TechCrunch : Space startups are licking their lips after NASA converts $11B Mars

Space startups are licking their lips after NASA converts $11B Mars mission into a free-for-all

NASA administrator Bill Nelson has pronounced the agency’s $11 billion, 15-year mission to collect and return samples from Mars insufficient. But the strategy shift could be a huge boon to space startups, to which much of that planned funding will almost certainly be redirected.

“The bottom line is, an $11 billion budget is too expensive, and a 2040 return date is too far away,” Nelson said at a press conference. “We need to look outside the box to find a way ahead that is both affordable and returns samples in a reasonable timeframe.”

In other words, clear the decks and start over — with commercial providers on board from the get-go.

The Mars Sample Return mission was still in the planning stages, but an independent review of the project last year found that, given budget, technology and other constraints, the mission was unlikely to complete before 2040, and at a cost of $8 billion to $11 billion.

Though NASA proposed a revised plan in the mold of the original, it has now also challenged the space community to go further: “NASA soon will solicit architecture proposals from industry that could return samples in the 2030s, and lowers cost, risk, and mission complexity.”

Considering how heavily both primes and space startups have been investing in interplanetary capability, this announcement arguably amounts to a historic windfall. A company like Intuitive Machines, riding high after accomplishing the first private lunar landing, will almost certainly be firing on all cylinders to take on what could be a multi-billion-dollar contract.

Intuitive Machines makes history by landing the first commercial spacecraft on the moon

Even if NASA wants to assign only half or even a quarter of the original budget to an endeavor led by a commercial space company, private industry has already shown that it can do more with less when compared to legacy outfits.

It’s also catnip for launch companies, since the time horizon is far enough out that heavy launch vehicles like Blue Origin’s New Glenn, Rocket Lab’s Neutron and, of course, SpaceX’s Starship may be cleared to fly when the mission is ready to progress. That was undoubtedly also the plan with the 2040 timeline, but the notional new one is a lot closer to the present.

SpaceX makes significant progress with third Starship orbital test flight

Between the lines can be seen the admission that any mission planned before the present bloom of orbital and interplanetary capability is, very simply, no longer feasible. Although NASA’s troubled Space Launch System heavy launch vehicle is perhaps the largest such project, to abandon it now would be to throw away a great deal, while preemptively opting for a leaner Mars program fueled by commercial ambitions seems to have no obvious downside. (There’s plenty of time to save and repurpose the most important concepts and research already done by NASA and its partners.)

No doubt that many of the companies this decision stands to benefit — not just startups and growing space companies but also primes and launch providers — saw the writing on the wall and have been looking forward to this day. But the official announcement, and the implication that it is the new generation of space companies that will accomplish ambitious goals like a there-and-back trip to Mars, must be very validating.

To be clear, there is no money on the table just yet — but the promise has essentially been made that what would have belonged to the Mars Sample Return mission will be repurposed according to whatever new plan the expansive “NASA community” decides on. Whatever that new plan may be, it will almost certainly rely far more than before on commercial services and hardware.

Just as the Commercial Lunar Payload Services accelerated and incentivized the proliferation of vehicles, spacecraft and landers we see today — including some by companies that didn’t exist a few years ago — the newly recast Mars Sample Return mission may have fired the starting gun on commercial ambitions for the red planet.

FT : Joe Biden calls for tripling of tariffs on Chinese steel

Joe Biden calls for tripling of tariffs on Chinese steel
US also to probe Chinese shipbuilding as president’s re-election campaign fights for votes in Pennsylvania

US President Joe Biden is pushing for tariffs to triple on Chinese steel and aluminium, as he seeks to boost union support in the swing state of Pennsylvania.

In a meeting with United Steelworkers union members in Pittsburgh on Wednesday, Biden will call on trade representative Katherine Tai to triple the tariff on the imports from the current average of 7.5 per cent.

Biden’s campaign is trying to shore up support among union workers ahead of November’s US presidential election, in which Pennsylvania could play a decisive role.

 “It is important for us to get ahead of China’s new export surge and their continued pressure on prices that make it hard for American steel companies to compete,” said a senior US official, who added that the actions had “nothing to do with elections”.

