Honda Asks Main Parts Supplier to Reduce Carbon Emissions
Honda has asked its main parts suppliers to reduce carbon emissions by 4% per year against 2019 levels, in efforts towards achieving carbon neutrality. This move comes after Toyota announced in June that it asked its part suppliers to diminish carbon emissions. Honda aims to begin implementing such targets starting in April of 2025.
MACROECONOMIC DATA ANALYSIS
The German Port of Hamburg, Europe’s third largest harbor, reported a 2.9% increase in sea cargo in the first nine months of 2021, but has warned that worldwide transport chains remain volatile for the rest of this year, which has been negatively affected by unexpected demand surges, labor shortages and traffic issues.
The Bank of Japan (BOJ) is set to review a scheme aimed at supporting regional banks, in order to avoid payouts to banks jumping excessively. Such amendment and review of rules is set to take effect starting in the November 2021 reserve maintenance period.
The U.S. dollar edges higher as investors await the release of significant retail sales data, despite gold rising, which typically moves inversely to the dollar greenback. The dollar index surged 0.37% to 95.972, against a basket of six major currencies.
Gold futures continue to soar after hitting five-month peaks, amid continuous inflation worries which has given the precious metal a boost, despite the U.S. dollar climbing higher, which typically moves against the safe haven. Gold futures climbed 0.27% higher to $1,866 per ounce.
Crude oil prices were mixed, amid expectations of tight global crude oil inventories, as well as forecasts predicting that the global production of oil will increase in the coming months, despite rising COVID-19 cases in Europe. Brent futures traded 0.17% higher to $82.19 a barrel, while WTI oil dropped 0.06% to $79.64 per barrel.
USA: S&P500 +0.00%, Dow Jones Industrial Average -0.05%, Nasdaq Composite -0.07%
Europe: FTSE 100 -0.21%, DAX +0.53%, CAC 40 +0.37%
Asia: Nikkei 225 +0.11%, Hang Seng +1.27%, CSI 300 +0.01%, Nifty 50 -0.61%
A letter seen by Reuters unveiled that salesmen from India have threatened to disrupt & derange supplies to stores which are partnered with the renowned Reliance giant. As per the Reuters report, Indian salesmen from companies such as Reckitt Benckiser, Uniliever and Colgate-Palmolive stated that their sales declined 20-25% in the last year as small, family-owned and independent businesses were increasingly in partnership with Reliance to provide lower prices, dominating the market.
According to people familiar with the matter, Apple has informed to its suppliers that the demand for the iPhone 13 has slowed down. The company has already cut iPhone 13 production by 10 million units due to global semiconductor chip shortages, as well as coronavirus-related manufacturing issues in Asia. The news of weaker iPhone 13 demand has pushed the Apple stock downwards by 2.92% in early trading sessions.