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All major US and European equity indices closed higher and APAC
equity markets closed mixed. US government bonds closed unchanged,
while benchmark European bonds closed mixed. European iTraxx and
CDX-NA closed tighter across IG and high yield. The US dollar,
natural gas, oil, and copper closed higher, while gold and silver
were lower on the day.
Please note that we are now including a link to the profiles of
contributing authors who are available for one-on-one discussions
through our newly launched Experts
by IHS Markit platform.
Americas
All major US equity indices closed higher, with the Nasdaq
+1.0%, S&P 500 +1.0%, and DJIA +0.7% closing at new record
highs; Russell 2000 +0.5%.
10yr US govt bonds closed flat/1.28% yield and 30yr bonds
flat/1.92% yield.
CDX-NAIG closed -1bp/48bps and CDX-NAHY -3bps/281bps, which is
-2bps and -6bps week-over-week, respectively.
DXY US dollar index closed +0.1%/92.91.
Gold closed -0.2%/$1,802 per troy oz, silver -0.6%/$25.23 per
troy oz, and copper +1.4%/$4.40 per pound.
Crude oil closed +0.2%/$72.07 per barrel and natural gas closed
+1.4%/$4.06 per mmbtu.
Adjusted for seasonal factors, the IHS Markit Flash U.S.
Composite PMI Output Index posted 59.7 in July, down from 63.7 in
June. The rate of output growth was the slowest for four months,
but robust nonetheless and among the fastest recorded over the
survey's 14-year history. Manufacturers registered a slight
acceleration in the pace of expansion in production, but service
providers recorded a further loss of growth momentum amid labor
shortages. (IHS Markit Economist Chris
Williamson)
Flash U.S. Services Business Activity Index at 59.8 (64.6 in
June). 5-month low.
Flash U.S. Manufacturing PMI at 63.1 (62.1 in June). Series
record high.
Flash U.S. Manufacturing Output Index at 59.5 (58.9 in June).
2-month high.
Revenue per available room last week (seasonally adjusted) was
89.1% of the mid-January 2020 level, according to our estimate
based on weekly data from STR. This is consistent with airport
passenger traffic, which has staged a roughly equal recovery.
Meanwhile, averaged over the last seven days, about 297,000 people
per day received a first (or only) dose of a COVID-19 vaccination,
up from the prior week's rate of about 271,000 per day. As of
yesterday, 187.2 million US residents, or about 57% of the
population, were at least partially vaccinated against COVID-19. At
the current rate, the US would achieve widespread vaccination
(70-80%) by early next year. (IHS Markit Economists Ben
Herzon and Joel
Prakken)
Arvinas and Pfizer (both US) have jointly announced that they
have entered into a global collaboration to develop and
commercialize Arvinas's investigational oestrogen
receptor-targeting breast cancer therapy ARV-471, and that in a
separate deal, Pfizer will make a USD350-million equity investment
in Arvinas, giving it an ownership share of about 7%. Under the
terms of the ARV-471 collaboration, Pfizer will make an upfront
payment of USD650 million to Arvinas, and the two companies will
equally share worldwide development and commercialization costs.
Arvinas is also eligible to receive up to USD400 million in
approval milestones and up to USD1 billion in commercial
milestones, in addition to sharing worldwide profits on ARV-471.
(IHS Markit Life Sciences' Milena
Izmirlieva)
Latham, New York-based Plug Power isn't content with just
decarbonizing forklifts with its patented hydrogen fuel cells at
big box stores like Walmart or Home Depot or mammoth data centers.
The company is now eyeing the skies to demonstrate that renewable
energy-sourced, green hydrogen produced at its own facilities can
be used safely and cleanly in fuel cells to power the two
propellers of regional airplanes. Armed with green hydrogen fuel
cells from Plug Power and electric motors from MagniX, Los
Angeles-based Universal Hydrogen is developing a 2-MW powertrain
for retrofitting regional turboprop-powered aircraft. Compared with
kerosene, a petroleum product currently used in regional turboprop
planes, fuel cells are cleaner because they generate power through
an electrochemical reaction rather than combustion. When powered
with hydrogen, their only exhaust is water rather than CO2 and
other pollutants. The goal of both Plug Power and Universal
Hydrogen is to test this retrofitted engine in either a de
Havilland Canada Dash 8-300 or an Embraer ATR 42 aircraft that can
carry between 40-60 passengers up to about 700 miles. (IHS Markit
Net-Zero Business Daily's Amena
Saiyid)
Trading of electric vehicle (EV) startup Faraday Future's
shares began on the NASDAQ stock exchange on 22 July. This followed
the closure Faraday's merger with special purpose acquisition
company (SPAC) Property Solutions Acquisition Corp (PSAC). The
newly combined company is called Faraday Future Intelligent
Electric. The new company's common stock trades under the ticker
'FFIE', with warrants trading under FFIEW. Faraday expects the deal
to generate gross proceeds of about USD1 billion and to fully
finance the launch of the FF 91 within 12 months of the July
closing of the merger, which was the plan announced in January.
