Lithium Price Drop Hits Mining Companies as Electric Car Demand Slows

KreatinKinaz

5As8...ChHQ

25 Jan 2024

#MarketNews

Happy Thursday, dear traders! Let's check the news moving the financial markets today:

Microsoft became the second company after Apple to reach a capitalization of $3 trillion.

Lithium prices are falling due to lower demand for electric cars in China, forcing mining companies to cut costs and revise plans to increase production after the value of the battery metal plunged 80% in a year.

LNG shipments through the Suez Canal have come to a complete halt. Increased instability in the Red Sea caused the number of loaded LNG tankers passing through the Suez Canal to zero in the week of Jan. 15-21.

Chinese investors suffered $45 billion in losses in "snowball" derivatives that promise stable profits under certain stock index trading conditions.

Apple is stepping up its artificial intelligence developments, buying up startups, and upgrading hardware to incorporate AI into the next generation of iPhones while keeping plans secret and focusing on launching AI apps on mobile devices.

Oil rose to a near one-month high as US inventories dwindled.

Germany's SAP* will undergo a $2.2 billion restructuring to boost its AI business. SAP SE quotes reacted with a +6.2% rise on the Frankfurt stock exchange.

US aviation regulators ordered Boeing Co. to suspend further increases in production of 737 Max airplanes.

Despite Musk's optimism, Tesla shares fell by 6% due to investors' concerns about the company's slowing growth and below-expected quarterly results. At the same time, Tesla's plans to release a new electric car became known.

#TradeIdea

EURUSD Outlook!

The EURUSD pair has successfully breached a bullish wedge's upper boundary and retested it. A further break above 1.0910 will confirm the bullish trend and growth towards 1.0970.

Trade: Buy EURUSD on a breakout above 1.0910;