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Our team compiles this daily market report from global sources to highlight key market updates and what they mean for your investment portfolio.
Dow Jones S&P-500 Nasdaq
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The Impact: Treasuries climbed, with 10-year yields dropping from the highest levels in 2024. US Federal Reserve Bank of Atlanta President Raphael Bostic reiterated his expectation for one interest rate cut this year. Bostic says that weakness in the labour market could prompt him to consider earlier and more cuts. Source: Reuters, AFR
European markets closed lower Tuesday as investors look ahead to more key economic data this week, including U.S. inflation figures out Wednesday. The Stoxx 600 index closed down 0.6%, with the majority of sectors in negative territory following solid gains on Monday. Insurance stocks led losses, falling 1.4%, while mining stocks rose 1.3%. Source: CNBC
Spot gold hit a record high for the eighth session in a row, supported by central bank buying and heightened geopolitical tensions, according to analysts. Source: Reuters
Fortescue's new $116 million electrolyser plant in Gladstone, Queensland will officially open today, marking a significant step for the mining company in its green hydrogen production efforts. With nearly half of the funding coming from the Commonwealth, this facility is Australia's first capable of manufacturing hydrogen electrolysers on a commercial scale. It has the capacity to produce over 2 gigawatts annually. Situated on a 100-hectare site in Gladstone, this factory is the initial stage of Fortescue's broader manufacturing hub development. Future plans include the establishment of a hydrogen system testing facility and the implementation of Fortescue's proton exchange membrane green hydrogen project. Source: AFR
The UK is going backwards in its energy security pledges according to new research from the Energy and Climate Intelligence Unit (ECIU). Out of the ten major commitments to boost energy security made two years ago, only three have been achieved. Some of the commitments behind schedule include retrofitting housing for electrification, delivering new offshore wind project CFDs, and setting out a new nuclear roadmap to deliver eight new power stations in the next eight years. The ECIU claims that the UK is “still going backwards” on its energy strategy and remains highly dependent on foreign imports.
Is there a future in passenger vehicles using hydrogen and how would that happen? Have the new hydrogen discoveries changed the value proposition for green and blue hydrogen? Find out here as James Whelan is joined by BPC's London head Jack Colreavy.
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