Overview of TOP weekly news 2.3.2022

02 / 03 / 2022
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Chevron raised buybacks of stocks

Second largest oil and gas company in America announced, they will raise buybacks of stocks to anywhere between 5 and 10 billion dollars, which is around 4 billion dollars more than previous buybacks. They have also announced bigger oil production of 3,5 million barrels per day, compared to last year’s 3,1 million barrels per day. This increased pumping is expected to run through 2026, if it will be possible. Company said that their decision has nothing to do with geopolitical situation in Ukraine.[1]

Russian rouble on historical lows

Sanctions over Russia keep coming and are gradually hurting their economy. Russian currency rouble is on historical lows and is now traded at 105 roubles for 1 American dollar. Reason for big fall was disconnecting from SWIFT, closing Russian banks across the world, and stopped cooperation with them. Russia is trying to fight it with increasing interest rates from 9,5% to 20%. Among other things, they forbid foreign investors to sell Russian equities. Moscow stock exchange is closed since Friday, as it stopped trading.*

Nord Stream 2 closed

Switzerland announced complete closure of Russian gas pipeline Nord Stream 2. On Monday minister Guy Parmelin announced they have fired all 140 employees. Stopping Nord Stream 2 was one of the first sanctions over Russia mentioned and Germany was first to halt of Nord Stream 2. It is expected to have significant impact on prices of natural gas and oil in Europe, as diesel for example reached historical high price. Germany also announced construction of another pipeline, which will not be dependent on Russia.[2]

Stellantis aims to double revenue

One of the biggest car companies Stellantis – which owns Abarth, Maserati, Fiat, etc., announced that they are aiming for double revenue by 2030 as company plans to go electric. Company said, they will have 75 electric vehicle models on market and sell five million electric vehicles a year by 2030. Stellantis is also planning to invest 369 million dollars into new battery plant in Italy, which would be their third in Europe. They are planning to cut carbon emissions by 50% of 2021 levels by the start of the next decade.[3]

Novavax stocks climbs

Pharmaceutical company Novavax saw its price of stocks climbing, as they finally see COVID-19 vaccine sales coming through. On Tuesday stocks jumped for 6,4% on the news of company, which said that they expect revenue for 2022 much higher than previous year. Exact numbers of expected revenue are between 4 billion dollars and 5 billion dollars, compared to last years 1,1 billion dollars. * In the first half of the year, it is expected that company will supply at least 69 million vaccines only to Europe.

Performance of Novavax stock in 5-year period. (Source: Trading Economics)

[1,2,3,4] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or based on the current economic environment which is subject to change. Such statements are not guaranteeing of future performance. They involve risks and other uncertainties which are difficult to predict. Results could differ materially from those expressed or implied in any forward-looking statements.

* Past performance is no guarantee of future results.

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