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Futures News, October 16th. Economies.com analysts latest view today: Brent crude oil futures prices are fluctuating within their latest intraday range, attempting to recover some of their previous losses. However, negative pressure persists as prices remain below the 50-day moving average (EMA), further reinforcing the dominance of the primary downtrend in the short term. Furthermore, prices are trading along a trendline representing dynamic resistance, which is limiting any potential rebound in the near term. On the other hand, we note a positive golden cross signal on the relative strength index, which could signal a brief corrective rally.Jefferies: Raised its target price for Morgan Stanley (MS.N) to $186 from $175 previously.Japans tertiary industry activity index in August was -0.4% month-on-month, in line with expectations of -0.2% and the previous value of 0.50%.Bank Negara Malaysia announced the transition of the interbank benchmark interest rate from KLIBOR to MYOR and MYOR-I. After the transition period, KLIBOR will officially cease use on January 1, 2029.On October 16th, the Financial Times reported, citing three sources familiar with the matter, that UK Chancellor of the Exchequer Reeves will launch a "Sterling 20" initiative next week. This initiative will bring together the UKs 20 largest pension funds, emulating Canadas so-called "Maple 8" model to encourage easier investment in the UK. The Chancellor hopes to replicate Canadas strong pension fund investment model. The "Sterling 20" initiative aims to streamline pension funds support for UK infrastructure and growth projects. Participating pension funds have a combined total of approximately £3 trillion in assets under management, and local government pension funds are expected to join next spring.

Panasonic Anticipates A Rise in Global Automobile Production This Fiscal Year

Aria Thomas

Jun 01, 2022 14:49

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Panasonic (OTC:PCRFY) Holdings Corp, which manufactures batteries for Tesla (NASDAQ:TSLA) and other automakers, stated on Wednesday that it anticipates a recovery in global vehicle production this fiscal year, but that the two-year semiconductor shortage will persist.


Masashi Nagayasu, CEO of the Japanese conglomerate's automotive business, which manufactures in-car infotainment systems and other auto components, stated, "We will operate our business in consideration of the risks of fluctuations in vehicle manufacturing."


Nagayasu stated on the first day of Panasonic's annual investor event that the company has no plans to produce automobiles.


Panasonic, whose automotive division accounts for approximately 14 percent of its entire revenue, anticipates a 19 percent increase in sales for the fiscal year ending in March 2023. It anticipates an operational profit increase of roughly 17 percent.


Due to component shortages caused by COVID-19 lockdowns in China and higher commodity prices as a result of Russia's invasion of Ukraine, the company stated last month that it did not anticipate a profit increase for this fiscal year.


(This item corrects the firm name in paragraph 1 to Panasonic Holdings Corp from Panasonic Corp, and the sales growth forecast in paragraph 4 to 19 percent from 10 percent, and the operating profit forecast to nearly 17 percent from 15 percent decline.)


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