Tai is nearing completion of a statutory review of the tariffs that former president Donald Trump levied in his trade war against China.

She is also set on Wednesday to unveil a probe into unfair practices in the Chinese shipbuilding industry, following a petition from United Steelworkers.

The US official argued that since imports of Chinese steel were “quite small” at 0.6 per cent of total US steel demand, there would be little impact on inflation, a key electoral concern for Biden.

“We must invest in American manufacturing, but we also have to protect those investments and those workers from unfair exports associated with China’s industrial overcapacity,” said White House national economic adviser Lael Brainard.

Treasury secretary Janet Yellen raised the issue of Chinese overcapacity during a visit to Beijing this month.

China’s export volumes rose by 14 per cent year on year for the first quarter, even as their value fell 12 per cent, according to Morgan Stanley.

The Biden administration’s move to increase tariffs is likely to affect recent efforts by Washington and Beijing to stabilise relations, which last year plummeted to their lowest level since the countries established diplomatic ties in 1979.

The Pittsburgh announcements come as the Biden campaign is seeking to overcome Trump in Pennsylvania, which has played a decisive role in past elections.

Biden expressed opposition a month ago to the proposed acquisition of US Steel by Japanese group Nippon Steel, in what was viewed as a political move that upset Japan, a critical ally.  

Trump has previously stressed that he would block Nippon Steel’s proposed $14.9bn offer for US Steel.

Trump beat Hillary Clinton in Pennsylvania by less than one percentage point in 2016. Four years later, Biden beat Trump by just over one point. A RealClearPolitics average of state opinion polls show Biden and Trump statistically tied in the state.

Biden, who was born in Scranton, Pennsylvania, has spent more time campaigning for re-election in the state than in any other.

The White House said Biden told his team to work with Mexico to ensure China could not evade US tariffs by exporting steel to the US via Mexico.

The move on steel imports and probe into Chinese shipbuilding are the latest measures by the Biden administration to tackle what Washington views as unfair economic practices or tackle national security issues.

In February, Biden ordered a probe into Chinese “connected vehicles” to determine if they would enable the Chinese government to access the data that the smart cars collect on their drivers.

>>> Europe : Brokers Upgrades & Downgrades - 17th of April 2024 V2(+)

>>> Up
* Akzo Nobel Raised to Buy at Jefferies; PT 79 euros
* AstraZeneca Raised to Buy at Intron Health
* Avance Gas Raised to Buy at Arctic Securities; PT 177 kroner (+)
* B&S Group Raised to Buy at ING; PT 7.25 euros
* Boliden Raised to Neutral at JPMorgan (+)
* BW LPG Raised to Buy at Arctic Securities; PT 199 kroner (+)
* CLS Holdings Raised to Add at Peel Hunt
* Dorian LPG Raised to Buy at Arctic Securities; PT $45.20 (+)
* Elkem Raised to Buy at SEB Equities; PT 24 kroner
* Enagas Raised to Hold at Bestinver; PT 15 euros
* Endesa Raised to Neutral at BNPP Exane; PT 17.70 euros (+)
* Ericsson Raised to Buy at SEB Equities; PT 64 kronor
* Evonik PT Raised to 25 euros from 23 euros at Bankhaus Metzler (+)
* Fresnillo Raised to Overweight at JPMorgan (+)
* Gjensidige Raised to Hold at SEB Equities; PT 175 kroner
* Kemira Raised to Buy at OP Corporate Bank; PT 21 euros
* Naturgy Raised to Buy at Mirabaud Securities; PT 27.80 euros
* Peach Property Raised to Buy at M.M. Warburg (+)
* Pennon Raised to Outperform at RBC; PT 850 pence
* Picton Property Income Ltd Raised to Buy at Peel Hunt
* Unibail Raised to Buy at Citi; PT 85.20 euros

