasury Yields Surge: Markets WrapUK Market Selloff Slams Gilts, Pound, Piling Pressure on BOEWall Street Banks
