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February 13th - Electric vehicle manufacturer Rivian warned that its losses this year may be higher than expected as it works to control costs during the critical period leading up to the launch of its next-generation SUV. In releasing its fourth-quarter earnings report, Rivian projected an adjusted EBITDA loss of $1.8 billion to $2.1 billion for 2026. While the final figure in this range represents an improvement over last years loss, it exceeded analysts previous expectations of a loss of approximately $1.8 billion. This forecast indicates that Rivians path to profitability remains bumpy, facing weak demand for electric vehicles, high raw material costs, and the loss of regulatory credit revenue following the Republican-led repeal of electric vehicle-friendly policies. Rivian also stated that its highly anticipated R2 mid-size electric SUV will go on sale as planned in the second quarter. This model is crucial for Rivian to achieve higher production volumes and improved profitability, as it will be launched at a lower price.Rivian (RIVN.O) reported fourth-quarter revenue of $1.286 billion, compared to market expectations of $1.263 billion.The Dow Jones Industrial Average closed down 669.42 points, or 1.34%, at 49,451.98 on Thursday, February 12; the S&P 500 closed down 108.71 points, or 1.57%, at 6,832.76; and the Nasdaq Composite closed down 469.32 points, or 2.03%, at 22,597.15.February 13th - US stocks closed with the Dow Jones Industrial Average down 1.34%, the S&P 500 down 1.57%, and the Nasdaq Composite down 2.03%. Apple (AAPL.O) plunged 5%, Nvidia (NVDA.O) fell 1.64%, and Amazon (AMZN.O) dropped 2.2%. SanDisk (SNDK.O) rose 5%.Sources say that Midad Energy, backed by Saudi Arabia, has signed a term sheet to acquire assets from sanctioned Lukoil, pending regulatory approval.

As the BoJ ponders a YCC expansion, EUR/JPY continues to decline, falling below 142.60

Alina Haynes

Apr 06, 2023 11:52

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After plunging below 142.60 during the Asian trading session, the EUR/JPY pair's three-day losing trend was extended. Renewed rumors of an expansion of the Bank of Japan's (BoJ) Yield Curve Control (YCC) are exerting immense pressure on the cross.

 

The Japanese economy is experiencing gradual wage growth, and inflation is expected to respond to recent increases in crude oil prices. Analysts at Wells Fargo believe the BoJ will take advantage of a tactical opportunity to further modify its policy settings in the fourth quarter of 2022, and are inclined toward a meeting in October. They added that this timeframe is optimal for a smooth policy adjustment, as monetary easing from the Federal Reserve (Fed) and other major central banks should alleviate yield pressure.

 

In particular, the Bank of Japan (BoJ) will raise the target yield for 10-year Japanese government bonds (JGBs) from 0% to 0.25% and increase the tolerance interval surrounding this target to +/- 75 basis points.

 

Accelerating PMIs in the Eurozone provide support for the European Central Bank's sustained rate hikes. (ECB). S&P Global reported a Composite PMI of 53.7 on Wednesday, which was higher than the previous release of 52.0 but below expectations of 54.1, the highest level in the past ten months.

 

According to Reuters, S&P Global issued the following statement: "Manufacturing production increased slightly, but the service sector had the greatest impact on March's accelerated growth."

 

Wednesday, ECB policymaker Boris Vuji stated regarding interest rate forecasts, "The majority of the rate-hiking cycle has passed." He added, "We may require additional rate increases to address core inflation."

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