Japan’s domestic EV sales fall further in October

Spanish Market: Battery materials, Metals
08/11/24

Sales of passenger electric vehicles (EVs) in Japan fell for a 12th straight month in October, mostly because of a drop in demand for domestic brands.

Sales totalled 4,325 units in October, down by 35.1pc from a year earlier, according to data from three industry groups — the Automobile Dealers Association, the Japan Light Motor Vehicle and Motorcycle Association and the Japan Automobile Importers Association (JAIA). Sales were down by 32.7pc on the previous month.

EVs accounted for just 1.3pc of Japan's total domestic passenger car sales last month, down by 0.7 percentage points from a year earlier.

The fall in EV sales was mostly the result of lower sales of Nissan's Sakura, one of the domestic producer's top selling EV models. Sakura sales slumped by 51.6pc on the year to 1,448 units.

Sales of foreign brand passenger EVs fell to 1,900 units, down by 4pc on the year. The decline largely reflected reduced supply by Germany's Volkswagen, a JAA representative told Argus. It remains unclear if the downtrend will continue given demand for imported EVs remains high in the Japanese market, the representative added. Imported EVs accounted for around 44pc of the country's total passenger EV sales in October.

Japan's largest car producer Toyota on 6 November revised its global EV sales outlook downwards to 160,000 units for the current fiscal year that ends 31 March 2025. This is 11,000 units lower from the initial plan announced in May, the company said.

By Yusuke Maekawa

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07/11/24

US Fed cuts rate by quarter point: Update 2

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US Fed cuts rate by quarter point: Update

07/11/24

US Fed cuts rate by quarter point: Update

Updates with Powell's comments from press conference after meeting. Houston, 7 November (Argus) — The US Federal Reserve cut its target interest rate by 25 basis points today, its second cut since 2020, as it said inflation has "made progress" towards its 2pc target. The Fed's Federal Open Market Committee (FOMC) lowered the federal funds rate to 4.50-4.75pc from the prior range of 4.75-5pc. This followed a half-point cut made in mid-September, the first cut since 2020. The Fed has been cutting its target rate from two-decade highs as inflation, which peaked at 9.1pc in mid-2022, has come down to near the Fed's 2pc target. "The Committee will carefully assess incoming data, the evolving outlook, and the balance of risks" in considering additional adjustments to the target rate, the FOMC said in its statement after the two-day meeting. "Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated," it said, adding that the unemployment rate "has moved up but remains low." The rate cut comes two days after Republican Donald Trump, a vocal critic of the Federal Reserve during his first term in office from 2017-2021, was elected president. With vote counting ongoing, the Republicans appeared set to win both houses of Congress, giving Trump virtually unrestrained powers. Fed chair Jerome Powell told reporters after the Fed's decision that he would not resign before his term ends in 2026 if asked to do so by Trump. He said the president did not have the power to fire or demote Fed chairmen. Trump, during his first term, nominated Powell to his position as Fed chair and he took office in February 2018, according to the Federal Reserve board's website. President Joe Biden reappointed him and he was sworn in in May 2022 for a second four-year term. Powell declined to discuss the incoming Trump administration's policies or "anything directly or indirectly" related to the election during the press conference. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US Fed cuts rate by quarter point, 2nd cut this year

07/11/24

US Fed cuts rate by quarter point, 2nd cut this year

Houston, 7 November (Argus) — The US Federal Reserve cut its target interest rate by 25 basis points today, its second cut since 2020, as it said inflation has "made progress" towards its 2pc target. The Fed's Federal Open Market Committee (FOMC) lowered the federal funds rate to 4.50-4.75pc from the prior range of 4.75-5pc. This followed a half-point cut made in mid-September, the first cut since 2020. The Fed has been cutting its target rate from two-decade highs as inflation, which peaked at 9.1pc in mid-2022, has come down to near the Fed's 2pc target. "The Committee will carefully assess incoming data, the evolving outlook, and the balance of risks" in considering additional adjustments to the target rate, the FOMC said in its statement after the two-day meeting. "Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated," it said, adding that the unemployment rate "has moved up but remains low." The rate cut comes two days after Republican Donald Trump, a vocal critic of the Federal Reserve during his first term in office from 2017-2021, was elected president. With vote counting ongoing, the Republicans appeared set to win both houses of Congress, giving Trump virtually unrestrained powers. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US W mining essential after Trump victory: ITIA

07/11/24

US W mining essential after Trump victory: ITIA

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EU minor metal markets await US reaction to Trump win

07/11/24

EU minor metal markets await US reaction to Trump win

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"I expect that only the people who are the most risk-prone or certain about the duties will want to stockpile this early," a trading firm said. By Sian Morris and Cristina Belda Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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