(IHS Markit AutoIntelligence's Stephanie
Brinley)
US electric vehicle (EV) maker Rivian has confirmed that it is
looking at potential sites for a second assembly plant, according
to a media report. Reuters reports on the developments, citing
several unnamed sources as well as a Rivian spokesperson. The
Rivian spokesperson is quoted as saying, "While it's early in an
evolving process, Rivian is exploring locations for a second U.S.
manufacturing facility… We look forward to working with a
supportive, technology-forward community in order to create a
partnership as strong as the one we have with Normal [Illinois, the
location of Rivian's existing plant]." Reuters also reports that
other sources have confirmed that, as part of Rivian's "Project
Tera", several US states are bidding to host the new plant, the
location of which the company could announce by the end of 2021.
(IHS Markit AutoIntelligence's Stephanie
Brinley)
Uber Technologies' trucking business is acquiring
transportation logistics company Transplace for about USD2.25
billion. Uber Freight is buying Transplace from private equity firm
TPG Capital. The deal will involve USD750 million in Uber stock,
with the remainder in cash. The companies said this combination is
expected to create one of the largest and most-comprehensive
managed transportation and logistics networks in the world. (IHS
Markit Automotive Mobility's Surabhi Rajpal)
Canada's nominal retail sales figure fell 2.1% month on month
(m/m) to $53.8 billion in May as provincial public health
restrictions were extended from April. (IHS Markit Economist Evan
Andrade)
Core retail sales, excluding vehicle and gasoline sales, fell a
further 2.4% m/m, primarily driven by a deep 11.3% m/m sales
decline within building and garden supply retailers.
In volume terms, retail sales fell a further 2.7% m/m to $48.1
billion as prices rose over the month.
With the lifting of regional restrictions during June,
retailers are expected to recoup some of their second-quarter
losses. The preliminary estimate from Statistics Canada is a 4.4%
m/m increase for June sales.
Beverage group Arca Continental, the second largest Coca-Cola
bottler in Latin America, has reported a 6.7% y-o-y increase in net
sales to MXN45.8 billion (USD2.27 billion) in the second quarter.
The company's EBITDA rose to MXN9.4 billion (+14.1% y-o-y) in Q2.
"The results exceeded our expectations ... in an environment still
affected by the pandemic," said Richard Horbach, an analyst at
Intercam Banco. Arca Continental sold 300.1 million unit cases, or
MUC, (+2.9% y-o-y) in the cola and 103.8 MUC (+16.1% y-o-y) in the
flavors category in Q2. Sales of still beverages, including teas,
isotonics, energy drinks, juices, nectars, fruit beverages and
dairy, rose 29.3% to 50.7 MUC in Q2. (IHS Markit Food and
Agricultural Commodities' Vladimir Pekic)
According to news portal Infobae, the Banking Association of
Argentina (Asociación de Bancos de la Argentina: ABA) and the
Association of Argentine Banks (Asociación de Bancos Argentinos:
Adeba) have informed the Central Bank of the Argentine Republic
(Banco Central de la República Argentina: BCRA) that they have
limited transfers from and to virtual accounts since that type of
transactions have "enabled crimes related to financial services".
The Argentine Chamber of Fintech (Cámara Argentina de Fintech: CAF)
has denied the charge and has claimed the decision to be against
the BCRA's norms. Meanwhile, the ABA and Adeba have asked for
increasing regulation in relation to financial technology (fintech)
companies and improved operational processes between money-transfer
systems that connect virtual accounts with banking accounts. The
CAF has denied that there is a lack of interoperability between
both systems. (IHS Markit Banking Risk's
Alejandro Duran-Carrete)
Europe/Middle East/Africa
Most major European equity indices markets closed higher;
France +1.4%, Italy +1.3%, Spain +1.1%, Germany +1.0%, and UK
+0.9%.
