Morning Bites (part 2)

📌S&P Global Mobility expects EU car production to fall 40% YoY in 2023 in the worst case scenario, Reuters reports. According to S&P, the production decline might be caused by soaring energy costs and possible power cuts in winter. This could be a negative factor for PGM demand. We note that in September, according to the preliminary data, EU car sales were up 8% YoY but came 22% below the 2019 level

💍According to MasterCard SpendingPulse, preliminary US jewellery sales rose 7% YoY in September, after the 4% YoY increase in August. However, we note risks to jewellery sales and, hence, to diamond demand amid the unfavourable economic conditions. We also note that the preliminary data might differ from the official results released by the US Department of Commerce

#cars #diamonds