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September 7th - Copper prices held steady near record highs as traders assessed the ongoing risks of tight supply, while the US market closure dampened risk appetite. London afternoon prices were largely unchanged at around $14,440 per tonne, less than $100 below the highs reached in January. Trading was light, with the US Labor Day holiday and investors weighing a renewed US-Iran conflict against optimism surrounding artificial intelligence. Copper prices have risen more than 16% this year, supported by supply disruptions related to potential US tariffs, with large inventories being shipped to the US over the past year. Macroeconomic tailwinds have also provided support, including a weaker dollar and optimistic expectations that data centers and power grids will benefit from the AI boom. Marex senior base metals strategist Alastair Munro said he remains bullish on copper, expecting new highs in the coming weeks, and that copper prices are "rewarding bargain hunters."The city of Kyiv has stated that it has imposed restrictions on holding large-scale events.On September 7th, the Xiaomi 18 Fold Ceramic Special Edition foldable phone was officially released. It uses a new type of silicon nitride ceramic, is only available in a 16GB+1TB version, priced at 15,999 yuan, and is limited to 1,500 units.On September 7th, Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), published an article stating that in August 2026, 10 models saw price reductions, 13 fewer than the same period last year. Among them, 2 were pure gasoline models, 3 fewer than the same period last year; and 6 were pure electric models, 8 fewer than the same period last year. He explained that the pressure on gasoline and range-extended electric vehicles was too great, making price adjustments understandable. From January to August 2026, 100 models saw price reductions, 36 fewer than the same period last year. Among them, 36 were conventional gasoline vehicles, unchanged from the same period last year; 5 were hybrid gasoline vehicles, 1 more than the same period last year; 22 were plug-in hybrid gasoline vehicles, unchanged from the same period last year; 6 were range-extended electric vehicles, 4 fewer than the same period last year; and 31 were pure electric vehicles, 33 fewer than the same period last year. From January to August 2026, the average price reduction for new energy vehicles was 264,000 yuan, with an arithmetic average price reduction of 30,000 yuan, representing a price reduction of 11.5%. In August 2026, the average price reduction of new energy vehicles was 256,000 yuan, with an arithmetic average of 45,000 yuan, representing a relatively high level of 17.8%.Swedish Defense Minister: Sweden will purchase Lockheed Martins HIMARS rocket artillery system.

Asian Shares Fall As Investors Analyze ECB Decisions

Charlie Brooks

Jun 10, 2022 11:14

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Asia-Pacific equities were predominantly lower on Friday morning. Ahead of U.S. inflation statistics, investors are analyzing the European Central Bank's signals for potential interest rate hikes.


At 10:49 PM ET (2:49 AM GMT), the Nikkei 225 was down 1.41 percent, and the KOSPI was down 1.08 percent.


In Australia, the ASX 200 index declined 0.99%.


The Hang Seng Index in Hong Kong fell 0.89 percent.


As a result of the Chinese government's response to a Bloomberg article, the sub-index for Hong Kong-listed IT giants opened 2.9 percent lower. Alibaba (NYSE:BABA) Group Holding Ltd.'s U.S.-listed shares plummeted after the China Securities Regulatory Commission dismissed a Bloomberg report that it was exploring a listing resurrection for the fintech company.


The Shanghai Composite rose 0.10 percent, but the Shenzhen Component rose 0.02 percent.


China's manufacturing factory-gate inflation slowed to its worst pace in 14 months in May, according to previously released data. In May, the producer pricing index (PPI) increased by 6.4% annually, compared to an increase of 8% in April. The reading was the lowest since March 2021. The cooling could be attributable to decreased demand for steel, aluminum, and other industrial commodities as a result of COVID-19-related production disruptions.


Meanwhile, the consumer price index (CPI) increased 2.1% annually.


The European Central Bank (ECB) announced on Thursday that it will prepare a quarter-point increase in interest rates in July and a larger increase in the fall if inflation remains high. Inflation in the eurozone has already surpassed 8 percent.


Short-term U.S. Treasury rates are near all-time highs for 2022 due to a selloff in the euro-area bond market in response to ECB rate rise indications.


The ECB also announced that net asset purchases will halt on July 1, 2022.


Now, investors have moved their attention to U.S. inflation data, due later in the day, for additional hints on the course of interest rate hikes by the U.S. Federal Reserve.


Bloomberg quoted Charles Schwab (NYSE:SCHW) & Co.'s chief financial strategist Liz Ann Sonders as saying, "We've reestablished the inverse relationship between bond rates and stock prices."


"There is a little more discussion, or whispering, about the CPI being a touch above forecasts. Add to that the ECB's more hawkish posture, and you get another bad day."


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