10yr European govt bonds closed mixed; Italy -2bps, France
flat, Germany +1bp, and Spain +5bps.
iTraxx-Europe closed -1bp/46bps and iTraxx-Xover -4bps/231bps,
which is -2bps and -7bps week-over-week, respectively.
Brent crude closed +0.4%/$74.10 per barrel.
July saw the UK economy's recent growth spurt hit by a rising
wave of virus infections, which subdued customer demand, disrupted
supply chains and caused widespread staff shortages. (IHS Markit
Economist Chris
Williamson)
The IHS Markit/CIPS flash composite PMI output index, covering
both services and manufacturing, fell further from its all-time
high of 62.9 in May, down sharply from 62.2 in June to 57.7 in
July.
Although the PMI remains elevated by historical standards,
indicating that business activity continued to grow strongly, the
decline in the index means the rate of expansion slowed to the
weakest since March.
While growth was buoyed by the easing of lockdown restrictions
to the lowest since the pandemic began, July also saw widespread
reports of virus-related factors subduing customer demand,
disrupting supply chains and causing widespread staff
shortages.
Transport, hospitality and other consumer-facing services
companies were the hardest hit, though manufacturing also saw
growth slow markedly during July. Business and financial services
and the IT sector showed the greatest resilience.
Furthermore, concerns over the Delta variant overshadowed any
optimism associated with the passing of "freedom day", and were a
key factor alongside Brexit and rising costs behind a sharp slide
in business expectations for the year ahead, which slumped to the
lowest since last October.
The IHS Markit/CIPS UK manufacturing PMI's output index, which
measures month-on-month changes in production volumes, fell from
61.1 to 57.1 between June and July, according to the provisional
'flash' data. With the index above 50, the survey continued to
signal expansion, but the decline in the index indicated the
weakest production growth since March. (IHS Markit Economist Chris
Williamson)
Analysis of the replies provided by those manufacturers
reporting lower production volumes in July highlights a growing
impact of COVID-19 and staff shortages, though material shortages
remain the most common cause of lost output.
Of those giving a reason for falling production, one-in-three
(34%) attributed the decline to a shortage of raw materials and
components, which in turn were blamed on a combination of the
pandemic and Brexit-related supply disruptions. As a proportion
that was down from 44% in June, though the actual number of
companies reporting shortages was only marginally lower.
The survey also showed that supply delays continued to develop
at a pace rarely witnessed over almost 30 years of survey history,
according to the suppliers' delivery times index - an important
barometer of capacity constraints and inflationary pressures.
An additional 14% reported that production was curbed by a lack
of staff, in many cases also attributed to COVID-19, with employees
either ill with the virus or unavailable to work due to isolation
rules, though others simply noted difficulties filling
vacancies.
At the same time the proportion blaming lost output on COVID-19
in general jumped from 7% in June to 16% in July, with companies
often citing the rise in infection numbers associated with the
Delta variant.
One-in-four (24%) meanwhile reported that lower production was
caused simply by weakened demand, with 6% citing lower exports.
The Office for National Statistics (ONS) has reported that UK
retail sales improved in June following a drop in May. Improved
spending during June was due to increased sales of food and drinks
as households stayed indoors to watch the Euro 2020 football
tournament. (IHS Markit Economist Raj
Badiani)
The volume of retail sales grew by 0.5% month on month (m/m) in
June after a 1.3% m/m drop in May.
Therefore, retail sales volumes during the month stood 9.5%
above their pre-COVID-19 virus level (February 2020). Retailers
have benefited from households spending less on services and
foreign travel during the three national lockdowns in England.
Sales in food stores grew by 4.2% m/m in June. The ONS reported
that anecdotal evidence suggests that these increased sales were
probably linked to the Euro 2020 football championship held during
the month.
Meanwhile, sales in non-food store fell by 1.7% m/m in volume
terms in June. The worst performers were stores selling household
goods (down by 10.9% m/m) and clothing (down by 4.8% m/m).
Non-store retailing declined for a second straight month when
falling by 3.7% m/m in June as consumers continued to drift back to
physical stores. This implies that its share of overall retail
spending dropped to 26.7% from 28.5% in May and a record 34.7% in
March.
Fuel sales volumes rose for the third straight month, rising by
2.3% m/m in June, because less stringent lockdown measures allowed
greater mobility. Nevertheless, sales remained 2.1% lower than in
February 2020.
The volume of total retail sales in the three months to June
rose by 12.2% compared with the previous three months.
