Manufacturing in Texas Hits 5 Month High

Market Overview
Read time 1.1 minutes

Year To Date Performances:

1. Is Texas Manufacturing Staging a Comeback or Facing a Headwind? While the manufacturing index in the Lone Star State saw an unexpected rise to its highest level in five months, hitting -17.2 in August, the underbelly of the data isn't so optimistic. The production index sank to its lowest point since May 2020, and survey comments from business leaders reveal they are grappling with high interest rates and dwindling demand. The mixed signals suggest the path ahead may be far from smooth.

2. Move Over Tesla: China's BYD is the new EV profit king, reporting a whopping 205% earnings surge in H1 2023. The company raked in $1.5 billion in net income, buoyed by a 73% increase in sales and improved gross margins of 13.5%, up from last year's 12.8%. Deliveries skyrocketed, with a 95% year-over-year rise for passenger vehicles and a 92% increase for battery-electric vehicles. This all happened against the backdrop of an intensifying price war in China's auto industry, showcasing the remarkable resilience and growth potential of BYD.

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4. Headlines

   1. Shares of VinFast are up over 700% since its IPO 2 weeks ago.

   2. Apple will be releasing a significantly upgraded line of iPad Pros in 2024.

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