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04 October 21

Dollar firm, yuan slips as China Evergrande anxiety resurfaces

The safe-haven dollar found support just below last week’s peaks on Monday as renewed concerns about China’s property sector and looming U.S. labour data put investors in a cautious mood.
The greenback scaled a 14-month high on the euro and a 19-month top on the yen last week as markets reckoned U.S. interest rates could rise ahead of global peers.
The euro dipped back below $1.16 and at $1.1598 is not far from last week’s trough at $1.1563. The yen was little changed at 111.065 per dollar. The offshore yuan fell about 0.3%.
Shares in embattled developer China Evergrande were halted in Hong Kong, rekindling market nerves about the possibility of contagion.
Evergrande said it requested a trading halt pending an announcement about a major transaction, while unit Evergrande Property Services Group said the announcement constitutes “a possible general offer for shares of the company.”
Investors are concerned that a collapse at Evergrande could hurt an already fragile Chinese economy and drag on global growth. The U.S. dollar index edged up 0.08% to 94.029.

With help from Tesla, nearly 80% of Norway’s new car sales are electric

Demand for Tesla (NASDAQ:TSLA) Inc’s mid-sized models helped push up electric car sales in Norway to nearly 80% of total car sales last month, data showed on Friday.
The country has been a global leader in switching to electric vehicles and seeks to become the first to end the sale of petrol and diesel engines by 2025.
Battery electric vehicles made up 77.5% of all new cars in September, the Norwegian Road Federation (OFV) said, up from 61.5% a year ago.
Tesla Model Y, a compact sports utility vehicle, was the top selling vehicle with 19.8% of the car market followed by the company’s Model 3 sedan with 12.3%. Skoda’s Enyaq was a distant third at 4.4%.
First unveiled by California-based Tesla in March 2019, the Model Y was only recently made available to European customers.
By exempting fully electric vehicles from taxes imposed on those relying on fossil fuels, oil-producing Norway has become a leader in ending the use of combustion engines, and in 2020 EVs outsold all other cars for the first time.
However, Norway’s zero-tax policy could change if the centre-left winners of last month’s national election go ahead with plans to tax the most expensive models.

Oil Down, Focus on Latest OPEC+ Supply Policy Meeting

Oil was down Monday morning in Asia, with the Organization of the Petroleum Exporting Countries and allies (OPEC+) due to meet for its supply policy meeting where it could decide whether a recent rally in prices is viable.
Brent oil futures were down 0.28% to $79.06 by 10:50 PM ET (2:50 AM GMT) and WTI futures were down 0.32% to $75.64. Brent futures hit an almost three-year high above the $80 mark last week as a global energy crunch and recovering fuel demand gave the black liquid a boost.
With OPEC+ due to meet later in the day, risk appetite has been “boosted by growing confidence in a strong pick up in global growth… as investors are focused on the upcoming OPEC+ meeting,” ANZ Research analysts said in a note.
Several countries are pressuring the cartel to increase production and lower prices as fuel demand continues to recover. OPEC+ in July 2021 agreed to boost output by 400,000 barrels per day every month until at least April 2022, in order to phase out 5.8 million bpd of existing cuts.

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