Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.
CATL Bags Battery Contracts in Western Australia
Contemporary Amperex Technology Co. [300750.SZ], the world’s biggest producer of electric vehicle (EV) batteries, has been awarded A$1bn of contracts to provide energy storage systems in Western Australia, which aims to phase out coal power by the end of the decade. “Battery energy storage systems will play a key role in our decarbonisation plans, storing excess renewable energy generated in the day and discharging during times of high demand,” Premier Roger Cook said in a statement.
TSMC Set to Expand in Arizona
Taiwan Semiconductor Manufacturing Co. (TSMC) [TSM], the world’s biggest chipmaker, is in talks with the US state of Arizona to expand its footprint there, with advanced chip-packaging capacity. State Governor Katie Hobbs is in Taipei to discuss Taiwan’s pivotal role in the global semiconductor ecosystem. Meanwhile, students from the German state of so-called ‘Silicon Saxony’, where the chipmaker is to build a $11bn plant, are now eligible to undertake internships with TSMC in Taiwan...
BYD and Vinfast Share Impressive Sales Figures
Chinese EV powerhouse BYD [002594.SZ] has beaten rivals including Tesla [TSLA] to sell more than a quarter of all the EVs sold in southeast Asia, Reuters reported. Part of its success is connected to distribution partnerships with local conglomerates. Meanwhile, Vietnam’s VinFast [VFS] said it has delivered five times more vehicles in the second quarter (Q2) than in Q1, to a total of 9,535. The Financial Times has reported that German carmakers could lose out in an EU-China trade war over EV prices.
SoftBank’s AI Drive Continues
As the hype around Arm’s [ARM] barnstorming IPO last week begins to fade, majority investor SoftBank’s [9984.T] stock fell by as much as 4.3% on Tuesday, its biggest intraday drop in over a month. Arm’s share price, meanwhile, has dropped 8.8% in two days, though it remains 13.7% above its $51 launch price. SoftBank CEO Masayoshi Son is continuing the push into artificial intelligence, with SoftBank leading a $280m funding round for San Francisco-based Mapbox, a producer of location-mapping software.
Van Eck: India Will Go on Rising
Van Eck Chief Economist of Emerging Markets Natalia Gurushina told BloombergTV that India will be a rising star “for years to come”, thanks in part to its digitisation drive. Gurushina also singled out Brazil in an interview with the channel. Elsewhere, India-Canada relations have hit a low this week after Canadian Prime Minister Justin Trudeau accused India of being behind the recent murder of a Sikh leader in British Columbia.