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U.S. stocks kicked off September on a weak note Tuesday, with all major indexes finishing lower, as investors focused on latest developments on the trade front however recovered from the session’s lows near the end of the trading day. The Dow Jones Industrial Average fell 12.34 points to 25,952.48, bouncing back from an intraday loss of around 158 points and the S&P 500 index shed 4.80 points, or 0.2%, to 2,896.72.
Europe’s main stock benchmarks also lost ground, ending the session lower, as analysts stayed wary despite a lack of fresh trade-related flare-ups. The Stoxx Europe 600 closed 0.7% lower at 379.83, after rising by less than 0.1% in Monday’s session and Germany’s DAX 30 pulled closed sharply back 1.1% to close at 12,210.21. In the U.K., the FTSE benchmark shed 0.6% to 7,457.86.
Mercedes to rival Tesla
Mercedes-Benz, the world’s largest maker of luxury cars, is rolling out its first in a series of battery-powered models, adding to a growing array of high-end brands targeting Tesla Inc. The car joins the Porsche Taycan, Audi E-tron and Jaguar I-Pace in putting pressure on Tesla as the California-based carmaker struggles to hit Model 3 production targets and earn profits. Mercedes plans to assemble the new vehicle at its factory in Bremen, where the automaker also makes its best-selling C-Class sedan. Daimler will build the car in China for the local market.
Mercedes and other luxury brands are pushing aggressively into electric cars to challenge Tesla after its success in wooing wealthy buyers with the Model S. Including the Smart brand, which will abandon combustion engines in coming years, Daimler plans to offer 10 fully electric cars by 2022. To underscore the shift, Mercedes will spend 1 billion euros on battery production to create a network of eight facilities globally.
Transocean – Ocean Rig acquisition
Offshore oil driller Transocean Ltd said on Tuesday it would buy peer Ocean Rig UDW Inc in a $2.7 billion cash-and-stock deal, its second major acquisition this year as the company bets on a recovery in the offshore sector. The deal would provide Switzerland-based Transocean with nine ultra-deepwater drillships and two semisubmersibles, the company said. Annual cost savings are projected to be about $70 million.
Global crude prices have recently recovered to above $70, renewing producer interest in offshore basins around the world, including Brazil and the U.S. and Mexican Gulf of Mexico. The acquisition signals new optimism for offshore drillers, which were hit hard by the steep plunge in oil prices from 2014. Offshore projects, which are more costly than onshore work and take years to develop, became less attractive after oil prices fell to below $30 a barrel in 2016.
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