Asian shares were mixed on Monday after stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. U.S. futures were lower while oil prices were little changed. In Asia, South Korea’s Kospi added 0.6% to 2,418.80. But shares of Jeju Air Co. lost 8.8% after one of the company’s jets skidded off a runway , slammed into a concrete fence and burst into flames Sunday in South Korea as its landing gear failed to deploy. 179 people died in the crash. Political turmoil continued as South Korean law enforcement officials requested a court warrant on Monday to detain impeached President Yoon Suk Yeol. They are investigating whether his martial law decree on Dec. 3 amounted to rebellion. Tokyo’s Nikkei 225 index lost 0.9% to 39,914.21 as the dollar gained against the Japanese yen, trading at 157.83 yen, up from 157.75 yen. The Tokyo market will wrap up trading for 2024 with a yearend ceremony as Japan begins its New Year holidays, the biggest festival of the year. The Hang Seng in Hong Kong shed 0.3% to 20,030.63 while the Shanghai Composite index was up 0.3% at 3,408.72. Australia’s S&P/ASX 200 dipped 0.9% to 8,191.50. On Friday, the S&P 500 fell 1.1% to 5,970.84. Roughly 90% of stocks in the benchmark index lost ground, but it managed to hold onto a modest gain of 0.7% for the week. The Dow Jones Industrial Average fell 0.8% to 42,992.21. The tech-heavy Nasdaq composite fell 1.5%, to 19,722.03. The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7”, which can heavily influence the direction of the market because of their large size. A wide range of retailers also fell. Amazon fell 1.5% and Best Buy slipped 1.5%. The sector is being closely watched for clues on how it performed during the holiday shopping season. The S&P 500 gained nearly 3% over a 3-day stretch before breaking for the Christmas holiday. On Thursday, the index posted a small decline. Despite Friday's drop, the market is moving closer to another standout annual finish . The S&P 500 is on track for a gain of around 25% in 2024. That would mark a second consecutive yearly gain of more than 20%, the first time that has happened since 1997-1998. The gains have been driven partly by upbeat economic data showing that consumers continued spending and the labor market remained strong. Inflation, while still high, has also been steadily easing. A report on Friday showed that sales and inventory estimates for the wholesales trade industry fell 0.2% in November, following a slight gain in October. That weaker-than-expected report follows an update on the labor market Thursday that showed unemployment benefits held steady last week. The stream of upbeat economic data and easing inflation helped prompt a reversal in the Federal Reserve's interest rate policy this year. Expectations for interest rate cuts also helped drive market gains. The central bank recently delivered its third cut to interest rates in 2024. Even though inflation has come closer to the central bank's target of 2%, it remains stubbornly above that mark and worries about it heating up again have tempered the forecast for more interest rate cuts. Inflation concerns have added to uncertainties heading into 2025, which include the labor market’s path ahead and shifting economic policies under incoming President Donald Trump. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. In other dealings early Monday, U.S. benchmark crude oil picked up 1 cent to $70.61 per barrel. Brent crude, the international standard, lost 1 cent to $73.78 per barrel. The euro fell to $1.0427 from $1.0433.
Brown-John: Canadian universities, colleges 'overdosing' on foreign studentsThe Investor Group on Climate Change has joined with Hunter businesses and peak bodies to urge the Federal Parliament to commit to strong 2035 emissions reduction targets. Login or signup to continue reading In a joint statement to be released on Monday, the Alliance says strong targets are necessary to protect regional livelihoods and create new jobs and economic security. Investor Group on Climate Change, which includes the country's largest superannuation and retail funds, manages more than $35 trillion globally and $5 trillion in local assets under management. It has joined with Hunter businesses and organisations including AGL, AMP Control, Beyond Zero Emissions, Energy Renaissance, Hunter Jobs Alliance, Hunter Renewal, Investor Group on Climate Change, MCi Carbon, MGA Thermal and Verdant Produce. The alliance argues the Hunter Region is ideally placed to take advantage of the rapid growth occurring in the renewable energy sector. Many Hunter businesses are already working to shift the region's industrial base in preparation for a cleaner future with more jobs