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Electric vehicle makers and suppliers head into stormy IPO market

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Electric car makers in Asia and the companies that supply them are rushing to the capital markets to raise money, as they try to take advantage of the increased demand for energy-efficient vehicles.

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There have been a lot of stock sales related to electric vehicles this year, though Most global markets declined for initial public offerings. More than $23 billion year-to-date has been raised by companies along the electric vehicle supply chain through initial public offerings and subsequent stock sales in Asia excluding Japan, according to Dealogic data.

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Stocks fluctuate as investors ponder the course of prices

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Next week’s Federal Reserve decision and inflation figures may provide more clarity on interest rates

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Oil prices are falling as US oil supplies fell for the fourth straight week, but product inventories rose sharply

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Oil prices fell on Wednesday, giving up modest early gains, despite US government data showing domestic supplies of crude oil fell by more than 5 million barrels last week, declining for the fourth consecutive week, although gasoline and distillate inventories rose. sharp. .

Fears that more rate hikes by the Federal Reserve could cause markets to stagnate in recent days have sent oil prices down for three consecutive sessions, despite concerns about the impact of a G7 price cap on Russian oil that was imposed. Monday. .

price action
  • WTI January delivery
    CL00,
    -1.89%

    cl.1,
    -1.89%

    CLF23,
    -1.89%

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    It fell 25 cents, or 0.3%, to trade at $74 a barrel on the New York Mercantile Exchange. On Tuesday, it was the final low for the next month’s contract since Dec. 23, 2021, according to market data from Dow Jones.

  • Brent February
    BRN00,
    -1.55%

    BRNG23,
    -1.55%
    And the
    The global index lost 15 cents, or 0.2%, to $79.20 a barrel on the ICE Futures Europe platform. Tuesday closed at its lowest level since January 3.

  • Back to Nymex, January gasoline
    RBF23,
    -2.30%

    And it fell 0.8 percent to $ 2.1329 a gallon, while heating oil for the month of January
    HOF23,
    -3.74%

    It traded at $2.8732 a gallon, down 1.5%.

  • Natural gas for the month of January was trading at $5,522 per million British thermal units, up 1%.

display data

On Wednesday, the Energy Information Administration reported a fourth consecutive weekly decline in US crude inventories, but both gasoline and distillate inventories rose.

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“If crude stocks continue to decline, they are likely to challenge the general downtrend that has been identified [oil] “Last month’s prices,” said Robbie Fraser, director of global research and analytics at Schneider Electric.

Domestic commercial crude stocks The Energy Information Administration said that a decline of 5.2 million barrels in the week ending in the second of December.

On average, analysts had expected a drop of 2.6 million barrels, according to a survey by S&P Global Commodity Insights. The American Petroleum Institute, a trade group, reported late Tuesday that crude supplies fell by 6.4 million barrels last week, Dow Jones reported, citing a source.

“Continued strength in refining activity and exports has encouraged another pull” for crude supplies, said Matt Smith, principal oil analyst for the Americas at Kpler, in response to the supply data.

With US Strategic Petroleum Reserve transfers slowing, US commercial inventories have declined year-to-date and are “set to decline further in the coming weeks,” he said.

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Still, the EIA showed weekly inventory gains of 5.3 million barrels of gasoline and 6.2 million barrels of distillate. The S&P Global Commodity Insights survey called for an increase of 2.9 million barrels for gasoline and 1.9 million barrels for distillates.

The Energy Information Administration said crude inventories at Cushing, Oklahoma, the delivery hub for Nymex, fell by 400,000 barrels over the course of the week, while inventories in the Strategic Petroleum Reserve fell by 2.1 million barrels.

other market drivers

China has announced measures to roll back some coronavirus restrictions. Among them is reducing harsh lockdowns and ordering schools with no known infections to resume normal classes, the Associated Press reported Wednesday.

