Weekly Market Update - 4 December 2023

Sodium-based Batteries

Battery giants are starting to put their money on new sodium-based technology, a sign that there could be yet another shakeup in the industry that’s crucial for the energy transition. Sodium — found in rock salts and brines around the globe — has the potential to make inroads into energy storage and electric vehicles because it’s cheaper and far more abundant than lithium, which currently dominates batteries. But while chemically and structurally similar, sodium has yet to be used on a large scale, partly due to the better range and performance of similarly sized lithium cells.

Source: Bloomberg

Insider Buying

A surge in insider buying is a big bet the November stock rally has legs. In a month when $5 trillion has been added to share values, Goldman’s corporate clients showed a “big tick up” in repurchase activity. Same thing at the buyback desk at BofA, which just had the busiest week of execution orders in the firm’s data history. The people in charge are in buying mode, too: Corporate executives and officers snapped up shares of their own firms in November, with the ratio of buyers to sellers set to touch a six-month high.

Source: Bloomberg

Oil in 2024

OPEC+ intends to deepen oil production cuts as crude prices slump and forecasters see a surplus next year. Members have agreed to make 1 million barrels a day of additional supply cuts. The reduction comes alongside an anticipated extension into next year of Saudi Arabia’s voluntary output curb of the same size. The agreement will head to a vote, and final details will be announced individually by each country. Traders were unimpressed by the move; WTI erased initial gains to sink as much as 3.6% in midday trading.

Source: Bloomberg