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International Market Update
- European stocks closed higher Monday after five turbulent days of trading last week. The pan-European Stoxx 600 closed up about 0.9%, with banks leading the gains with a 3.3% rise, while most sectors and major bourses closed in positive territory. French markets gained slightly but lagged other major European bourses after President Emmanuel Macron lost his absolute majority in parliamentary elections, which could jeopardise his economic agenda. On the data front in Europe, German producer prices rose 33.6% year-on-year in May, the biggest increase ever, according to new official statistics released Monday.
- Markets in the U.S. were closed Monday for a holiday.
- Asia-Pacific markets were mostly positive this morning. Meanwhile, Reserve Bank of Australia Governor Philip Lowe said in a speech that he expects inflation in Australia to peak at around 7% by the end of the year. by the end of the year, once pandemic-related supply chain disruptions are overcome. Lowe said monetary tightening and global interest rate increases would work together to bring inflation down by balancing the demand and supply of goods.
In International News
Former Tesla employees sue Tesla over ‘mass layoffs’
Former Tesla employees have filed a lawsuit against the U.S. electric car company. They claim that the company’s decision to conduct a “mass layoff” violates federal law because the company did not provide advance notice of the job cuts. The lawsuit was filed late Sunday in Texas by two workers who said they were laid off in June at Tesla’s Gigafactory in Sparks, Nevada. According to the lawsuit, more than 500 workers were laid off at the Nevada factory. The workers allege the company failed to comply with federal mass layoff laws that require a 60-day notification period under the Worker Adjustment and Retraining Notification Act, according to the lawsuit. They are seeking class action status for all former Tesla employees in the United States who were laid off without notice in May or June.
Volvo has begun testing trucks with hydrogen-powered fuel cells
Volvo Trucks said Monday that it has begun testing vehicles that run on hydrogen-powered fuel cells. The Swedish company claims that the range of these vehicles could be up to 1,000 kilometres. In a statement, Gothenburg-based Volvo Trucks said it would take less than 15 minutes to refuel the vehicles. The fuel cells for the vehicles will be supplied by cellcentric, a joint venture with Daimler Lorry formed in March 2021. “Hydrogen-powered fuel cell electric trucks are particularly suitable for long distances and heavy, energy-consuming operations,” said Roger Alm, president of Volvo Trucks.