Key Takeaways
- Goldman Sachs-backed Boyd is reportedly exploring the sale of its thermal business, which is estimated to be worth over $5 billion.
- European new car sales present a mixed picture, with Italy recording a 2.68% year-over-year decline in August, while Portugal saw Tesla (TSLA) registrations surge 28.7% yearly in August, despite a year-to-date drop.
- US Treasury Secretary Bessent has indicated that President Trump may declare a national housing emergency this fall to combat soaring prices and shrinking supply.
- CVC DIF is set to acquire a substantial 272MW solar PV and 1,100 MWh battery storage project in Chile, highlighting continued investment in large-scale renewable energy infrastructure.
- A BRICS virtual meeting is scheduled for September 8 to discuss US tariffs, as many US companies in China are choosing to remain despite tariff hikes, underscoring the complexities of global trade policies.
Corporate Activity and Renewable Energy Investments
Goldman Sachs-backed Boyd is reportedly considering the divestiture of its thermal business, a unit estimated to command a valuation exceeding $5 billion. This potential sale signals significant activity in the private equity and industrial sectors.
In the renewable energy sector, CVC DIF is moving forward with the acquisition of a large-scale hybrid solar PV and battery storage project in northern Chile. The project, currently under construction, boasts 272MW of installed solar PV capacity and an impressive 1,100 MWh of battery storage, marking a substantial investment in clean energy infrastructure.
European Automotive Market Faces Headwinds
The European automotive market is experiencing varied performance. Italy's new car sales decreased by 2.68% year over year in August. New car registrations in Italy were down by 4.37% year over year in August, a slight improvement from the 5.11% drop recorded in the previous month.
Meanwhile, Portugal saw a significant 28.7% yearly increase in new Tesla (TSLA) car registrations in August. However, this positive monthly performance contrasts with a 25.7% drop in Tesla registrations from January to August, according to Acap Data, indicating a more challenging year-to-date trend for the electric vehicle maker in the region.
US Housing Market and Trade Policy Discussions
The US housing market is facing critical challenges, with US Treasury Secretary Bessent suggesting that President Trump may declare a national housing emergency this fall. This potential declaration aims to address the persistent issues of soaring prices and shrinking housing supply across the nation.
On the international trade front, Brazil has announced a virtual BRICS meeting for September 8, with the primary agenda being a discussion on US tariffs. This meeting underscores ongoing global concerns regarding trade policies and their economic impact.
Adding to the complexity of trade relations, many US companies operating in China are opting to remain despite recent tariff hikes. According to POLITICO, these companies view staying put as the least risky option amid prevailing trade uncertainty, highlighting the negative impact of US tariffs on American businesses. Separately, Kaja Kallas has expressed frustration over Europe's perceived failure to impose sanctions on Israel, indicating ongoing geopolitical tensions.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.