China’s Nio Suspends Production Due To COVID Measures - Doo Prime News
Doo Prime News > Industry Dynamics > China’s Nio Suspends Production Due To COVID Measures

BEIJING, Nov 2 (Reuters) – Chinese electric vehicle (EV) maker Nio (9866.HK) said on Wednesday it has suspended production due to COVID-19 curbs as rising cases across the country cause more disruptions to business activity, triggering a steep drop in its shares.

Local tech news outlet 36Kr reported that Nio had begun to face production challenges in mid-October due to virus prevention measures that eventually led to both of its factories in the central city of Hefei stopping work.

Full coverage: REUTERS

Energy Crisis Chips Away At Europe’s Industrial Might

LONDON, Nov 2 (Reuters) – Europe needs its industrial companies to save energy amid soaring costs and shrinking supplies, and they are delivering – demand for natural gas and electricity both fell in the past quarter.

It is far too early to rejoice, though. The drop is not just because industrial companies are turning down thermostats, they are also shutting down plants that may never reopen.

And while lower energy use helps Europe weather the crisis sparked by Russia’s war in Ukraine and Moscow’s supply cuts, executives, economists and industry groups warn its industrial base may end up severely weakened if high energy costs persist.

Full coverage: REUTERS

Dollar Sags As Fed Decision Looms; Yen And Aussie Rise

TOKYO, Nov 2 (Reuters) – The U.S. dollar slipped from near a one-week peak versus major peers on Wednesday, with traders on tenterhooks before a looming Federal Reserve rate decision that should also give clues on the future policy path.

The yen outperformed, seeing a sudden burst of strength mid-morning Japan time, with traders on alert for possible intervention around the Fed meeting.

The risk-sensitive Australian and New Zealand dollars also rose strongly, buoyed by a rally in Chinese equity markets.

Full coverage: REUTERS

Asian Shares Rise, Dollar Dips Ahead Of Fed Policy Decision

SYDNEY, Nov 2 (Reuters) – Asian shares climbed on Wednesday, led by Chinese stocks on reopening hopes, while the dollar sagged as investors braced for the U.S. Federal Reserve’s policy decision later in the day, with many hoping for signs of a slowdown in future rate hikes.

European markets looked set to extend the cautious optimism, with the pan-region Euro Stoxx 50 futures up 0.5%. U.S. S&P 500 futures edged up 0.3% while the Nasdaq futures rose 0.4%.

Full coverage: REUTERS

Morning Bid: Fed Up Waiting

A look at the day ahead in European and global markets from Ankur Banerjee

The would-they-won’t-they saga of the Fed possibly hinting it will go slow with further rate rises is about to reach its climax on Wednesday. The market widely expects a fourth straight 75 basis-point hike, but what comes next has arguably been the bigger issue on investors’ minds over the past month.

With several parts of the U.S. Treasury yield curve pointing to a possible recession even as data continues to show a still-strong economy, comments from Fed Chair Jerome Powell will take the spotlight. There is a chance, according to analysts, that the central bank may stick to its aggressive tightening path for rates as a result of the still-tight labour market and lack of any signs of an easing in core inflation.

Full coverage: REUTERS

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