Tesla Signs Deal to Supply Nickel to The United States
The renowned electric carmaker Tesla has officially signed its first nickel supply deal in the United States, opting for Talon Metals Corp's Tamarack mining project in Minnesota due to ambitions to manufacture the electric vehicle battery metal in a more environmentally-friendly manner. Demand for nickel is expected to surge over the next decades amid the popularization of electric vehicles.
MACROECONOMIC DATA ANALYSIS
The Czech Republic announced on Monday that after a positive COVID-19 test, critical professionals such as doctors and teachers will be allowed to return to work, making it the latest European government to lift restrictions in order to keep services functioning as Omicron coronavirus variant cases escalate.
Qatar and Saudi Arabia have suspended their efforts at the World Trade Organization (WTO) with regards to settling a dispute over the alleged piracy of content produced by the Doha-based sports and entertainment channel beIN. Both countries informed the WTO that they were “mutually” suspending their remaining requests.
In early trading sessions of Tuesday, the US dollar remained towards the middle of its current range against key rivals, as traders awaited the confirmation hearing of incumbent Fed Chair Jerome Powell later in the day for additional signals on the speed and timing of policy normalization. The dollar index, which measures the currency against six other currencies, traded around 95.860.
Gold prices inched higher, thanks to a weaker dollar, which typically moves inversely to the safe haven, as well as the release of key U.S. inflation data later on in the week. The precious metal futures edged 0.46% higher to price at $1,807 per ounce.
Crude oil prices escalated in Tuesday’s early trading sessions as investors & traders retrieved some risk appetite as they await indications from the chairman of the US Federal Reserve on possible interest rate hikes. Also, the rise can be attributed to the struggles of some oil producers to increase output. Brent futures jumped 0.50%, to $81.27 a barrel, after dropping 1% in the previous session, and WTI oil climbed 0.70% to $78.75 a barrel.
USA: S&P500 -0.14%, Dow Jones Industrial Average -0.45%, Nasdaq Composite +0.14%
Europe: FTSE 100 -0.53%, DAX -1.13%, CAC 40 -1.44%
Asia: Nikkei 225 -0.90%, Hang Seng -0.39%, CSI 300 -0.96%, Nifty 50 +0.18%