European Commission Approves Up To $5.2 Bln For Hydrogen Projects

Arteris Shares Continue Downward Spiral

Shares of semiconductor company Arteris, Inc. (AIP) are down 7 percent on Wednesday’s trading despite there being no company-specific news to impact the stock. The stock has been on a downward trend since the past few days.

Currently at $6.59, the stock has traded between $6.21 and $27.57 during the past 52 weeks.

Frontier Communications Gains 8% As It Is Set To Join S&P MidCap 400

Shares of Frontier Communications Parent, Inc. (FYBR) are gaining over 8% on Wednesday morning driven by the news that the company is set to join S&P MidCap 400.

FYBR is currently trading at $24.00, up $1.78 or 8.01%, on the Nasdaq, on a volume of 3.3 million shares, above average volume of 1 million. The stock opened its trading at $23.68 after closing Tuesday’s trading at $22.22. The stock has traded between $21.06 and $35.15 in the past 52-week period.

Frontier Communications will replace Hain Celestial Group Inc. (HAIN) in the S&P Midcap 400, while Hain Celestial will replace Hanger Inc. (HNGR) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, October 3.

Patient Square Capital, LP. is acquiring Hanger in a deal expected to be completed soon pending final closing conditions.

Prothena Shares Soar 70%

Shares of late-stage company Prothena Corp. Plc (PRTA) are climbing 70 percent on Wednesday’s trading after reports that analysts lifted its target price from $45.00 to $52.00.

The stock was also positively impacted by news of Biogen Inc (BIIB.O) adding more than $10 billion to its market capitalization, as a surprise trial success of the experimental Alzheimer’s drug it developed with Eisai (4523.T) was approved by analysts.

Currently at $52.60, the stock has traded between $21.06 and $75.00 during the past few weeks.

Oil Futures Settle Higher On Drop In Crude Inventories, Weak Dollar

Despite concerns about global economic slowdown and energy demand outlook, crude oil prices rose sharply on Wednesday after data showed a drop in U.S. crude inventories in the week ended September 24th.

The dollar’s sharp drop contributed as well to the jump in oil prices.

The dollar shed ground against several currencies, after initially surging higher. The dollar index, which hit a fresh two-decade high at 114.78, dropped to 112.59 this afternoon.

West Texas Intermediate Crude oil futures for November ended higher by $3.65 or almost 4.7% at $82.15 a barrel.

Brent crude futures climbed 3.5% to settle at $89.32 a barrel today.

Data released by U.S. Energy Information Administration (EIA) showed crude stocks dropped by 215,000 barrels last week.

Gasoline inventories were down 2.4 million barrels last week, while distillate stockpiles fell 2.9 million barrels.

Oil prices were also supported by production shut-in in the U.S. Gulf of Mexico region due to Hurricane Ian. According to government data, about 190,000 barrels per day of oil production or 11% of the Gulf’s total was shut in.

Gold Futures Settle Sharply Higher As Dollar, Bond Yields Drop

Gold futures settled sharply higher on Wednesday as the dollar tumbled and bond yields dropped after the Bank of England decided to intervene in the bond market by purchasing long-dated U.K. government bonds to address dysfunction in the gilt market.

Gold prices tumbled to a 29-month low earlier in the session as hawkish comments from several Fed officials lifted the dollar to a fresh 2-decade high.

The dollar index, which surged to 114.78 in the Asian session, dropped to 112.59 this afternoon, and was last seen at 112.77, down 1.17% from the previous close.

The yield on the benchmark ten-year note dropped by 22.9 basis points to 3.735%.

Gold futures for December ended higher by $33.80 or about 2.1% at $1,670.00 an ounce, the highest close since September 22.

Silver futures for December ended up $0.543 at $18.880 an ounce, while Copper futures for December settled at $3.3585 per pound, gaining $0.0750.

The BoE’s move comes as bond yields in the U.K. market spiked after the government revealed its mini-budget including unfunded tax cuts.

The BoE said the purchases would be carried out on “whatever scale is necessary” to restore orderly market conditions.

In addition, the BoE postponed the selling of bonds held under the quantitative easing program to October 31. The sale was initially due to commence next week.

Seven-Year Note Auction Attracts Above Average Demand

The Treasury Department finished off this week’s series of announcements of the results of its long-term securities auctions on Wednesday, revealing this month’s sale of $36 billion worth of seven-year notes attracted above average demand.

The seven-year note auction drew a high yield of 3.898 percent and a bid-to-cover ratio of 2.57.

Last month, the Treasury sold $37 billion worth of seven-year notes, drawing a high yield of 3.130 percent and a bid-to-cover ratio of 2.65.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous seven-year note auctions had an average bid-to-cover ratio of 2.46.

Earlier this week, the Treasury revealed this month’s auctions of $43 billion worth of two-year notes and $44 billion worth of five-year notes both attracted below average demand.

European Commission Approves Up To $5.2 Bln For Hydrogen Projects

The European Commission on Wednesday approved up to 5.2 billion euros in public funding for hydrogen projects.

The Commission approved a second Important Project of Common European Interest (‘IPCEI’) to support research and innovation, first industrial deployment and construction of relevant infrastructure in the hydrogen value chain. According to the commission, the approval is expected to unlock additional 7 billion euros in private investments.

The project, called “IPCEI Hy2Use” was jointly prepared and notified by thirteen Member States: Austria, Belgium, Denmark, Finland, France, Greece, Italy, Netherlands, Poland, Portugal, Slovakia, Spain and Sweden.

According to the commission, IPCEI Hy2Use will see 29 businesses participate in 35 projects.

IPCEI Hy2Use will cover a wide part of the hydrogen value chain by supporting the construction of hydrogen-related infrastructure, notably large-scale electrolysers and transport infrastructure, for the production, storage and transport of renewable and low-carbon hydrogen. It will also support the development of innovative and more sustainable technologies for the integration of hydrogen into the industrial processes of multiple sectors, especially those that are more challenging to decarbonise, such as steel, cement and glass.