Weekly news summary for September 3 to 9
Friday, Sept. 3: Oil Prices Rise Above $70 on Ida Output Disruption
Oil prices climbed above $70 as reports signaled that disruption in the Gulf of Mexico following Hurricane Ida might continue for a longer time than expected.
Nearly 94% of Gulf crude output remained offline days after the storm left the area, while power outages in Louisiana weighed down the state’s refineries, although it could be possible to see less demand across the northeast until everything goes back to normal after the flooding.
Monday, Sept. 6: BYD Car Sales Climb More Than 300% in August
Sales of Chinese electric vehicle (EV) maker BYD Co. Ltd. were up more than 300% in August as EV demand growth in the world’s biggest auto market continues.
BYD, backed by Warren Buffett’s Berkshire Hathaway Inc., sold 61,409 units in the previous month, almost evenly split between sales of battery EVs and plug-in hybrids and higher than the 50,492 cars sold in July.
Tuesday, Sept. 7: Bitcoin Up Above $52,000 as El Salvador Adopts It
Bitcoin rose past $52,000 on Tuesday after El Salvador became the first-ever country to adopt the world’s biggest cryptocurrency as legal tender, buying 400 Bitcoins worth around $20 million at current prices ahead of the roll-out.
Bitcoin gained 1.5% to $52,534.39, while other cryptocurrencies had a mixed trading session, with Ether slightly surging $3,932 and Cardano and dogecoin losing over 2% to $2.83 and $0.30, respectively.
Wednesday, Sept. 8: Aluminum Reaches 13-year High on Supply Woes
Aluminum futures hit a 13-year peak on Wednesday as supply concerns prompted by China’s move to reduce the domestic output of the metal to cut carbon production.
Aluminum futures posted a 13-year high of $3,416.18 per ton in Shanghai, while three-month aluminum was up 1.4% in London to $2,795 per ton, having reached its highest since August 2008 of $2,810.
Thursday, Sept. 9: China Gaming Stocks Fall after Regulators’ Summons
Chinese gaming stocks weakened on Thursday after government ministries requested gaming companies to ensure that they restrict under-18s from playing video games for over three hours per week and focus on boosting innovation.
Shares of Tencent Holdings Ltd. shed 4% in Asian trade, while Hong Kong-listed NetEase fell 6.45% following an overnight 5% drop in its US shares and Bilibili’s Hong Kong-listed shares posted a loss of more than 7% after the company’s US shares posted a loss overnight.
