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On Thursday 13/10/2022, Wall Street experienced a decline due to massive and significant selling, resurrecting the doubt of a "stock market crash". Stocks went into oversold territory for the first time since 2016. This chill in the air came from the fact that the U.S. Department of Labor announced that the overall consumer price index (CPI) rose by 8.2% per year. Finally, on Friday 14/10/2022, investors took advantage of the overs old low to seize opportunities, Wall Street stock indices rallied dramatically, closing sharply higher "while the dollar gave up its earlier gains as investors returned to riskier bets after digesting a very high US inflation reading that fuelled bets of a sharp rate hike by the Federal Reserve next month."

According to JP Morgan, if the consumer price index (CPI) rises above 8.3%, investors should expect a stock market decline around 5% - CPI report for September. The bank JP Morgan, expects the stock market to sell-off by 5% if the inflation gauge shows a re-acceleration relative to August's 8.3% reading, as it would bolster the Fed's call that it needs to continue to hike interest rates to tame inflation. While the Fed is widely expected to hike interest rate by another 75 basis points at its upcoming FOMC meeting on November 2, its following two meetings lack consensus and this Thursday's CPI inflation could determine whether the Fed continues with its aggressive rate hikes after November 2, or if a slow-down in rate hikes is appropriate. Conversely, any CPI readings below 8.1% could spark some big gains for the stock market. Specifically, a CPI print below 7.9% would likely generate a 2%-3% rally on Thursday, "though if we see CPI gap down more than 60 basis points the move could be larger,

The world's biggest crypto exchange Binance, was hacked, and around $100 million worth of Binance Coin was stolen. Binance, the world's largest cryptocurrency platform by volume, said on Friday it had been hacked, estimating the scale of the theft at around $100 million. According to Binance, the hackers managed to withdraw a total of 2 million BNB, the cryptocurrency issued by Binance, or about $580 million at Friday's price. However, they were only able to mine a fraction of that amount, as the majority of the amount was immediately blocked. The hackers attacked the BSC Token Hub cross-chain bridge. Note: A bridge is a service that allows a user to transfer cryptographic tokens from one blockchain to another. The Binance Smart Chain (BSC) blockchain to which the hackers' bridge is connected was suspended after the hack and then restored a few hours later. Attacks on cross-chain bridges have increased in recent months. In August, hackers stole the equivalent of $190 million by exploiting a flaw in the Nomad Bridge. According to Chainanalysis, $2 billion was stolen via 13 cross-chain bridge hacks between January and August. These attacks account for 69% of cryptocurrency theft in 2022, Chainanalysis says. Elliptic, another cryptocurrency analytics firm, noted in its quarterly hack report published this week that bridges "tend to accumulate large amounts of locked assets across many blockchains, many of which may not have an advanced security or auditing culture due to their relative obscurity." This makes bridges "an attractive target for cybercriminals", adds Elliptic. Buy crypto on the BV Financial platform.

The US economy added 263,000 jobs in September, raising investor fears of a further interest rate hike by the Fed. The U.S. Department of Labor announced Friday that the U.S. economy added 263,000 jobs in September, slightly less than analysts had expected. Why the drop in the unemployment figure is not good news for Wall Street. However, the unemployment rate fell from 3.7% in August to 3.5% last month, the lowest in fifty years. The US labour market remains very strong, which is normally a positive economic indicator, but in a market where inflation remains high, i.e. above average wage growth, full employment poses a risk of overheating the economy and can sustain, or even worsen, inflation as it sustains demand for consumer goods, while reducing inflation requires a reduction in consumption. In order to obtain this decrease in consumption, the American central bank (the Fed) wants to make "credit" less attractive for consumers, and in the current context of very high inflation, it will raise interest rates once again, which means that it is almost certain that the Fed will approve a fourth consecutive 0.75 point increase when it meets at the beginning of November. A rate hike means a more expensive dollar, which means higher costs for companies, which impacts stock prices. Recession risk. While the US economy is still creating jobs in absolute terms, the drop in the unemployment rate is also partly due to a smaller workforce, as the number of Americans looking for work has declined since the pandemic. There are now 1.7 jobs for every worker. In this context, investors fear that the Fed's policy of rate hikes, without fully countering inflation, will eventually plunge the economy into recession. Fed officials are aware of this, but they prefer rising unemployment to inflation. They believe that a rise in unemployment will be less violent than inflation at the level of the 1970s.

