17 July

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Lidar supplier AEye inks deals with Continental, TuSimple By Reuters

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(Corrects spelling of Aeva Technologies in penultimate paragraph) By Stephen Nellis (Reuters) -Self-driving sensor maker AEye Inc on Wednesday said it had struck deals with German automotive supplier Continental AG (DE:CONG) and autonomous trucking firm TuSimple related to its technology. AEye makes what is called lidar, which helps self-driving vehicles gain a three-dimensional view of the road using laser light. The company plans to become publicly traded this year as part of a merger with CF Finance Acquisition Corp III, a blank check firm backed by financial services firm Cantor Fitzgerald. In May, the...

17 July

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China finances setup of APEC fund to fight COVID-19 – state media By Reuters

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By Yew Lun Tian BEIJING (Reuters) -China has financed the setup of a fund under APEC to fight COVID-19 and fuel economic recovery, President Xi Jinping said during a virtual meeting of the Asia-Pacific trade group on Friday, according to Xinhua news agency. Xi also said that China supported waiving the intellectual property rights on COVID vaccines and was willing to cooperate with other countries to ensure a stable and safe supply chain for vaccines. China had provided more than 500 million vaccine doses to developing countries, Xi said. "Turn your face to the sun...

17 July

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Saudi PIF buys into McLaren as part of 550 million pound equity raise By Reuters

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By Alan Baldwin LONDON (Reuters) -The McLaren Group announced a 550 million pound ($758 million) equity investment on Friday with much of it coming from Saudi Arabia's Public Investment Fund (PIF) and global investment firm Ares Management. McLaren Group includes the British supercar maker as well as McLaren Racing, which competes in Formula One and IndyCar in the United States and is also entering the Extreme E off-road electric series next year. McLaren said PIF and Ares were providing 400 million of new capital, in the form of preference shares and equity warrants. The rest will...

17 July

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S&P 500 Snaps 3-Week Win Streak Despite Upbeat Start to Earnings Season By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 snapped a three-week winning streak Friday as an unexpected rebound in retail sales pointing to a stronger consumer, and better-than-expected earnings this week were largely cast aside. The S&P 500 fell 0.75%, the Dow Jones Industrial Average slipped 0.86%, or 299 points, the Nasdaq fell 0.80%. The Commerce Department said Friday that retail sales rose 0.6% last month. That confounded economists’ forecast for a 0.3% decline. The retail sales control group – which has a larger impact on U.S. GDP – climbed 1.1%, well ahead of expectations for a...

17 July

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White House Not ‘Sitting on Our Hands’ About Inflation, Biden Adviser Says By Bloomberg

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(Bloomberg) -- The White House views inflationary pressures as temporary and is addressing supply crunches to limit price growth, according to one of President Joe Biden’s economic advisers. “We’re focused on the economic boom. Now, when it comes to inflation, we’re far from sitting on our hands there, either,” Jared Bernstein, a member of the White House Council of Economic Advisers, said in a Bloomberg Television interview with Annmarie Hordern on Friday. The White House is addressing the supply-side issues related to ports, housing and microchips that have pushed up prices, he said. Officials are meeting...

17 July

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Cash Unwanted by Banks Piles Up at the Fed Reverse Repo Facility By Bloomberg

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(Bloomberg) -- While money-market funds are flocking to the Federal Reserve’s overnight reverse repurchase agreement facility for the yield, large U.S. banks are using the program to shed unwanted deposits. Banks are emerging as a key driver in demand for the Fed’s so-called RRP facility, where usage could approach $1.5 trillion by the end of October, according to Bank of America Corp (NYSE:BAC). strategist Mark Cabana. Volumes surged over the past month, reaching an all-time high of $992 billion on June 30, as the facility serves as an investment option of last resort to mop up...

17 July

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U.S. Clashes With Mexico, Canada on Car Rules in Risk to USMCA By Bloomberg

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(Bloomberg) -- The U.S. is clashing with Mexico and Canada over rules for cars shipped across regional borders, with automakers and governments telling the Biden administration that it’s imperiling the success of their new trade pact. The dispute focuses on how to calculate the percentage of a vehicle that comes collectively from the three countries under the U.S.-Mexico-Canada agreement, according to people familiar with the matter, who asked not to be named because conversations are private. The deal took effect last July, replacing the North American Free Trade Agreement, or Nafta, but the new so-called...

16 July

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S&P 500 Falls as Bulls in Hiding Despite Signs of Strong Consumer By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 fell Friday as a surprise rebound in retail sales and better-than-expected earnings weren’t enough to coax the bulls out from hiding. The S&P 500 fell 0.20%, the Dow Jones Industrial Average slipped 0.43%, or 151 points, the Nasdaq was down 0.32%. The Commerce Department said Friday that retail sales rose 0.6% last month. That confounded economists’ forecast for a 0.3% decline. The retail sales control group – which has a larger impact on U.S. GDP – climbed 1.1%, well ahead of expectations for a 0.4% rise. The data suggest...

16 July

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Bond yields, stocks slide as inflation worries linger By Reuters

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By Herbert Lash and Simon Jessop NEW YORK/LONDON (Reuters) -Global stock markets slid on Friday as investors grapple with signs of rising inflation and a surge in coronavirus cases while the dollar edged higher after upbeat U.S. retail sales data reaffirmed the economy accelerated in the second quarter. The Commerce Department said retail sales rose 0.6% in June, contrary to an expected decline, adding weight to those who say inflation will run faster than the Federal Reserve's forecast and force interest rates to rise sooner than its projections. Yet bond yields did not jump...

16 July

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Canada shares lower at close of trade; S&P/TSX Composite down 0.93% By Investing.com

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Investing.com – Canada equities were lower at the close on Friday, as losses in the Materials, Energy and Healthcare sectors propelled shares lower. At the close in Toronto, the S&P/TSX Composite declined 0.93% to hit a new 1-month low. The biggest gainers of the session on the S&P/TSX Composite were Trisura Group Ltd (TSX:TSU), which rose 4.31% or 1.81 points to trade at 43.78 at the close. Colliers International Group Inc Bats (TSX:CIGI) added 3.60% or 4.94 points to end at 142.16 and FirstService Corp (TSX:FSV) was up 2.93% or 6.50 points...

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Lidar supplier AEye inks deals with Continental, TuSimple By Reuters

China finances setup of APEC fund to fight COVID-19 – state media By Reuters

Saudi PIF buys into McLaren as part of 550 million pound equity raise By Reuters

S&P 500 Snaps 3-Week Win Streak Despite Upbeat Start to Earnings Season By Investing.com

White House Not ‘Sitting on Our Hands’ About Inflation, Biden Adviser Says By Bloomberg

Cash Unwanted by Banks Piles Up at the Fed Reverse Repo Facility By Bloomberg

U.S. Clashes With Mexico, Canada on Car Rules in Risk to USMCA By Bloomberg

S&P 500 Falls as Bulls in Hiding Despite Signs of Strong Consumer By Investing.com

Bond yields, stocks slide as inflation worries linger By Reuters

Canada shares lower at close of trade; S&P/TSX Composite down 0.93% By Investing.com

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