- September 8, 2023
- Posted by: legaleseblogger
- Category: Related News
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RBC Capital Markets Initiates Coverage of ChargePoint Holdings with Positive Outlook
RBC Capital Markets has initiated coverage of ChargePoint Holdings, giving it an outperform rating and setting a price target of $9. This suggests a 27% increase from the previous day’s closing price. According to analyst Chris Dendrinos, the adoption of electric vehicles is inevitable, and with it comes the need for charging infrastructure. He believes that ChargePoint’s robust product portfolio, differentiated strategy, and asset-light business model position it to benefit from the growing demand for charging infrastructure and vehicle electrification. Although ChargePoint shares have declined by 34% year to date, RBC Capital Markets remains optimistic about its prospects.
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Bank of America Downgrades Vir Biotechnology, Shares Fall
Vir Biotechnology saw a nearly 4% drop in its stock price in premarket trading after Bank of America downgraded the company from buy to neutral. The bank also lowered its price target on the stock from $23 to $14, implying a 21% increase from the current price. Analyst Geoff Meacham cited underwhelming data in influenza A and hepatitis B in the first half of 2023 as reasons for the downgrade. He added that while the bank remains bullish on Vir’s antibody platform and long-term opportunities, they believe that significant progress is still a while away.
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Treasury Yields Decline Amid Concerns Over Interest Rate Hikes
U.S. Treasury yields saw a decline as investors expressed concerns about the possibility of further interest rate hikes. The yield on the 10-year Treasury fell by over two basis points to 4.2344%, while the 2-year Treasury yield decreased by more than one basis point, reaching 4.9422%. The inverse relationship between yields and prices means that lower yields indicate increased demand for Treasuries.
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European Markets Open Higher, Breaking Loss Streak
European markets opened higher, breaking a streak of seven consecutive sessions of losses. The pan-European Stoxx 600 index saw a 0.3% increase at the start of trading, with most sectors in slightly positive territory. Retail stocks led the minor gains with a 0.9% uptick, followed by a 0.6% increase in the technology sector.
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Offshore Yuan Hits All-Time Low Against U.S. Dollar
China’s offshore yuan weakened to its lowest level against the U.S. dollar since its inception in 2010, reaching 7.3599 yuan per dollar. Although the Chinese currency slightly recovered to trade at 7.513 yuan against the greenback, its onshore counterpart, traded on the mainland, hit a 16-year high at 7.3417 against the dollar.
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Philippines Trade Deficit Grows, Exports and Imports Decline
The trade deficit in the Philippines increased to $4.2 billion in July, compared to the $3.9 billion deficit in June. Exports fell by 1.2% year-on-year, reversing the 0.9% growth in June, while imports plunged by 15.3% year-on-year, a steeper decline than the 15.0% contraction in the previous month. In July, the country’s total external trade in goods amounted to $16.49 billion, marking a 10.5% decrease compared to the same period last year.
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Japan’s Economic Growth in Q2 Lower Than Expected
Japan’s second-quarter gross domestic product (GDP) expanded less than expected, with the economy growing by 4.8% on a quarter-on-quarter annualized basis. This figure was lower than the 6% reported in the preliminary release in August and below the 5.5% growth expected by economists polled by Reuters. On a quarter-on-quarter basis, second-quarter GDP increased by 1.2%, slightly lower than the 1.3% expected by the Reuters poll.
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Investors Add Billions to Bond ETFs During Risk-Off August
Investors turned to bonds via exchange-traded funds (ETFs) in August as stocks experienced a downturn. State Street Global Advisors reported that bond ETFs received $11 billion in inflows, while U.S. equity ETFs brought in $6 billion. The S&P 500 saw a decline of approximately 1.8% during the month. Ultra-short duration government bond funds attracted $8 billion in inflows, indicating a preference for fixed income investments among investors even during a risk-off period. However, despite the inflows into bond ETFs, the total influx of $15 billion fell short of the $17 billion average inflows received by bond ETFs in a typical month.
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