and greater economic prosperity. The alliance says the goal can only be achieved if Australia builds on its current policy direction, including by setting a strong 2035 emissions reduction target. "We're already seeing the effects of climate change with more extreme weather events, and without a fast and well-planned transition, we will see this trend worsen with further costly disruptions to our local communities and businesses," IGCC chief executive Rebecca Mikula-Wright said. "There will also be a severe economic cost. Without the right investment signal, regions like the Hunter will not see the capital required to fuel our future industries." "And as the fossil fuel industry retires, the Hunter needs new industries to take their place and keep jobs in this region." AGL's clean energy hub on the site of the former Liddell power station is among the most ambitious projects emerging in the region. The project will include an estimated $1 billion-plus portfolio of industries including agriculture, clean energy and firming technologies, composting, coal ash recycling, green metals and advanced manufacturing . The hub is expected to eventually employ more than 1,000 people and serve as a major catalyst for future economic growth in the region. "Policy certainty is critical for AGL as we invest for the long term in the Hunter with the Liddell battery, pumped hydro and wind energy projects. We are transforming our Muswellbrook site into the Hunter Energy Hub to support ongoing employment in energy and advanced manufacturing job opportunities," an AGL spokesman said. Ampcontrol managing director and chief executive Rod Henderson said the region was on the cusp of a once-in-a-generation opportunity to become a renewable energy powerhouse. "At Ampcontrol, we feel strongly about keeping manufacturing jobs here in Australia. We have the smarts and resources required to lead the global energy revolution, and we need government and industry to back these efforts," he said. "We have a considered Climate Action Plan that guides Ampcontrol, as well as our suppliers, customers, and community, as we decarbonise and help to make net zero a reality through a just energy transition. We gladly lend our support to the IGCC's Climate Action Pays Off campaign." Climate Change and Energy Minister Chris Bowen recently told the Australian Financial Review that no country in the world had set their 2035 target in terms of the Paris Accord. Mr Bowen said he was awaiting advice from the Climate Change Authority to provide advice about the target. "It is unlawful for me to set a 2035 target under the Climate Change Act until and unless I receive that Climate Change Authority advice. I've not done that yet; I haven't received it yet. It's started, they're consulting, that's the process working," he said. "The 2035 target will be ambitious but achievable, it's got to be both things. No point in having a target which is business as usual, that doesn't drive behaviour. And no point having a target, I see all sorts of numbers out there, but nobody ever explains how they'll achieve it." Matthew Kelly has worked as a journalist for more than 25 years. He has been working as a general reporter at the Newcastle Herald since 2018. In recent years he has reported on subjects including environment, energy, water security, manufacturing and higher education. He has previously covered issues including the health and environmental impacts of uncovered coal wagons in the Hunter Valley, the pollution of legacy of former industrial sites and freedom of information issues. Matthew Kelly has worked as a journalist for more than 25 years. He has been working as a general reporter at the Newcastle Herald since 2018. In recent years he has reported on subjects including environment, energy, water security, manufacturing and higher education. He has previously covered issues including the health and environmental impacts of uncovered coal wagons in the Hunter Valley, the pollution of legacy of former industrial sites and freedom of information issues. DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. 