The head of one Britain's biggest poultry producers has warned
that the UK will see its worst food shortages in 75 years unless
fundamental issues are quickly solved by the government. (IHS
Markit Food and Agricultural Commodities' Max Green)
Ranjit Singh Boparan, founder and president at 2 Sisters Food
Group, says the current challenges facing the sector are like no
other he has seen in his 27 years as a food entrepreneur.
Mr Boparan - known as the Chicken King - says Covid-19
policies, labor shortages and high feed costs have been compounded
by the difficult post-Brexit trading environment.
The entrepreneur released a hard-hitting statement today as the
food industry struggles to cope with the number of workers being
'pinged' by the Covid-19 app and asked to self-isolate. Although
the government has just announced plans to exempt some food
industry workers from having to self-isolate, Boparan says this
issue is just the tip of the iceberg.
Eurozone business activity grew at the fastest rate for 21
years in July as the economy continued to re-open from COVID-19
restrictions. The strongest rise in service sector activity for 15
years was tempered, however, by a slowing in manufacturing output
growth, linked in many cases to worsening supply lines. (IHS Markit
Economist Chris
Williamson)
The headline IHS Markit Eurozone Composite PMI® rose from a
15-year high of 59.5 in June to 60.6 in July, its highest since
July 2000, according to the preliminary 'flash' reading, which is
based on around 85% of typical monthly replies.
The improvement on June's performance was led by the service
sector, where growth accelerated to the fastest since June 2006,
marking a fourth successive month of rising output. The removal of
some pandemic-related travel restrictions notably led to the
largest rise in services exports since comparable data were first
collected in 2014.
While manufacturing reported a thirteenth successive month of
output growth, the rate of expansion slipped to the lowest since
February. In many cases, notably in Germany, output was constrained
by shortages of inputs. Supplier delivery times - a key barometer
of supply chain delays - continued to lengthen at one of the
sharpest rates ever recorded by the eurozone PMI survey.
The survey also highlights how the delta variant poses a major
risk to the outlook. Not only have rising case numbers led to a
slide in business optimism to the lowest since February, further
covid waves around the world could lead to further global supply
chain delays and hence ever higher prices.
Mercedes-Benz Cars and Vans has announced a new corporate
strategy that will see it invest EUR40 billion in becoming an
almost completely BEV brand by 2030. The plan is based on the
launch of three all-new BEV architectures in 2025, with no new ICE
architectures being developed after this point. There had already
been press reports about Mercedes-Benz's strategy to become a full
BEV brand by 2030, so this announcement is not too much of a
surprise. It shows that Mercedes-Benz is now fully committed to
electrifying its entire light-vehicle range, although it is still
reluctant to set an end-of-production (EoP) date for ICE vehicles.
(IHS Markit AutoIntelligence's Tim Urquhart)
The Netherlands has asked its grid operator to build a
ring-shaped hydrogen pipeline to supply industrial clusters in two
countries at first, and later trucks, ships, and buildings.
State-owned infrastructure operator Gasunie, which runs natural gas
networks and storage in the Netherlands and Germany, is set to
develop a Dutch national hydrogen network, after a request by the
State Secretary for Energy and Climate. Because green hydrogen is
not yet a profitable sector, the pipeline would have seen only
gradual investment without the move. (IHS Markit Net-Zero Business
Daily's Cristina Brooks)
Gasunie already operates the 12-km Yara-Dow hydrogen pipeline,
commissioned in 2018. The pipeline in the Netherlands runs between
Dow Chemical Benelux's facility in Terneuzen and Norwegian ammonia
producer Yara's facility in Sluiskil. The collaboration is part of
the Dutch government and Gasunie's Green Deal on Hydrogen, a green
industrial growth partnership agreed in 2016.
Gasunie says the planned national hydrogen infrastructure will
be the first large-scale retrofit of natural gas pipelines, making
use of existing pipelines for 85% of the backbone to save
substantially on costs. The project, with an estimated price tag of
€1.5 billion ($1.77 billion), is scheduled for completion in
2027.
Canadian automotive supplier Magna International has announced
that it will buy Swedish rival Veoneer Inc. to expand its advanced
driver assistance systems (ADAS) business. As part of the
agreement, Magna will acquire all the issued and outstanding shares
of Veoneer for USD31.25 per share in cash, representing an equity
value of USD3.8 billion and an enterprise value of USD3.3 billion.
