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Biden to Promote Shift to EVs via Detroit Auto Show

U.S. President Joe Biden intends to take a victory lap at the Detroit auto show, shedding light on how automakers are increasingly shifting towards electric vehicles amid billions of dollars being poured in the construction and running of battery plants.

General Motors, Ford, and BMW are among the many automaker giants which have shifted their production & brand marketing towards the environmentally-friendly cars of the future.

MACROECONOMIC DATA ANALYSIS

The European Union is seeking to raise more than 140 billion euros ($140 billion) in efforts to cope with the energy crisis which has taken the European continent by storm, amid the winter season nearing and the high need for oil & natural gas that comes with it.

Mortgage rates in the United States has surpassed the 6% mark for the first time since 2008, and is currently over double the figure of last year, according to the Mortgage Bankers Association. The Federal Reserve is working hard towards lifting borrowing costs in order to cool down inflation, which has taken its effect on the housing market.

CURRENCIES

The U.S. dollar continues to dwindle on Wednesday amid investors & traders internalizing the higher-than-anticipated rise in consumer prices in USA, which is expected to set the tone of the Federal Reserve’s meeting next week. The dollar index, which tracks the greenback against a basket of six other currencies, traded 0.19% lower to 109.330.

GOLD

The price of gold remained solid on Wednesday, priced slightly above the psychologically-significant $1,700 mark as investors, traders and institutions have their eyes on the key Federal Reserve meeting which’ll impact the future direction of the bullion. The precious metal inched 0.02% lower to $1,701 per ounce.

OIL

Oil prices slumped on Wednesday’s trading session as U.S. consumer prices rose unexpectedly in August, and that will likely prompt the Federal Reserve to bump interest rates once again next week. Brent futures fell 0.75% to $92.47 a barrel, while WTI futures dropped 0.77% in value to $86.64 per barrel.

INDICES

USA: S&P500 -4.32%, Dow Jones Industrial Average -3.94%, Nasdaq Composite -5.54%

Europe: FTSE 100 -1.50%, DAX -0.87%, CAC 40 -0.62%

Asia: Nikkei 225 -2.78%, Hang Seng -2.48%, CSI 300 -1.11%, Nifty 50 -0.37%

Newest

Apple Shall Manufacture iPhone 14 in India

Apple announced on Monday that it will manufacture the iPhone 14 in India, as the tech giant shifts some of its manufacturing away from the dominant China.

At an event earlier this month, the tech tycoon unveiled the newest iPhone 14, emphasizing safety improvements over exciting new technical features—with the exception of a new watch designed with adventure in mind.

"The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We're excited to be manufacturing iPhone 14 in India," Apple (NASDAQ:AAPL) said in a statement.

Instacart Cuts Staff & Hiring Before IPO

Grocery delivery app Instacart has been letting go of staff, slowing hiring and slashing other expenses as it heads toward a public listing, as reported by The Information reported on Saturday.

Instacart disclosed in May that it had secretly filed with the U.S. Securities and Exchange Commission to go public, a short time after cutting its valuation by 40% to just under $24 billion due to market instability.

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