>>> Down
* Alfen Cut to Hold at Deutsche Bank (+)
* Ashmore Cut to Underperform at BofA; PT 170 pence (+)
* BayWa Cut to Hold at M.M. Warburg; PT 29.50 euros (+)
* Brooks Macdonald Cut to Add at Numis; PT 2,145 pence (+)
* Enel Cut to Neutral at BNPP Exane; PT 6.30 euros (+)
* Haypp Group Cut to Hold at SEB Equities; PT 80 kronor
* SCA Cut to Underweight at JPMorgan; PT 142 kronor
* Tritax Big Box Cut to Hold at Peel Hunt
* VW Cut to Market Perform at Bernstein

>>> Initiation
* Bawag Rated New Outperform at Mediobanca SpA; PT 73 euros
* Next Rated New Neutral at Oddo BHF; PT 8,900 pence (+)
* NIBE Industrier Rated New Sell at Goldman; PT 43 kronor
* Orange Resumed Overweight at JPMorgan (+)
* Schott Pharma Rated New Hold at Stifel; PT 40 euros

>>> Call
* Akzo Nobel Upgraded at Jefferies on Topline Progress in Paints
* AstraZeneca’s Catalyst Outlook Transformed, Intron Upgrades
* Ericsson’s Outlook is Improving, Upgraded to Buy at SEB Equities
* Goldman Strategists Say Robust Macro to Lift Italy, Spain Stocks (+)
* Morgan Stanley Strategists See Healthier US Profits Through 2024 (+)
* Pennon Raised at RBC, Expects Clarity on Environmental Review
* Unibail Raised to Buy at Citi as Markets Hit New Stimulus Phase
* Volvo 1Q Results Show Margin Resilience, Says Jefferies (+)

>>> Stoxx 600 Pre-Market Indications

  • Adidas (ADS TH) +3.8%
    • Adidas Raises Guidance Amid Hot Demand for Sambas and Yeezys
  • LVMH (MOH TH) +1.6%
    • Luxury Goods Gain Wings With €500 Billion Market on Horizon
  • Akzo Nobel (AKU1 TH) +0.9%
    • Akzo Nobel Upgraded at Jefferies on Topline Progress in Paints
  • Puma (PUM TH) +0.7%
    • BBC: Adidas on front foot after exiting Kanye West deal
  • BAT (BMT TH) +0.5%
    • Watch Imperial Brands and BATS After Landmark UK Tobacco Vote
  • Eni (ENI TH) -1.2%
  • Rolls-Royce (RRU TH) -1.3%
  • Barclays (BCY TH) -1.4%
  • Nokia (NOA3 TH) -1.7%
  • STMicroelectronics (SGM TH) -1.8%
  • Infineon (IFX TH) -2.5%
  • Aixtron (AIXA TH) -2.7%
  • Continental (CON TH) -4.5%
    • Continental Profit Squeezed by Weak Auto Market in Europe
  • ASMI (AVS TH) -5.1%
  • ASML (ASME TH) -7.5%
    • ASML Orders Miss as Demand for Most-Advanced Machines Slips

>>> TradeGate Pre-Market Indications

DAX:
  • Adidas (ADS TH) +3.8%
    • Adidas Raises Guidance Amid Hot Demand for Sambas and Yeezys
  • Infineon (IFX TH) -2.5%
    • ASML Orders Miss Estimates as Demand for Advanced Machines Slips
  • Continental (CON TH) -4.5%
    • Continental Profit Squeezed by Weak Auto Market in Europe
MDAX:
  • Evotec SE (EVT TH) +1.2%
  • Siltronic (WAF TH) -1.2%
  • Aixtron (AIXA TH) -2.7%
SDAX:
  • Borussia Dortmund (BVB TH) +7.6%
  • Varta (VAR1 TH) -1.8%
  • Suess MicroTec (SMHN TH) -2%