Magna said that the acquisition is expected to achieve about USD100
million in annual cost savings by 2024. Magna CEO Swamy Kotagiri,
said, "We expect the combined entity to be an industry leader in
active safety solutions, to enhance its position in complete ADAS
systems, and to be well-positioned for the transition towards
higher levels of autonomy. The acquisition is also consistent with
our go-forward strategy to accelerate investment in high-growth
areas." The deal has been unanimously approved by the boards of
Magna and Veoneer. The transaction is expected to close near the
end of 2021, subject to approval by Veoneer stockholders and
certain regulatory approvals. (IHS Markit Automotive Mobility's
Surabhi Rajpal)
Moscow local authorities and Russia's largest bank, Sberbank,
have reportedly submitted a joint proposal to the Russian
government for permission to conduct a Moscow pilot trial for
online trade in prescription drugs. According to a report in
Interfax, the scheme would exclude narcotic or psychotropic
medicines, or items containing substantial ethyl alcohol
concentrations. A joint letter with details to the scheme was
reportedly sent to the government last week by Moscow Mayor Sergei
Sobyanin and Sberbank CEO Herman Gref, according to Interfax. This
pilot scheme is reportedly intended to help reduce face-to-face
visits to pharmacies during the pandemic, to help monitor the
circulation of medicines, and to reduce counterfeiting. The pilot
trial is proposed for implementation from 1 January 2022 to 1
January 2023. Moscow has reportedly been selected as the location
in light of its leading position in digitalization in the
healthcare sector, according to the source. The scheme is expected
to operate by direct contact to pharmacies from customers via
websites or mobile applications, and submission of a unique
prescription number or QR code, including the use of the unified
state health information system (EGISZ). (IHS Markit Life Sciences'
Janet
Beal)
South African central bank leaves GDP growth forecast for 2021
and policy rate unchanged during July MPC meeting. The SARB left
its policy rate unchanged at 3.5% at the July meeting of the
central bank's monetary policy committee (MPC), a unanimous
decision by all members of the MPC. Furthermore, the MPC statement
said that South Africa's monetary policy would remain "highly
accommodative" until the end of 2022, "keeping financial conditions
supportive of credit demand as the economy recovers from the
pandemic and associated lockdowns". (IHS Markit Economist Thea
Fourie)
At the July meeting of the MPC, the SARB left its GDP growth
forecast for 2021 unchanged at 4.2%, after which it will trail down
to 2.3% in 2022 and 2.4% in 2023. The 4.6% quarter-on-quarter
annualized growth rate recorded in the first quarter of 2021
exceeded the SARB's initial GDP estimates, so the social unrest in
the third quarter negated the better first-quarter growth
results.
The SARB lifted its short-term investment forecast - reflecting
the restocking and rehabilitation of infrastructure destroyed
during the social unrest. Meanwhile, household spending exceeded
expectations due to wage and salary resilience, rising asset
prices, and low interest rates during the first quarter. However,
the SARB warns that recent events of social unrest could have
"lasting effects on investor confidence and job creation".
The SARB now expects headline inflation during 2021 to be
marginally higher than the MPC's forecast in May, averaging 4.3% in
2021 (from 4.2% previously). Headline inflation is likely to
average 4.2% in 2022 and 4.5% in 2023. Risk to the inflation
outlook is tilted to the upside; higher global producer price
inflation, supply shortages created by disruptions in local
transport networks, food price surprises, and rising administered
prices such as petrol and electricity costs contribute to the
near-term inflation concerns. However, the SARB states that the
output gap will remain negative while inflation expectations remain
contained.
The Quarterly Projection Model (QPM) indicates an increase of
25 basis points in the policy rate during the fourth quarter of
2021 and in each quarter of 2022, leaving the inflation-adjusted
repo rate at 0.5% by the end of 2022.
Asia-Pacific
Major APAC equity indices closed mixed; India +0.3%, South
Korea +0.1%, Australia +0.1%, Mainland China -0.7%, and Hong Kong
-1.5%.
Chinese chicken meat imports fell sharply in June with all of
the country's main suppliers losing out as a result. Imports for
the month amounted to 86,555 tons - down 35% y/y and the lowest
monthly volume since February 2020. (IHS Markit Food and
Agricultural Commodities' Max Green)
Imports from top supplier Brazil have fallen steadily since
March and amounted to just 38,357 tons in June - a decrease of 26%
y/y.
Purchases from the US have also hit reverse gear after rising
sharply earlier this year. According to Chinese customs data,
imports of US chicken meat fell 44% y/y to 23,944 tons in
June.
Meanwhile, avian flu related restrictions meant Poland and
France were unable to export any chicken meat to China in
June.