Evaluation carried out on four types of vehicles: the 44-tonne heavy goods vehicle, the 18-metre articulated bus, the regional bus and the 75-tonne tracked excavator. This article is the result of a study on the development of the hydrogen sector. It aims to evaluate and compare the energy, economic and environmental relevance of the two possible ways of using hydrogen in motor vehicles: its use in a fuel cell (FC), on the one hand, or its combustion in a combustion engine, on the other. Preambule In order to reduce greenhouse gas emissions and pollutant gases from the transport sector that are harmful to living organisms and the environment, alternative energy sources to petroleum-based fuels have been developed in recent years. Electric vehicles are gradually being introduced into the regulations of many countries. In terms of decarbonising transport, battery-powered vehicles are very energy efficient and should therefore be favoured when their use meets the user's needs. However, for intensive use or high energy consuming vehicles, the battery vehicle may not be suitable for reasons of insufficient range or charging time incompatible with the needs of the service. Being very energy intensive, the size and mass of the batteries have to be adapted accordingly and can therefore exceed several tons. This becomes problematic when the purpose of the vehicle is to transport goods or passengers, for example. Hydrogen heat engine. Hydrogen is a very good fuel. It is therefore possible to burn it in a combustion engine, in a process similar to the combustion of fossil fuels. combustion engine, in a process similar to the combustion of fossil fuels. In this case, the chemical energy. In this case, the chemical energy is converted directly into mechanical energy via the combustion engine. The study was conducted with a internal combustion engine, or even hybrid thermal-electric operation Hydrogen fuel cell (FC). Another way is to transform chemical energy into electrical energy, and to use this electrical energy in an electrical machine to transform it into mechanical energy. An electrical machine to transform it into mechanical energy. This is the principle of fuel cell vehicles (FC). The study was carried out with a hydrogen fuel cell of the proton exchange membrane type. Evaluation carried out on four types of vehicles: the 44-tonne heavy goods vehicle, the 18-metre articulated bus, the regional bus and the 75-tonne tracked excavator. These vehicles consume large amounts of energy and often require fast refuelling times, needs that are difficult to meet with a battery electric vehicle. Difficult to meet with a battery electric vehicle. The use of hydrogen as a substitute for fossil fuels or the battery may be a solution. Energetic evaluation The fuel consumption of the four types of vehicles is evaluated over different duty cycles. Parametric variations (power of the fuel cell or of the combustion engine in the case of a hybrid engine, energy capacity of the battery) make it possible to assess the impact of the powertrain design on consumption. These heavy machines, at their peak, consume large amounts of energy and require fast and convenient refuelling times, needs that are difficult to meet with a battery electric vehicle. The use of hydrogen as a substitute for fossil fuels or the battery may be a solution. However, vehicles equipped with a fuel cell are 10 to 40% more energy efficient, depending on use, than those powered by a hydrogen combustion engine. Economic evaluation The economic evaluation is based on the TCO (Total Cost of Ownership) indicator and aggregates the different cost items. Sensitivity analyses on the key parameters of the evaluation - such as the price of hydrogen and vehicle life. It can be seen that the switch to hydrogen leads to a 1.5 to 3-fold increase in TCO for the four vehicles evaluated compared to the reference diesel configuration. There is a slight TCO advantage for the hydrogen engine over the fuel cell (FC), as the high investment cost of the fuel cell is not offset by the lower fuel consumption. The main ways to reduce the TCO gap with the diesel configuration are lowering the price of hydrogen and the fuel cell, while improving the efficiency of the combustion engine and the FC seem to have a limited effect on the TCO. The investment effort required to switch to a fuel cell vehicle remains high at present, however, as demand continues to grow and policy measures to limit the use of diesel engines - banned in 2035 - mean that investment in fuel cells is becoming increasingly profitable without manufacturers having to charge high prices to customers. Environmental assessment The environmental assessment is based on the life cycle assessment (LCA) methodology and compares the greenhouse gas (GHG) emissions of hydrogen solutions for two types of vehicles: heavy duty and articulated buses. Note: Considering hydrogen obtained by electrolysis with locally produced electricity, hydrogen vehicles have a significantly lower impact than diesel vehicles. In addition, the impacts related to hydrogen production account for most of the GHG emissions over their life cycle. This favours fuel cell vehicles, which have lower hydrogen consumption than combustion vehicles. The use of renewable hydrogen can further halve the lifecycle GHG emissions of fuel cell and hydrogen-powered thermal vehicles, compared to the use of low-carbon, electrolytically produced hydrogen. Our conclusion In the next twenty years, fossil fuel engines (Diesel, etc...) may no longer be allowed in Europe for self-propelled machines. Manufacturers are moving towards engines using non-polluting or low-polluting energy sources. For vehicles used by the general public, the hydrogen fuel cell could validly replace the current combustion engines and even the current electric cars. For heavy machinery such as excavators, construction machinery and heavy trucks, the hydrogen fuel cell engine seems to be the obvious choice, or a hybrid system: a hydrogen fuel cell engine coupled with fuel cells that will be installed in a modular fashion in the machinery.

