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☆ 'Most at risk': UBS downgrades 2 major automakers over China EVs threat
▼ + stars: | 2023-09-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

UBS has downgraded both Volkswagen and Renault over mounting competition from Chinese electric vehicle manufacturers. 1 automaker, the company is at risk of being marginalized as Chinese companies, such as Warren Buffet-backed BYD , take market share. 1 automaker in Europe, Volkswagen also faces intensifying competition as higher numbers of cheaper Chinese electric vehicles are imported into the continent. With about 70% of sales in Europe and a 10% market share, the investment bank said Renault is highly exposed to competition from Chinese automakers and Tesla. We estimate Renault's European market share of c10% today will reduce towards 7% by 2030," said UBS analysts led by David Lesne in a separate note to clients.

Persons: Warren Buffet, Patrick Hummel, France's Renault, David Lesne, Benz, Tesla's EVs Organizations: UBS, Volkswagen, Renault, VW, Tesla, Benz, BMW, IAA Mobility, Mercedes Locations: Europe, Munich

☆ The Fed likely won’t raise rates this month — but November is another matter
▼ + stars: | 2023-09-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Last week’s economic data increasingly gave investors hope that the Federal Reserve could hold interest rates steady this month, following a hike in July that brought rates to their highest level in 22 years. It’s hard to say definitively if or when the central bank will hike interest rates again this year. The Fed could hold rates steady for the rest of the year if both the job market and the broader economy continue to slow, helping bring down inflation. Higher for longer means keeping interest rates elevated for a prolonged period. China’s National Bureau of Statistics releases August inflation data.

Persons: hasn’t, ” Leslie Thompson, Thompson, Jerome Powell, Powell, Susan Collins, Powell’s Jackson, there’s, Raphael Bostic, Olesya Dmitracova, ” Patrick Hummel, David Lesne, Juan Perez, Carrascosa, Barnes & Noble Organizations: CNN Business, Bell, DC CNN, Federal, Financial, Spectrum Wealth Management, CNN, Fed, Kansas City, Boston, Yahoo, Finance, Atlanta Fed, Volkswagen, Renault, UBS, French, Swiss, Barnes &, The Reserve Bank of Australia, US Commerce Department, Eagle, Express, P Global, Institute for Supply Management, Bank of Canada, US Labor Department, Kroger, China’s National Bureau of Statistics Locations: Washington, Jackson Hole , Wyoming, Cape Town , South Africa, Europe

☆ Volkswagen, Renault shares hit by rare ‘sell’ rating as Chinese competition grows
▼ + stars: | 2023-09-01 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Shares in Europe’s largest carmaker Volkswagen and its French rival Renault dropped sharply Friday after UBS analysts recommended investors dump the stocks, citing the growing threat to their business from Chinese competitors. Volkswagen was down 4.4% in late afternoon trade in Europe and Renault 5.6% lower, while the benchmark STOXX Europe 600 index was flat. China is the biggest single market for Volkswagen but its sales there have been declining in the face of pressure from local competitors. In their note, the UBS analysts highlighted the threat to the carmaker from “highly competitive” Chinese EVs. Volkswagen, Renault and other global players have been teaming up with Chinese companies, too.

Persons: ” Patrick Hummel, David Lesne, Juan Perez, Carrascosa, BYD, Warren Buffett, ”, “, —, Geely Organizations: London CNN —, Volkswagen, French, Renault, UBS, Swiss, “ Renault, China Passenger Car Association . Vehicles Locations: Europe, China

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