Trade overall has slowed due to a combination of sluggish
demand and stricter controls at Chinese ports, which were
introduced due to fears that Covid-19 might be transmittable in
frozen foods.
On top of this, domestic demand for chicken has slowed in
recent weeks - partly because of increased competition from pork,
prices of which have fallen in line with higher supplies.
The flash IHS Markit Australia composite PMI output index,
covering both services and manufacturing, slipped from 56.7 in June
(final reading) into contraction at 45.2 in July, bringing a
10-month growth streak to an abrupt end. (IHS Markit Economist
Jingyi Pan)
Perhaps of little surprise, the reimposition of COVID-19
lockdown measures covering approximately half of Australia's
population into July played a primary role in dampening business
conditions in the country. The measures, introduced in response to
the spread of the more infectious Delta variant, were extended to a
greater number of Australian states into end-June, and it remains
uncertain as to when these restrictions will eventually be
lifted.
Although both manufacturing and services output indices fell
sharply, manufacturing production managed to sustain growth, albeit
at the slowest pace since output growth recommenced in July 2020.
Anecdotal evidence suggested that firms related to the mining and
building industries were most likely to report positive demand and
output conditions.
Services business activity meanwhile plunged into contraction
for the first time in 11 months and printed the lowest reading
since May 2020 amid the reimposition of widespread lockdowns in the
country. Demand for services and the level of outstanding work also
declined from June, reflecting the toll taken on the service
sector.
Alongside the contraction of output and demand, the July survey
was notable in recording an easing in its price gauges. While
welcome as a leading indicator of softer inflationary pressures, a
worrying aspect was a quicker rate of decline in output charges
compared to input costs for firms, which points to a further strain
on margins. The extent to which input price inflation exceeded
output price growth was in fact the greatest since November
2019.
At the same time, supply constraints remained a prevalent issue
in July, which is evident across both panelists' comments and the
severe rate at which suppliers' delivery times continued to
lengthen for manufacturers. The deterioration of COVID-19
conditions was a key factor adding fuel to the fire for the supply
crunch.
Australia's Northern Territory (NT) administration has
announced a new five-year strategy and implementation plan to boost
sales of electric vehicles (EVs). According to a statement by the
NT government, the plan includes a range of measures for
implementation over the next five years, including reduced
registration charges for EVs from mid-2022 and reduced stamp-duty
fees for new and second-hand EV purchases by AUD1,500 (USD 1,105)
over the same period. This will be applicable for vehicles with a
purchase cost of AUD50,000 or less. The NT government is to offer
financial support for new charging infrastructure and facilitate
the installation of more EV charging stations. It will also commit
to increasing the number of EVs in its own fleet. The strategy also
includes plans to support training of local workers on the
installation and maintenance of up to 400 EV charging stations at
government buildings. (IHS Markit AutoIntelligence's Jamal
Amir)
Hyundai Mobis has introduced M.Brain, the "world's first"
brainwave-based advanced driver assistance systems (ADAS),
according to a company press release. M.Brain assesses the driver's
condition in real-time by detecting brainwaves around the ears
using earpiece sensors. The software technology that analyses and
determines data from brainwaves is crucial. Hyundai Mobis is
dedicated to research and development, and has even used machine
learning to interpret brainwave signals. M.Brain can also be linked
to a smartphone app to alert the driver when the driver is losing
concentration. The accident prevention technology also provides
alerts for various sensory organs, including via sight (LEDs around
the driver's seat), touch (vibrating seat), hearing (headrest
speaker), and so on. "Brainwave-based technology has endless
possibilities for development because it can measure large amounts
of data, which is why Hyundai Mobis is considered an innovative
technology," said the company. (IHS Markit AutoIntelligence's Jamal
Amir)
Vietsovpetro (VSP) has secured a geotechnical survey campaign
contract with La Gan Wind Power Development Corporation for 3.5 GW
La Gan Offshore wind farm (OWF) in Vietnam. Under the contract, VSP
will subcontract Fugro Singapore and Petrovietnam Technical
Services Corporation to gather soil and rock samples deep under the
seabed at the wind farm sites. The samples will be tested and
analyzed in laboratories to understand the seabed conditions and
develop ground models for the offshore foundation structure design
and subsea cables. (IHS Markit Upstream Costs and Technology's
Lopamudra De)
Posted 23 July 2021 by Ana Moreno, Director, Product Development, IHS Markit and
Chris Fenske, Head of Fixed Income Research, Americas, S&P Global Market Intelligence
IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.