European stocks closed higher on Monday as worries about the newly discovered omicron covid variant appeared to subside. The pan-European Stoxx 600 provisionally closed up 0.8%, with oil and gas stocks leading the gains with a 2.2% gain. Nearly all sectors and major bourses traded higher as stocks looked to bounce back from Friday’s sell-off. Investors’ nerves were calmed somewhat after the South African doctor who first discovered the new Covid mutation said symptoms so far were “extremely mild.”
U.S. stocks rebounded Monday after Friday’s sharp sell-off after President Joe Biden said economic restrictions in response to the omicron covid variant are currently off the table. Big tech stocks were the gainers Monday. Tesla rose 5.1%, Microsoft gained 2.1% and Amazon added 1.6%. Apple gained 2.2%. However, shares of Twitter fell 2.7% after news that CEO Jack Dorsey will step down as head of the social media company. Shares in the travel sector recovered slightly after a choppy session.
Stocks in the Asia-Pacific region mostly rose today, with Japanese shares leading the gains in the region. Investors reacted to the release of Chinese factory data for November. China’s official manufacturing purchasing managers’ index for November came in at 50.1 on Tuesday, above expectations of analysts polled by Reuters who had expected a reading of 49.6. PMI readings below 50 represent contraction, while readings above that level indicate expansion. PMI readings are sequential and show expansion or contraction from the previous month.
Samsung to supply new advanced auto chip to Volkswagen
Samsung Electronics unveiled new auto crisps this morning, targeting demand for advanced crisps in cars, including a chip that will be incorporated into Volkswagen’s infotainment system developed by LG Electronics. Demand for “high-tech” car crisps that can handle more entertainment and more electrical components in cars is increasing, Samsung said in a statement, announcing it will actively respond to the growing demand. The crisps, developed by Samsung’s logic chip design division System LSI, include a chip that enables 5G-based telecommunications to download high-definition video content while driving and a power management chip for stable power supply.
Nissan to invest $17.6 billion over next five years to expand electric vehicle lineup
Japanese auto giant Nissan will invest 2 trillion yen (about $17.6 billion) over the next five years to accelerate the electrification of its product lineup. Nissan said Monday it plans to launch 23 new electrified models by 2030, 15 of which will be fully electric. The company is aiming for a 50% for its Nissan and Infiniti brands by the end of the decade. As for batteries, the company plans to bring solid-state batteries (ASSBs) to market by 2028. A pilot ASSB plant in the Japanese city of Yokohama will be ready “as early as fiscal year 2024,” Nissan said. In a speech explaining the plans, Nissan CEO Makoto Uchida said his company was focusing on the internal development of ASSB.