EURUSD rallied into fresh 18-week highs on Wednesday as market sentiment tilts firmly into the risk-on side ahead of the European Central Bank’s latest rate call later on Thursday. Broad market risk appetite remains pinned into the ceiling as markets fully price in a rate cut from the Federal Reserve on September 18. ECB and … Read more
Stellantis CEO Carlos Tavares expects a major battle with Chinese rivals in the European market for electric vehicles, warning of significant consequences for jobs and production. The European Commission will unveil an initial decision on potential tariffs on Chinese EV imports on June 5, and China has been threatening counter tariffs. Tavares believes that tariffs would fuel inflation, impact sales and production, and create overcapacity in the European auto sector. Stellantis is in discussions with labor unions about the risks they are facing and how to navigate the challenges ahead. The company will start selling EVs from its Chinese partner, Leapmotor, outside China starting in Europe in September. Tavares aims for Stellantis to be part of the Chinese offensive rather than purely defensive against Chinese competition.