The American Electric car-maker Lucid has announced that it shall expand to European markets in 2022, as the company foresees that the demand for electric vehicles will soar even further. The company has enjoyed immense popularity lately, not only from consumers but also investors. There are over 13,000 reservations for Lucid’s Air luxury sedan in the third quarter of 2021, ended on the 30th of September. This reflects an order valued at around $1.3 billion.

MACROECONOMIC DATA ANALYSIS

According to state radio of China, the Asian nation will be driven to work towards the stabilization of economic growth for the first quarter of 2022. As stated by Premier Li Keqiang, the Chinese government will introduce larger tax and fee cuts for businesses, as well as providing support for sectors affected heavily by COVID-19.

Industry data revealed that sales of cars in Japan has declined by 11.4% in December when compared to the figure a year earlier. This presents indications that supply issues and materials shortages continued to affect car delivery time, which is weighing down on the COVID-hit major economy.

CURRENCIES

The U.S. dollar stumbled on Wednesday’s trading session, slashing the gains realized in the previous one, amid rising U.S. Treasury yields and investors analyzing the minutes of the latest Federal Reserve meeting for any signs of monetary policy tightening. The dollar index, compared to a basket of six other currencies, dropped 0.31% to 95.980.

GOLD

Gold futures bounced back from previous lows amid easing U.S. Treasury yields, with investors & traders anticipating key U.S. data this week, including the nonfarm payrolls data and the ADP employment report. Driven by a weaker dollar greenback, which typically moves inversely to the safe haven, the bullion escalated 0.76% in value to price at $1,827 per ounce.

OIL

Crude oil prices continue to surge after the nations of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have stuck to the agreed oil output rise in February. Extending gains from the previous session, Brent futures surged 1.53% to break the $80 barrier, priced at $81.23 barrel, while WTI crude futures surged 1.53% to $78.18 per barrel.

INDICES

USA: S&P500 -0.17%, Dow Jones Industrial Average +0.02%, Nasdaq Composite -0.57%

Europe: FTSE 100 +0.17%, DAX +0.58%, CAC 40 +0.74%

Asia: Nikkei 225 +0.10%, Hang Seng -1.64%, CSI 300 -1.01%, Nifty 50 +0.67%