Rivian reassures 🚙 Stocks decline ☔ To watch: Michigan inflation expectations, the dollar, S&P500 Index 👀

FlowBank's hand-curated fresh financial news [header_noDither] 12.08.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [shutterstock_2101304062] Rivian, which makes the R1T pickup and R1S sport utility vehicle along with electric delivery vans, posted quarterly sales above expectations and reaffirmed its delivery forecast of 25'000 EVs this year, but the EV maker trimmed its full-year earnings expectations as it continues to grapple with supply-chain snags, high costs and economic uncertainty. [Start Trading](113/cXx8Z04/VXhdrp73-TpRW4BM8VT6y32_7W2qd3df4NDbKJN4HzmdN2-MK5V1-WJV7CgMnzW6wD8rW6sj96hW6WKk_g97gKscW1cwcPC7rfc2RW3mqpHZ5vXdSJW3BRJ7w3SHBdgW35XrJx6zFKrCW4y-4625t-3J7VVZw4F82czCvW79tSH877phrrW1-SPX87fDVcDVKxYqD4JcgNNW4h4XZd99L2R8N3gqfC8DBkQWW1rNqgX4CWMD8W3xz_WW5h_RyWN6nNJhL9dzprW6zyyLt2ZrdMZW7fkS7X2CkVsGW1X7mL04Z8CMDW2VLPh46xL8kk32Ch1) Trader's Corner In focus • Just as sentiment was recovering yesterday, an unexpected drop in long-term bonds caught the market by surprise. Stocks could come under pressure should Treasury yields and borrowing costs creep higher. • Analysts expect a slight improvement in the US Michigan consumer sentiment and expectations. The recent fall in commodity prices is believed to have reduced the pressure on consumers. • And lastly, traders will also keep an eye on the pound-dollar. Volatility could increase if the growth (GDP, trade balance) in the island surprises to the downside. Economic data • US Michigan consumer sentiment and expectations, export/import prices • Euro industrial production • UK GDP Q2, manufacturing production, trade balance Earnings • ProPhase Labs, PLX Pharma, Spectrum Brands, Broadbridge, Beam, China automotive systems Crypto • The world’s biggest asset manager, BlackRock, launched its first Bitcoin product, a private Bitcoin Trust for its US institutional clients. • Ethereum has just completed the network’s final test before the Merge event scheduled for September, where it will switch to a proof-of-stake (PoS) consensus algorithm. ETH has almost doubled from its June lows. [tab-1] [Start Trading](113/cXx8Z04/VXhdrp73-TpRW4BM8VT6y32_7W2qd3df4NDbKJN4HzmdN2-MK5V1-WJV7CgVrBVS9WvP8Y80CZW5B-td98YtrVPN3JL95WGxMKWW2ScF-v3NmW_NMs9JPFb0msqVmM3Kd5LwMzDN5XzRf1Qq7mrW2ZtqCp1dlkdbW2ydBJv3kWS1kN1lS68bN8_d0W40WWsR8P1mDcW4p70dn8F-QWzW2m_Jk63NMRv3W1gZGLN8Vg4ZsW85SJZQ22VpP9W7zd-R477320hW312cpJ74YVYNW8jmB2b8bD7wDW3tf5wK4TQ63FW3g81Wb7ZHD6g3fDr1) Market Recap Stocks opened strong after favorable inflation data but pared gains on speculation the rally went too far as the Federal Reserve is still set to keep its monetary policy tight. Long-term Treasury yields jumped 10 bps. The energy sector extended gains, posting the biggest daily gain, as oil prices soared. Meanwhile, tech and healthcare stocks lagged. Dollar bulls once again bought the dip. This morning, stock futures are pointing higher as Treasury yields retreat slightly. Investors will be watching the US Michigan Consumer Sentiment and import/export prices for more clues on the economy and inflation. Chart Of The Day The dollar weakness deteriorated against major peers, in particular against the Swiss Franc. Softer US consumer prices and softer producers' prices yesterday, confirming a reduction in inflationary pressures in the US greatly undermine the dollar's appeal as traders now expect a less hawkish message from the Fed. [chf-1](113/cXx8Z04/VXhdrp73-TpRW4BM8VT6y32_7W2qd3df4NDbKJN4Hzmdt2-MJQV1-WJV7CgZj_W4SL-9x4KYhdmW7p9cyv2355N_W4CdVsZ8zTqgWW5n_Hv04fbbsHW8LwSXW2VS9lZW2dj7Qq8-1Z0wW8XrNkR4z-nNjW6Jm2r14GyjQHMKJlVjTTvntW8VTym_2t10PyW96BZKj3ZC3R5W3mcMm020C9CZW6n9gZT7yg012W1vTcxr3rVnsKW7GhWy-290jBjN8HYwqkwZcQPW8gkpTW6JF-b8Vk4P6q7LzllC3cwj1) FlowBank Blog Chinese chip producers are growing fast [Chip](113/cXx8Z04/VXhdrp73-TpRW4BM8VT6y32_7W2qd3df4NDbKJN4Hzmf32-MKpV1-WJV7CgG6FN7sl6bN2Q-YCW7wjcFL8SBlr0W3GfX-k51YHDQW24R9jd5LL9WvW3zcvX79d5R69W4xlvNQ4_WPk7W8DS6Jz5WJ0VzVbVb1M4HJ9dFW4JSBC35rx17_W5yGQgS1FwgVbW2xvDWt5WR2kxN5YzyfVmmnQ9VHM-j967_5QCN1Z_-8d64lFCW6PjcYK7cR5_KW8fMtq26kv1ylW96Mw7m4TvK-XW8C8wKF5brChqW5vTSWT6f_PscW3G8jb53mJcfDW4F41r01T4Sl-M7PnJ1Lj0cH3dTj1) China's chip industry is growing faster than anywhere else in the world, after US sanctions against local champions, from Huawei to Hikvision, whetted the appetite for local manufacturers. 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