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Japanese Minister of Economy, Trade and Industry Minoru Jonouchi: I will attend todays Bank of Japan policy meeting.1. US crude oil futures closed up 2.42% at $96.68 per barrel; Brent crude oil futures rose 2.86% to $101.97 per barrel. The US-Iran negotiations have reached a complete stalemate, oil transport through the Strait of Hormuz remains restricted, preventing large quantities of oil from entering the international market. Iranian crude oil exports have essentially halted, and rising expectations of Middle East production cuts have pushed up oil prices due to geopolitical risk premiums. 2. International precious metals futures generally closed lower. COMEX gold futures fell 0.91% to $4697.70 per ounce, and COMEX silver futures fell 1.25% to $75.46 per ounce. The market awaits policy signals from the Federal Reserves interest rate meeting, with a cautious sentiment. Although geopolitical risk aversion and central bank gold purchases supported prices, short-term policy expectations weighed on the market. 3. Most London base metals fell. LME nickel rose 0.66% to $19,140.0/ton, LME lead rose 0.05% to $1,963.5/ton, LME aluminum fell 0.50% to $3,573.0/ton, LME copper fell 0.62% to $13,226.5/ton, LME tin fell 1.77% to $49,440.0/ton, and LME zinc fell 2.23% to $3,395.0/ton. 4. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.13% to 49,167.79 points, the S&P 500 rose 0.12% to 7,173.91 points, and the Nasdaq Composite rose 0.2% to 24,887.1 points. The S&P 500 and Nasdaq both hit new closing highs. McDonalds fell more than 3%, and Walmart fell more than 1%, leading the Dow Jones decline. The Wind US Tech Giants Index rose 0.97%, with Nvidia up 4% and Google up over 1%. The Nasdaq China Golden Dragon Index fell 1.2%, with Atour and iQiyi both falling over 5%. Market focus remains on the stalled Iran peace talks and the situation in the Strait of Hormuz. The Federal Reserve will hold its monetary policy meeting this week, and several tech giants will release their earnings reports. European stock indices closed slightly lower: the German DAX fell 0.19% to 24083.53 points, the French CAC40 fell 0.19% to 8141.92 points, and the UK FTSE 100 fell 0.56% to 10321.09 points. Middle East geopolitical tensions pushed up oil prices, exacerbating inflation concerns; a decline in Eurozone PMIs indicated economic weakness; and rising risk aversion led to the stock market decline.Japans unemployment rate in March was 2.7%, below the expected 2.60% and the previous reading of 2.60%.Japans job opening to job seeker ratio was 1.18 in March, in line with expectations and down from 1.19 in the previous month.Japans March unemployment rate will be released in ten minutes.

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.)