Biden’s China and Iran speeches, Hyundai’s Apple coup, $ 60 oil – What’s happening in the markets? By

© Reuters

Yazar: Geoffrey Smith – President Joe Biden speaks hard on China and Iran; Hyundai and Kia ended negotiations with Apple (NASDAQ 🙂 on autonomous cars; Thanks to Elon Musk, cryptocurrencies have risen; Hasbro (NASDAQ 🙂 and Loews (NYSE 🙂 will share the earnings and the oil saw $ 60.

Here’s what you need to know in financial markets on Monday, February 8th.

1. Biden predicts “extreme competition” with China

President Joe Biden said at the weekend he was ready for “extreme competition” with China for the next four years.

In an interview with CBS, Biden argued that the US policy towards China would be less confrontational under his rule, but there would be no big difference in their goals.

Biden said, “I’m not going to do what Trump did. “We will focus on international rules,” he said.

On the other hand, in the interview, Biden said he would not lift sanctions on Iran to bring nuclear fuel enrichment back to the negotiating table. He stated that Iran should stop enrichment first.

2.Hyundai and Kia screwed up after Apple said their talks are over

Shares of Korean automaker Hyundai and Kia dropped in Seoul after Hyundai said it would no longer continue talks with Apple on developing autonomous electric cars.

Hyundai had confirmed preliminary talks with the iPhone maker just a month ago. Shares of Hyundai fell 6.2%, while shares of its subsidiary Kia fell 15%. In total, these moves reduced the value of the two companies by $ 8.6 billion.

On the other hand, in the automobile industry; Ola Kallenius, CEO of Daimler (OTC :), said it would take until the end of the decade for its electric vehicles to yield the same level of profits as conventional gas burners.

3. Stock markets are preparing for high levels; Hasbro, Loews and Global Payments (NYSE 🙂 will report

US stock markets on Monday are preparing for new records. An evolving health picture and progress in President Biden’s $ 1.9 trillion stimulus package are underpinning.

While new Covid-19 infections fell below 100,000 for the first time in about three months this weekend, the pressure on hospital capacity has decreased with only 81,000 applications.

The Nasdaq climbed a little less and the Nasdaq a little more as it went up by 123 points.

Earnings season has begun to settle, but reports from Global Payments, Hasbro, Loews, and Simon Property (NYSE 🙂 will be featured.

4. With Musk’s praise, crypto is on the rise again

Cryptocurrencies have continued their general rise amid a persistent, fiery sentiment on social media, especially animated by Elon Musk.

The relatively new DogeCoin, which became the favorite of Musk’s many tweets – many of them jokingly – rose to 8.4 cents.

On the other hand, it soon exceeded $ 40,000 again and rose to $ 1,735.60 before correcting. It seems that these movements, as usual, were behind the momentum, rather than a change in fundamentals.

5.Oil at $ 60 as Iran export fears ease

It saw $ 60 for the first time in a year, as part of a multi-prong rally in risk assets in global markets. Prices were bolstered by Biden’s harsh remarks about Iran, which calmed fears of a rapid resumption and increase in Iranian oil exports.

Biden’s statements arrive in a tightening market environment as demand is slowly recovering, while major suppliers continue production cuts in an effort to reduce their global crude oil inventories.

WTI rose 1.2% to $ 57.52, up 0.9% to $ 60.07.

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