As reported by Reuters, if Britain does not create more battery plants in a quick manner, it becomes vulnerable to slipping behind in the race to establish an electric car sector.

The United Kingdom has no time to waste, with automakers' ambitions to ramp up production of battery-powered electric vehicles and an impending shift in post-Brexit trading restrictions that is likely to limit the possibilities to import inexpensive Asian tech components.

However, a lack of suitable sites for "gigafactories," as well as some local manufacturers' decision to import EV batteries from mainland Europe, are posing problems that CEOs and politicians think the government should address.

MACROECONOMIC DATA ANALYSIS

In April, Japan's factories reported a steep drop in output as a result of China's coronavirus lockdowns and wider supply disruptions, clouding the outlook for the trade-dependent economy. Separate statistics showed that retail sales increased for the first time in nearly a year as the government loosened the pandemic-driven restrictions, despite wider price hikes that threaten to dampen demand.

Inflation in the United States may have peaked, but it appears to be picking up in the Eurozone. Price hikes accelerated in May, according to preliminary statistics from Germany, the Eurozone's largest economy, as the repercussions of last year's surge in petrol prices spread to other sectors of the economy, while rental prices also soared alarmingly.

CURRENCIES

The U.S. dollar was higher in Tuesday’s early hours. Markets repositioned in expectation of interest rate hikes in Europe and possibly slower rate hikes in the United States, with the euro giving up some of its recent gains but is still on track for its best month in a year. The dollar index, which compares the currency to six major peers, escalated 0.46% to 101.767

GOLD

Gold prices remained stable on Tuesday’s early trading session, despite a strengthening dollar greenback and rising U.S. Treasury yields, which typically dampens the demand for the bullion. The safe haven, which is on course for a second consecutive monthly loss for the first time since March 2021, inched 0.10% lower to $1,855 per ounce.

OIL

Oil prices jumped in Tuesday’s early hours as the European Union (EU) decided to cut Russian oil imports, raising worries of a tighter market already pressured by higher demand, ahead of the peak summer driving season in the United States and Europe. Brent futures surged 1.93% to $119.86 per barrel, while the WTI futures soared 1.55% to $119.00 a barrel.

INDICES  

USA: S&P500 +2.47%, Dow Jones Industrial Average +1.76%, Nasdaq Composite +3.30%

Europe: FTSE 100 +0.48%, DAX -0.34%, CAC 40 -0.47%

Asia: Nikkei 225 -0.33%, Hang Seng +1.38%, CSI 300 +1.55%, Nifty 50 -0.02%