Brent down to 87.2 US$/b, under pressure from monetary tightening Crude oil prices fell last week under pressure from concerns that aggressive central bank monetary tightening is increasing the risk of a recession and the reduction in oil demand that could result. On a weekly average, Brent on the London futures market lost $2.6/b (-2.9%) to $87.2/b and WTI in New York lost $3.4/b ( -4.2%) at $79.6/bbl (Fig. 1 and 2). The consensus of economists surveyed by Bloomberg as of September 30 is also down with a median price of Brent in 2022 at 101.7 $/b (on average over the year 2022 Brent is at 102.5 $/b) and 94 .6 $/bbl in 2023. For the fourth quarter, however, several Wall Street banks are forecasting a rebound in crude prices despite growing fears of a global slowdown: JPMorgan Chase forecasts that London Brent will reach $101/bbl for the last three months of 2022, while the Goldman Sachs group sees $125/bbl and Morgan Stanley $95/bbl. Online crude oil price: Brent and WTI market This is the paradox of the current period. As Europe stands on the brink of a major energy crisis with a embargo on Russian oil due to start in December, and growing gas supplies reduced with the stoppage of Russian gas deliveries to Italy this weekend (after Germany and France) and the attack on two Nord Stream 1 and 2 pipelines, crude prices are down nearly 13% this quarter. View our full Crude Oil Market Report - Week of 03/10/2022 .

The price of firewood - Pellet- is rising. Last summer, the average price of a stere of wood was 84 euros. This year, it is up to 140 euros (+70%). The price of pellets has risen by 120%, from 4.20 euros per 15 kilo bag to an average of 10 euros. For this winter it will be cheaper to heat with wood. Following the increase in energy prices - electricity and gas - people are flocking to Pellet, its price has increased by 120% compared to 2021. Despite this increase, pellet remains competitive with gas. It all started last year with Covid. As people became more and more confined to their homes and teleworking, they wanted to improve their comfort. But what caused a rush to buy wood and pellet stoves was the sharp rise in the price of gas and oil. With more wood-burning stoves on the market, the demand for pellets exploded, but the supply did not follow. As a result, prices have risen. Increase in the price of wood. To understand this increase in the price of wood, we have to go back to last year, when the weather was very, very wet. The forests were not really accessible and the covid caused a lack of labour. So activity in the forestry operations was reduced. In addition, the price of standing trees has increased, but that's not all. There is also an increase in transport costs, which is reflected in the final selling price, combined with a decrease in imports, particularly from Eastern European countries. And all this is combined with increased competition from the wood and paper panel industry, which sources the same type of raw material. This increases the demand for these co-products and inevitably pushes up prices. Pellets: fewer orders in sawmills. But what about pellet? Pellet comes from sawmills. In the sawmills, there were fewer orders, but the demand remained high. The international pellet market is saturated by demand and handicapped by its limited supply. Shortage There is no real shortage of firewood. However, the situation is different for pellets. All production units in Europe are running at full capacity and unfortunately this is still not enough to meet the current demand for pellets and this demand is only growing. Our opinion Winter is going to be expensive in Europe, the price of pellets will at least remain high throughout the winter, it would not be surprising if it were to rise again.

Oil market. Brent, Sep 2022: $90.6/b (Aug 2022: $100/b) The price of Brent crude lost 6% last Friday. On a weekly average, the spot price of Brent was at $89/b last week down nearly 3% (WTI at $83.5/b, -4.3%). The price of Brent, which reached $84.8/b on September 23, down 6% in one day, has returned to its levels from the beginning of the year. The "meltdown" in the oil and financial markets last week was the result of negative economic expectations and geopolitical risks, in particular after Russia's announcements (partial mobilization and annexation referenda in eastern Ukraine). The significant decline in Brent thus followed the trend of the financial markets, which fell sharply in September: -6.9% for the S&P 500, -7.8% for the Nasdaq and -3.1% for the EuroStoxx50. The context of oversupply until the third quarter of 2023 may also have contributed to this decline in oil prices. Overall, demand risks outweighed expectations of a potential reduction in Russian supply. Note: while gasoline prices on the European markets follow the evolution of oil prices, the situation is slightly different for diesel. A premium on the price of this product persists, reflecting tensions in terms of supply. This explains the smaller drop in the pump price of diesel compared to gasoline. Oil market september 26, 2022, full report. The FED remains firm in its objectives to fight inflation. ECB warns of economic risks in Europe Gas and electricity prices down, but still high in Europe Timely information on the oil market.