“Traders have been looking for more positive news when it comes to China’s zero-tolerance COVID policies,” Naeem Aslam, senior market analyst at AvaTrade, said in a market update.

And now “we’ve heard from those responsible for further easing of these measures,” providing a boost to investor sentiment in Asia — and potentially “spreading that sentiment” to Europe and the US given that China is the world’s second-largest economy, he said.

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But Stephen Innes, managing partner at SPI Asset Management, warned that a “COVID tsunami in China is coming as the most populous country is forced off a COVID-free slope”, after backing a “very early way to reopen China” some markets. “It will be a tale of two haves in China, as winter oil prices and coronavirus mobility woes give way to hope for an eternal spring in the second quarter.”

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Prince suspected of plotting to be German Kaiser in coup by Reuters

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© Reuters. Prince Heinrich XIII PR inside a police car in this screen from Reuters Television, after 25 suspected members and supporters of an far-right group were arrested during raids across Germany, in Frankfurt, Germany December 7, 2022. Tillmann Blashofer

Written by Sarah Marsh

BERLIN (Reuters) – Prince Heinrich XIII, Prince Reuss, is one of the last lines of a dynasty that once ruled vast swathes of East Germany. He is suspected of hoping to become the country’s new leader in a violent coup to overthrow the democratic system.

Authorities said the 71-year-old was one of 25 members and supporters of a far-right group planning the alleged coup who were arrested early Wednesday in nationwide raids.

The real estate developer has long publicly advocated that life in theory was better around the world under the monarchy. He was descended from the Reuss family, which for centuries ruled parts of present-day Thuringia until the German Revolution of 1918 that led to the creation of the Weimar Republic.

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Neither the Royce family nor Prince Royce’s office responded to requests for comment.

In a 2019 speech to the World Wide Web Forum – which describes itself as bringing together progressive minds to enable positive radical change – he said people in the Principality of Ruwais were living a “happy life” because the tax rate was only 10% and the structures were “straightforward and transparent”.

“If things don’t go well, I just went to the prince,” said Heinrich. “Who are you supposed to turn to today? Your parliamentarians, at local, federal or EU level? Good luck!”

In his speech, peppered with anti-Semitic intrigue, he said that Germany had been a vassal government since World War II and needed to restore its sovereignty through a peace agreement.

He said that monarchies around the world including France were overthrown due to the interference of foreign powers who wanted to set up corporate structures in pursuit of profit. He said that people suffered as a result.

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Holy Roman Emperor

Prosecutors said on Wednesday that Heinrich reached out to representatives from Russia, who the group saw as the central contact for establishing its new regime. They said there was no evidence that the representatives responded positively to the request. The Kremlin said there was no doubt about Russian involvement in the alleged plot.

Heinrich was arrested at his home in Frankfurt, led by masked policemen in handcuffs, mustard-coloured corduroy pants and a tartan-patterned jacket, with long gray hair.

Police also searched his hunting lodge in Thuringia where they suspected he was storing weapons, according to Ostthueringer. The country in eastern Germany is known for the strength of the far right there.

The Federal Prosecutor’s Office declined to comment on the report, saying only that there had been a raid in that area.

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It also declined to comment on how, if any, Heinrich was involved in the far-right “Reichsbuerger” movement, which denies the existence of the modern German state and which prosecutors say inspired the group of arrested suspects.

The Reuss dynasty named all its male children Heinrich or Henry after the end of the 12th century in honor of Henry IV, Holy Roman Emperor, who bequeathed to them the estates of Lleda and Gera, now towns in the state of Thuringia.

While officially, there were no more princes and princesses in Germany, some descendants such as Heinrich continued to use the title. He had named his real estate and financial services company, based in Frankfurt, “Buero Prinz Reuss”.

House Reuss, which is currently headed by Heinrich XIV who lives in Austria, previously distanced itself from Heinrich XIII, calling him a confused man peddling conspiracy theories, according to local media.

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