Archives of “September 27, 2021” day
rssMajor European indices close the day higher
German Dax finds support near the 100 hour MA and resistance near the 200 hour moving average
- German DAX, +0.4%
- France’s CAC, +0.3%
- UK’s FTSE 100 +0.2%
- Spain’s Ibex, +1.4%
- Italy’s FTSE MIB +0.7%
In other markets as London/European traders look to exit:
- Spot gold is trading up $1.32 or 0.08% at $1751.42.
- Spot silver is up $0.30 or 1.34% $22.69
- WTI crude oil futures are up $1.51 or 2.04% at $75.50
- Bitcoin is trading down $76 at $43,140
10-year Treasury yields stick with the breakout, push to highest in nearly three months
10-year Treasury yields up 1.6 bps to 1.475%, the highest since 30 June
China’s State Grid pledges to take comprehensive measures to avoid power outages
China’s power crunch a hot topic to start the week
The power crunch in China is going to have a severe impact on the economy towards the end of Q3 and as we approach Q4, as surging coal and gas prices alongside strict emissions targets from Beijing are resulting in a power supply shock.
In part, the energy crisis faced by China is brought about by its own doing as the government is cracking down heavily on energy consumption, with Xi Jinping aiming for “blue skies” ahead of the Winter Olympics in February – due to take place in Beijing.
This is the latest edition to the global energy crisis and puts further strain on the Chinese economy, as it risks a severe shortage of coal and gas – likely to result in rations among factories/businesses and also hit consumers hard amid the higher prices.
Germany’s Scholz calls election victory, says has mandate to form government
Olaf Scholz is on course to succeed Merkel as German chancellor
Useless comparisons.
Reversion to the mean.
Here’s what is coming up this week for troubled China property giant Evergrande.
Late last week the property developer made an agreement with domestic bond holders on a yuan-denominated bond.
Evergrande’s electric vehicle unit extends losses, down another 20%
New Energy Vehicle (NEV) is Evergradne’s electric vehicle unit.
- has extended losses to over 20%
- said it will not proceed with plans to issue RMB shares on Shanghai’s Star Market