Festivals drive gold to premiums
Physical gold flipped back to premiums in India this week as key festivals ushered in jewellery buying.
The December quarter accounts for about a third of India’s gold sales as it takes in the start of the wedding season as well as festivals.
“Retail demand has improved to pre-pandemic level,” said Ashish Pethe, chairman of the All India Gem & Jewellery Domestic Council. Dealers charged premiums of up to $2 an ounce over official domestic prices — versus last week’s $2 discounts.
Biden says those who refuse to testify in Jan. 6 probe should be prosecuted
WASHINGTON (Reuters) – President Joe Biden said on Friday that the U.S. Justice Department should prosecute people who are subpoenaed by a congressional select committee probing the deadly Jan. 6 assault on the Capitol but refuse to testify.
Volvo’s facelifted S90, XC60 to launch on October 19
Volvo is set to launch the facelifted S90 and XC60 in India on October 19. The refreshed models get some subtle design tweaks, new features and upgraded power-trains.
Both models receive some minor styling changes, including tweaks to the front fascia, new colour and alloy wheel designs.
Coming to the interiors, the new S90 debuted globally with an ‘Advanced Air Cleaner’ which filters cabin air and displays air quality on the infotainment screen. The system was previously available on only Chinese-spec Volvos. There is also a new wireless charger, an upgraded Bowers and Wilkins audio system and USB Type-C ports which replace the 12V charging socket for rear passengers.
The XC60 facelift also gets a new Android-powered infotainment system, which allows apps such as Google Maps and Spotify to be installed, aimed at a ‘smartphone-like’ experience. A wireless charger has been added as well.
Coming to the engine options, while the current S90 and XC60 are diesel-only models, the facelifts will see a mild-hybrid petrol version set to replace the diesel engines. The refreshed models will be powered by a 2.0-litre, four cylinder turbo-petrol unit, mated to a 48V integrated starter-generator motor. The state of tune of the engine for each model is yet to be confirmed.
The outgoing S90 and XC60 are both priced at ₹ 60.90 lakh (ex-showroom, India) and offered in the top-spec inscription trim. In true Volvo fashion, expect the upgraded models to also be offered in the fully-loaded variants, though prices are likely to be higher.
Germany's SPD, Greens, FDP agree on coal exit by 2030
Germany's centre-left Social Democrats, the Greens and the liberal Free Democrats agreed on major points in their efforts to form a coalition government including the exit from coal-fired power stations by 2030, according to a draft document seen by Reuters on Friday.
They also agreed on using 2% of land for on-shore wind power farms, to equip all suitable roof tops with solar panels and to cut time for planning and permits by at least half, the draft document said.
European Economics Preview: Eurozone Foreign Trade Data Due
Foreign trade data from euro area is due on Friday, headlining a light day for the European economic news.
At 2.00 am ET, the European Automobile Manufacturers Association is scheduled to issue Europe’s new car registrations data for September. Sales had declined 19.1 percent in August.
In the meantime, wholesale prices from Germany and foreign trade from Norway are due.
At 2.45 am ET, France’s Insee is slated to issue final consumer price data. Consumer price inflation is expected to match the flash estimate of 2.1 percent in September, which was the highest since October 2018.
At 4.00 am ET, Italy’s Istat releases final consumer prices for September. Consumer price inflation is seen at 2.6 percent, unchanged from the flash estimate.
Also, consumer price data from Poland is due.
At 5.00 am ET, Eurostat publishes euro area foreign trade data. The trade surplus is seen at EUR 16.1 billion in August versus EUR 20.7 billion in July.
Bit Digital Rally Continues; Stock Up 5%
Bit Digital Inc. (BTBT) shares continued their strong rally, gaining over 5% on Friday morning. Bit Digital’s stock price has increased nearly 45% between Monday, October 4 and Friday, October 15.
BTBT is currently trading at $11.23, up $0.53 or 4.95%, on the Nasdaq. The stock has traded between $3.40 and $33.00 in the 52 week period.
On October 12, Bit Digital announced that it has signed agreements with Bitmain Technologies Ltd. to buy 10,000 Bitcoin mining hardware. The announced purchases are expected to increase Bit Digital’s miner fleet hash rate by over 1.0 Exahash (EH/s).
On October 5, the company announced that it closed a previously announced private placement of 13.5 million ordinary shares. The purchase price for one ordinary share and one warrant to purchase three-fourths of an ordinary share is $5.93. The proceeds from the private placement were approximately $80 million before deducting placement agent fees and other estimated offering expenses.
Pre-market Movers: MIC, ALLO, EFTR, CEI, SNDL…
The following are some of the stocks making big moves in Friday’s pre-market trading (as of 6.30 A.M. EDT).
In the Green
eFFECTOR Therapeutics, Inc. (EFTR) is up over 25% at $14.43
Camber Energy, Inc. (CEI) is up over 20% at $2.14
Sundial Growers Inc. (SNDL) is up over 13% at $0.74
4D pharma plc (LBPS) is up over 12% at $7.36
Momentive Global Inc. (MNTV) is up over 10% at $23.97
Vaxart, Inc. (VXRT) is up over 8% at $7.67
Quidel Corporation (QDEL) is up over 6% at $145.00
Oatly Group AB (OTLY) is up over 6% at $15.71
In the Red
Macquarie Infrastructure Corporation (MIC) is down over 91% at $3.53
Allogene Therapeutics, Inc. (ALLO) is down over 38% at $15.00
ChemoCentryx, Inc. (CCXI) is down over 8% at $18.00