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13 February 2019 07:37 AM
Overseas Market ReportCurrent
Weekly %
Dow Jones Industrial Average25,4260.00
S&P 5002,7450.00
FTSE 100 Index7,1330.00
DAX 3011,1260.00
CAC 40 Index5,0560.00
Nikkei 225 (Japan)20,8640.00
SSE Composite Index2,6720.00
S&P/TSX Composite Index15,6420.00
NZ 509,3280.00
US Volatility (Vix)15
Overseas Market Report

US sharemarkets were up by around 1.5% on Tuesday. US Federal Reserve chair Jerome Powell said the US economy was growing at a "solid pace" and said that the probability of recession isn't at all elevated. Investors watched news on the US-China trade talks as well as the talks to avert another US government shutdown. The Dow Jones index ended higher by 373 points or 1.5%. The S&P500 index was up by 1.3%. And the Nasdaq index was higher by 107 points or 1.5%.

Global oil prices rose by as much as 1.5% on Tuesday. OPEC said it had reduced oil production by almost 800,000 barrels per day in January to 30.81 million bpd, in line with its production restraint agreement. And Saudi Arabia plans to produce around 9.8 million barrels per day of oil in March, over half a million bpd below its pledged production level under a global supply-cutting deal, Energy Minister Khalid al-Falih told the Financial Times. Brent crude rose by US91 cents or 1.5% to US$62.42 a barrel and the US Nymex price rose by US69 cents or 1.3% to US$53.10 a barrel.

Base metal prices fell by up to 1.6% on Tuesday with zinc down the most and aluminium down 1.3%.

The gold futures price rose by US$2.10 an ounce or 0.2% to $1,314.00 an ounce. The spot gold price was near US$1,311 an ounce in late US trade. Iron ore fell by US$2.75 or 3.0% to US$87.45 a tonne.

Weekly %
Oil Brent62.420.00
Oil - West Texas crude53.430.00
Gold Spot $/OZ1,311.000.00
Silver Spot $/OZ15.700.00
Iron Ore88.500.00
Thermal Coal Newcastle95.700.00
Coking Coal FOB ECP AUS0.000.00
Aluminium ($US/t)1,8320.00
Copper Mar-18 ($US/lb)2.780.00
Lead ($US/t)2,0190.00
Nickel ($US/t)12,3280.00
Zinc ($US/t)2,6020.00
Tin ($US/t)20,9700.00
Uranium ($US/lb)29.000.00
Australian Market ReportCurrent
Weekly %
ASX All Ords6,1560.00
S&P/ASX 2006,0830.00
ASX 24 Futures6,032
Australian Market Report

 Tuesday 12 February - close. Australian shares have closed modestly higher after a day of choppy trading marked by mixed local economic data. The S&P/ASX 200 Index rose 18.3 points, or 0.3 per cent, to 6079.1.

Ashanti Headlines

Sun Flyer 2 Completes First Flight with Siemens Electric Propulsion Motor

DENVER, Colo. – February 12, 2019 – Bye Aerospace’s electric Sun Flyer 2 successfully completed the first official flight test with a Siemens electric propulsion motor February 8 at Centennial Airport, south of Denver, Colo. 

The Sun Flyer family of aircraft, including the 2-seat Sun Flyer 2 and the 4-seat Sun Flyer 4, aims to be the first FAA-certified, practical, all-electric airplanes to serve the flight training and general aviation markets. Siemens will provide electric propulsion systems for the Sun Flyer 2 airplane—the 57 lb.-SP70D motor with a90kW peak rating  (120 HP), and a continuous power setting of up to 70kW(94 HP). 

Sun Flyer brings the full promise of electric propulsion to the market with safe, practical and reliable electric aircraft. The all-electric operation requires no aviation fuel and results in zero emissions and significantly lower noise pollution compared to conventional aircraft. The sleek Sun Flyer design also features enhanced speed and altitude performance with extremely low operating costs. 

George E. Bye, CEO of Bye Aerospace, the developer of the Sun Flyer, said the initial flight with the Siemens motor went flawlessly.  “The airplane performed exactly as planned,” he said. “My thanks to the entire Siemens team for their participation as we enter this next, important flight test phase of Sun Flyer 2 with the Siemens electric propulsion system.”

Sun Flyer 2’s program application to the FAA was accepted under FAR 23 certification criteria in the spring of 2018. The Sun Flyer 2 prototype will conduct extensive additional flight test activities in 2019 and continue to work closely with FAA representatives on certification activities. Current flight test focus areas are propulsion system, envelope expansion and systems optimization. 

“This successful test flight is a proud moment for the Siemens and Bye Aerospace teams and marks a milestone in bringing the age of electric flight to life,” said Dr. Frank Anton, Executive Vice President and Head of eAircraft, Siemens. “The Siemens electric propulsion system offers a clean, cost-efficient and silent propulsion alternative to the flight training market without compromising performance or safety.”

Globally, Siemens eAircraft technology is helping lead the aviation industry in electrification and hybrid propulsion, system integration, service and condition-based monitoring. The company has previously equipped European light and sport aircraft with electric propulsion systems up to 260kW for test purposes and is also developing propulsion technology in power classes up to 10MW to enable electrification of aircraft in the commercial air transport sector. Siemens electric motor technology has powered aircrafts to set two speed records, achieve the world’s first aero tow by an electric plane, and set a new world climb record with an altitude of 3,000meters in four minutes and 22 seconds.

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