After 7 days of falling oil prices leading to the biggest loss since 2019 my oil trader UK cousin expects a price rise today because of the lower dollar, the currency used by oil traders like him. The lower prices were not because of lower demand but because of a high dollar valuating against other currencies, with the DXY index up because of high US pump priming by the Fed, now reversing. But at the pump domestic oil prices will probably remain high according to Richard because it is in the interest of international gasoline firms to delay.
Here in Europe the big news is that Astra Zeneca got approval for a covid-19 treatment, a first, a cocktail of antibodies to cut infection. It is called AZD77442 and cuts the spread of the disease by a third. Its stock rose sharply and the consensus raised to hold from reduce, but has further to fly.
Up in Denmark bavarian Nordic is going into phase II trials with its vaccine for people who had the disease or were vaccinated but who need a booster shot. It is called ABNCoV.
India has developed a vaccine against Covid-19 about which I hope to hear from Abhimanyu, our reporter there.
UK favorite Johnson Matthey won a license from KBR to use its ammonia product. Amount was not given.
Electric vehicles are all in trouble and Chinese steel demand has fallen as a result. Our NIO is being sued by the family of Lin Wenqin who was killed when the autopilot on his test care failed and they charge that NIO is tampering with the evidence. They say then have no way to do this. The dip is to be bought according to anonymous Bears of Wall Street, but I am lowering my stake.
There are also issues with BYD over an allegation that its lawyers had sought to illegally gain from its planned Shenzhen listing which has been suspended.
We all know there are safety issues with Tesla.
As I predicted, the UK battle for supermarket chain Morrisons has led to a second takeover bid, not as I guessed for Tesco, but for Sainsbury's. While on-line shopping is growing here as in the US but some people like to see what they are buying, and even what others are buying. And there are people who cannot buy online, for example those using food stamps. I think the suburban UK taste for filling up your tank while you shop may be a sign of lack of concern about taste rather than a global trend. FYI I get my fridge tomorrow and will test the local ASDA. I went to Tesco last Friday and wound up stuck in Canary Wharf after the DLR stopped running. It took nearly 3 hours to get back by bus. Tomorrow I will take a taxi.
Karreta Advisors says Sumitomo-Mitsui, which we own, plans a share buyback.
Growth Advisors says on seeking alpha that Coupang, the Korean version of Amazon, has great upside. It has been a laggard.
Building on its Telekom Austria links, Finnish Nokia is extending its 5G network, Ran direct sale, and AI to neighboring countries, starting with Bulgaria now and later to Serbia and Slovenia.
PLUG, Plug Power, boosted its forecast of sales in FY 2022 to $750 mn. I like the stock.
Taiwan Semiconductor stock was chopped to reduce from hold.
Canadian Solar, CSIQ, was downgraded to reduce from hold.
Funds
Atlantic Sustainable, AY, rose 1.4% last week and it was cut to reduce from hold.
A New Germany Fund insider upped her holding by 80% according to an SEC filing.
My cousin the oil trader suggest buy Glencore, a base metal producer and Albemarle a Chilean cobalt producer rather than tracking him in oil trading. I am not sure if I can buy these OTC shares without proving I am me with TDAmeritrade-Schwab but am trying to. He also says to take risk off by exiting copper miner Antofagasta. He is not necessarily right about other commodities just because he knows oil.
