Key Takeaways
Markets
- Asian equities fell after President Donald Trump imposed a 25% tariff on US auto imports, leading investors to reduce riskier bets amid concerns about growth in the world’s largest economy
- Nikkei index -1.0%; Shanghai Index +0.2%; Hang Seng Index +0.8%
- Auto tariffs expected to hit Japanese and South Korean companies, as Chinese automakers have limited exposure to the U.S. market
- China may get a tariff reduction to secure a deal on the sale of ByteDance Ltd.’s social video platform TikTok to an American company, Trump said
- Profits at China’s industrial firms contracted at the start of 2025, flashing a worrying sign for the economy as higher US tariffs loom
- S&P500 Index -1.1%; Nasdaq Index -2.0% yesterday
- Wall Street ended sharply lower on Wednesday, dragged down by losses in Nvidia and Tesla as investors awaited information about long-promised U.S. tariffs on automotive imports
- Shares of Tesla dropped 5.6% and General Motors lost 3.1%, with investors uncertain about the scale of tariffs, retaliatory measures from trading partners and potential ripple effects on the global economy and businesses
- Businesses wary of tariff-related price hikes scrambled to build up inventories. Data showed an unexpected increase last month in orders for durable U.S. manufactured goods
Commodities
- Brent for May is up USD 0/b at USD 73.8/b this morning after increasing by USD 0.8/b the last trading day
- Oil prices edged up on Thursday on concerns about tighter global supply after U.S. tariff threats on Venezuelan oil buyers and earlier sanctions on Iranian oil buyers, while traders weighed the impact of U.S. President Donald Trump’s auto tariffs
- US President Donald Trump on March 25 ordered a 25% tariff on all car and light truck imports starting on April 2, and a similar tariff on auto parts starting on May 3
- Trump’s newly announced tariffs will be additive to any existing tariffs and include no exemptions for any country
- European Commission President Ursula von der Leyen responded by saying “I find the US decision to impose tariffs on European car exports deeply regrettable,” says. She says the union will “continue to seek negotiated solutions, while safeguarding our economic interests,” she continues
- Both Dutch TTF and UK NBP nat. gas prices decreased by 2% the last trading day
- Europe’s benchmark natural gas prices fell for a third consecutive day amid milder weather and increasing LNG supply as Chinese demand weakens
Company & Sector News
- HydrogenPro has received a purchase order for USD 2.5m
- The company received the purchase order for high-pressure alkaline electrolyzers from an undisclosed customer
- The manufacturing of the electrolyzers is planned to start in early May 2025
- Desert Control expands strategic golf course pilot for water conservation with PGA WEST
- Desert Control is expanding its golf course pilot program with PGA WEST, following a successful small-plot test on the Nicklaus Private Course
- The new project will cover approximately four acres, including tee boxes, fairways, roughs, and mounds in residential areas
- Results from the initial pilot showed over 25% water savings, reduced energy use, improved turf health, and better soil quality
- PGA WEST plans to implement the four-acre project in the second quarter of 2025 and may expand to full-course treatment by the end of the year
- The project could lead to one of the largest water efficiency transformations in the golf industry, with PGA WEST being a key reference for Desert Control’s growth in the U.S. golf sector
- Questerre Energy Corp. 2024 results
- Net result CAD -7.3m (CAD -23.7m 2023)
- Erik Magelssen appointed CFO of Kongsberg Automotive
- Magelssen was KA’s CFO from 1999-2006, where he led three major acquisitions, two refinancing processes, and led Kongsberg Automotive through its IPO in 2005
- With a career spanning more than three decades, Magelssen has since August 2023 held interim CFO positions, now latest at Hoff SA within the food industry
- Prior to this, Magelssen joined Vow ASA as CFO (2016-June 2023)
- Magelssen has also held CFO roles in PM Retail AS (2013-2015) and VIA Egencia AS (2007-2013)
- Magelssen will take office from June 1, 2025, and will be based in KA’s headquarters at Kongsberg, Norway