This article is based on information from Platts "Commodity: Electric Power Region: Americas Subscriber note type: Market Notification Daily North American power data is as follows: West bilateral assessments performed Sept. 28 will include day-ahead on-peak and off-peak for Sept. 29-30 flow. West bilateral assessments performed Sept. 29 will include day-ahead on-peak and off-peak for Oct. 1 flow. West bilateral assessments performed Sept. 30 will include weekend on-peak and off-peak for Oct. 2 delivery and day-ahead on-peak and off-peak for Oct. 3 flow".

The pound fell to a record low against the dollar following the announcement of the biggest tax cut in 50 years. At the opening of the FTSE this Monday 26/09/2022, United Kingdom time, the pound sterling was quoted at 1.07 dollar worse, at the opening of the markets in Asia, it was trading at 1.03 dollar, which is a low historical value. The decline follows the announcement of further tax cuts in addition to a £45 billion package announced on Friday as borrowing is expected to increase. If the pound remains at this low level against the dollar, imports of commodities denominated in dollars, including oil and gas, will be more expensive and inflation is likely to persist or even intensify.

Brent up very slightly pending confirmation of a recovery in Chinese demand Crude oil prices rose very slightly last week. The market is still awaiting confirmation of the recovery in Chinese demand, while oil supply is expected to tighten by the end of the year with the end of the US strategic stockpile release program and the entry into force of the European embargo on Russian oil. Oil prices have been falling for months after peaking at around $122 a barrel in June. On a weekly average, Brent on the London futures market gained 1.0 $/b (+1.1%) to 92.7 $/b and WTI in New York 2.0 $/b (+2 .3%) at $86.8/b. Online crude oil price: Brent and WTI market The consensus of economists surveyed on September 9 is down very slightly with an average price of Brent in 2022 at 105 $/b and 96.3 $/b in 2023. Some banks like Morgan Stanley and UBS having recently lowered their price forecasts for this quarter and next. Other institutions like JPMorgan Chase & Co, however, warn that once the pandemic-related lockdowns in China are lifted, the price of crude could quickly reach much higher levels, around $150/bbl. View our full Crude Oil Market Report - Week of 19/09/2022 - due out this 26/09/2022.

Tech stocks just had their worst two-week stretch since the start of the pandemic. For the third quarter, the tech index goes into the red. The Nasdaq Composite has fallen more than 5% in recent weeks. Tech stocks rallied early in the quarter, but lingering inflation and cautious comments from the Federal Reserve dampened that enthusiasm. Tech companies that had seen more than a decade of steady growth are now reporting cutbacks. After losing 5.5% the week of 09/15/2022, the Nasdaq Composite fell 5.1% this week. This marks the worst two-week period for the tech index since its fall in March 2020. "Investors have been dumping tech stocks since late 2021, betting that rising inflation and rising interest rates would have an outsized impact on the companies that rebounded the most during boom times. The Nasdaq is now just above its two-year low set in June". For the 3rd time in a row, the FED raised these rates by 0.75, thus bringing the value back to 3 - 3.25, one of the highest values ​​since 2008. This increase further strengthened the Dollar against the Euro and other currencies . The Dollar being more expensive, the products of American tech companies become more expensive for export and sell less well, their stock market value has therefore fallen and, since the FED rates are not likely to fall in the coming days, we must expect a further drop in tech stocks from the Stock Exchange, Nasdaq, etc... Overall, tech stocks are all down (except Apple), and the trend is not going to reverse in the next few days, at least as long as FED interest rates are high: This week of 20/09/2022. - Amazon - 8% - Google parent Alphabet - 4% - Facebook Parent Meta - 4% - Sharing economy companies. Airbnb, Uber, Lyft and DoorDash all suffered declines of between 12% and 14%. the most important decreases: GitLab -16%, Bill.com -15%, Asana -14% and Confluent -13%. Forecast. - Alphabet, which experienced a 40% increase last year, forecasts single-digit growth. - Apple should reach around 6% Investment advice.