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( MENAFN - EIN Presswire) Piston Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033 The Business Research Company's Early Year-End Sale! Get up to 30% off detailed market research reports-for a limited time only! LONDON, GREATER LONDON, UNITED KINGDOM, December 16, 2024 /EINPresswire / -- The Business Research Company's Early Year-End Sale! Get up to 30% off detailed market research reports-limited time only! How Significant is the Rise in the Piston Market? The recent analysis of the piston market indicates a strong pattern of growth seen in the previous years. It is projected to grow from $3.40 billion in 2023 to $3.57 billion in 2024, registering a compound annual growth rate CAGR of 5.2%. This growth in the historic period is due to several factors such as expansion in automation, economic growth in emerging markets, and increasing trends of urbanization, growth in the agricultural sector, and rise in construction activities. Explore Comprehensive Insights Into The Global Piston Market With A Detailed Sample Report: What is the Anticipated Growth of the Piston Market? The market for pistons is expected to see robust growth in the coming years. It is predicted to grow to $4.44 billion in 2028, displaying a compound annual growth rate CAGR of 5.6%. This growth in the forecast period can be attributed to the rising automotive production, stringent emission norms, increasing demand for replacement pistons, growing demand for performance vehicles, and the expansion of the aerospace industry. The key trends shaping the market outlook include the development of lightweight materials, hybrid engines, advancements in manufacturing processes, a shift towards downsizing engines, and investment in infrastructure projects. To know more about the future market insights, purchase this piston market report: What is Propelling the Growth of the Piston Market? The surge in the production and sale of vehicles is anticipated to boost the growth of the piston market in the years ahead. Every engine or motorized vehicle, designed to transport people or goods from one location to another, often requires pistons to convert the energy from fuel combustion into mechanical motion. This powers the vehicle's movement. Evidently, the increasing demand for mobility, advances in automotive technology, and economic growth enabling higher disposable incomes has led to a boost in vehicle production and sales. For instance, a report published by the Society of Motor Manufacturers and Traders in March 2024 reveals that the UK car production increased by 14.6%, reaching 79,907 units in February 2024. Hence, the growing production and sale of vehicles are boosting the growth of the piston market. Which Companies Dominate the Piston Market? Major companies operating in the piston market include Guangzhou Automobile Group Co. Ltd., PT Astra Otoparts Tbk, Mahle GmbH, Yoosung Enterprise Co. Ltd., KSPG Automotive Brazil, Cosworth Ltd., Shriram Pistons & Rings Ltd., Menon Pistons Ltd., Yuhuan HUIYU Tappet Co. Ltd., CP-Carrillo Inc., Elgin Industries Inc., Wiseco Inc., Teksid S.p.A., JE Pistons Inc., Federal-Mogul Corporation, Honda Foundry Co. Ltd., India Pistons Limited, Diamond Pistons Inc., Ross Racing Pistons Co., Arias Pistons Ltd., ART Metal Mfg. Co. Ltd., Capricorn Automotive Ltd., CP Pistons, Meteor Piston S.r.l., Wossner Pistons Inc. What are the Emerging Trends in the Piston Market? Leading companies operating in the piston market are emphasizing on developing technologies such as additively manufactured car engine pistons, aimed at reducing weight and optimizing material utilization for improved engine function. For instance, in May 2022, XJet Ltd., an Israel-based provider of 3D printing solutions for metal and ceramic, released an additively manufactured car engine piston made entirely of ceramic for Spyros Panopoulos Automotive SPA. The innovative piston design uses additive manufacturing to customize the component's structure in line with the forces exerted on it. This balance between material optimization and maintaining essential properties like strength and temperature resistance results in a lightweight, robust, and complex structure that is essential for the high-performance engine of the Chaos Ultracar. How Is The Piston Market Segmented? The piston market is segmented as follows: 1 By Piston Type: Trunk Piston, Crosshead Piston, Slipper Piston, Deflector Piston 2 By Material Type: Steel, Aluminum 3 By Piston Coating Type: Thermal Barrier Coating Piston, Dry Film Lubricating Coating Piston, Oil Shedding Coating Piston 4 By Application: Automotive, Marine, Aerospace, Industrial Machinery, Power Generation, Construction Equipment Regional Insights: Which Region Dominates the Piston Market? In 2023, North America stood out as the largest region in the piston market. However, Asia-Pacific is foreseen to be the fastest-growing region during the forecast years. The analysis encapsulates various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. 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If you have any complaints or copyright issues related to this article, kindly contact the provider above.Traveling this holiday season? 10 things the TSA wants you to know