Market rally breaks three-week losing streak
U.S. stocks rallied Friday as Wall Street Caps off a strong weekly performance, recovering from a Federal Reserve-induced slump.
All three major averages snapped a three-week losing streak. The Dow added 2.66% on the week, while the S&P 500 gained 3.65%. The Nasdaq Composite is 4.14% higher.
Still, David Donabedian, chief investment officer of CIBC Private Wealth U.S., added that he does not think stocks have reached the bottom of the bear market yet.
Apple launches iPhone 14
Apple just wrapped up its big iPhone event, where it announced a bunch of new products, including the iPhone 14, iPhone 14 Plus, two new iPhone Pro models and more.
The most significant new iPhone capability this year is called “Emergency SOS via satellite,” which can send a message for help even if there’s no cell service around for miles.
Apple has also raised the price of the iPhone 14 in international markets
G-7 looks to recruit more countries on Russian oil cap
G-7 countries are still trying to recruit more countries to join a Russian oil price cap before they enter more detailed discussions about the policy’s specifics, according to U.S. and European officials.
The countries aim to restrict the amount of revenue the Kremlin receives, but keep Russian oil on the market to avoid supply disruptions.
A senior White House official said the Biden administration expects the price cap to go into effect by the end of the year.
Tesla may build lithium refinery for EV batteries in Texas
Electric car giant Tesla is evaluating the feasibility of a lithium hydroxide refining facility on the gulf coast of Texas.
Tesla said the plant would be focused on the development of “battery-grade lithium hydroxide” and be “the first of its kind in North America,” according to a letter to the Texas Comptroller’s Office.
If Tesla’s application is approved, construction could begin in the fourth quarter of 2022, the company said. The project will reach “commercial operations” by the fourth quarter of 2024.
SMRT ties up with polytechnics to boost talent pipeline
Public transport operator SMRT has tied up with the five polytechnics in Singapore to strengthen the pipeline of home-grown engineers, programmers and other specialists for both the company and the wider rail industry.
This comes amid ongoing efforts to recruit and develop workers to meet a growing need for talent to support an increasingly complex MRT system that is expected to grow from 250km now to 360km by the early 2030s.
SMRT chairman Seah Moon Ming said a steady pipeline of talent is needed to transform and run the company's businesses, operations and services, which have been disrupted by digitalisation and Covid-19.
Upcoming events
Monday, 12 September
United Kingdom - GDP (MoM)
Tuesday, 13 September
United Kingdom - Average Earnings Index +Bonus (Jul)
United States - CPI (YoY) (Aug)
United States - OPEC Monthly Report
Wednesday, 14 September
United Kingdom - CPI (YoY) (Aug)
United States - Crude Oil Inventories
Thursday, 15 September
United Kingdom - BoE Interest Rate Decision (Sep)
United States - Core Retail Sales (MoM) (Aug)
United States - Initial Jobless Claims
United States - Philadelphia Fed Manufacturing Index (Sep)
China - Industrial Production (YoY) (Aug)
Friday, 16 September
Euro Zone - CPI (YoY) (Aug)
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