>>> Europe : Brokers Upgrades & Downgrades - 17th of April 2024

>>> Up
* Akzo Nobel Raised to Buy at Jefferies; PT 79 euros
* AstraZeneca Raised to Buy at Intron Health
* B&S Group Raised to Buy at ING; PT 7.25 euros
* CLS Holdings Raised to Add at Peel Hunt
* Elkem Raised to Buy at SEB Equities; PT 24 kroner
* Enagas Raised to Hold at Bestinver; PT 15 euros
* Ericsson Raised to Buy at SEB Equities; PT 64 kronor
* Gjensidige Raised to Hold at SEB Equities; PT 175 kroner
* Kemira Raised to Buy at OP Corporate Bank; PT 21 euros
* Naturgy Raised to Buy at Mirabaud Securities; PT 27.80 euros
* Pennon Raised to Outperform at RBC; PT 850 pence
* Picton Property Income Ltd Raised to Buy at Peel Hunt
* Unibail Raised to Buy at Citi; PT 85.20 euros

>>> Down
* Haypp Group Cut to Hold at SEB Equities; PT 80 kronor
* SCA Cut to Underweight at JPMorgan; PT 142 kronor
* Tritax Big Box Cut to Hold at Peel Hunt
* VW Cut to Market Perform at Bernstein

>>> Initiation
* Bawag Rated New Outperform at Mediobanca SpA; PT 73 euros
* NIBE Industrier Rated New Sell at Goldman; PT 43 kronor
* Schott Pharma Rated New Hold at Stifel; PT 40 euros

>>> Call
* Akzo Nobel Upgraded at Jefferies on Topline Progress in Paints
* AstraZeneca’s Catalyst Outlook Transformed, Intron Upgrades
* Ericsson’s Outlook is Improving, Upgraded to Buy at SEB Equities
* Pennon Raised at RBC, Expects Clarity on Environmental Review
* Unibail Raised to Buy at Citi as Markets Hit New Stimulus Phase

>>> What to look at today - 17th of April 2024

A selloff in Asian stocks cooled Wednesday while currencies remained in focus as traders braced for higher-for-longer interest rates in the US.  The MSCI Asia Pacific Index steadied after an earlier drop. The dollar edged lower after seeing its best five-day gain since October 2022. The greenback’s resilience is exerting pressure on global emerging-market currencies and prompting authorities to ramp up defense against rapid depreciation.  The won rebounded after breaching a key level in the previous session. South Korean officials said they discussed currency concerns with Japanese counterparts. The Philippine peso weakened past 57-per-dollar for the first time since late 2022, while Indonesia’s rupiah extended a selloff despite the central bank’s intervention Tuesday. After recent strong US data, the market is now pricing in 25-to-50 basis point reductions in the Federal Reserve rate this year starting July or September, said Kieran Calder, head of equity research for Asia at Union Bancaire Privée in Singapore. “The resulting stronger dollar is a headwind for most Asia markets and for Japan, pushing the yen towards the increasingly uncomfortable 155 per dollar level.” Stocks in Asia diverged, with losses in Japan and South Korea offset by gains in mainland China. Chinese shares rebounded as the securities regulator tried to allay concerns about new stock exchange rules following a rout in small-cap shares. US equity futures climbed in Asian trading after the S&P 500 fell for the third session.  Treasury yields traded in a narrow range after climbing to fresh 2024 highs Tuesday when Federal Reserve chief Jerome Powell said it will likely take longer to have confidence that inflation is headed toward the central bank’s target. The remarks represented a shift in his message after a key measure of inflation exceeded forecasts for a third month.  After starting the year by pricing in as many as six rate cuts in 2024, or 1.5 percentage points of easing, traders are now doubtful there will even be a half point of reductions. Market-implied expectations for Fed rate cuts — which have collapsed in the past two weeks — declined further after Powell’s comment on inflation.  On Tuesday, Fed Vice Chair Philip Jefferson said he expects inflation will continue to moderate with interest rates at their current level but persistent price pressures would warrant holding borrowing costs high for longer. Richmond Fed President Thomas Barkin said some recent data, including the consumer price index, has not “been supportive” of a soft landing. Elsewhere, New Zealand home-grown price pressures persisted in the first quarter even as headline inflation slowed to its weakest in almost three years. The yield on the country’s two-year government bonds rose while the kiwi climbed after the report. Oil edged lower as traders wait to see how Israel would respond to Iran’s weekend attack. Gold held near a record-high.  US After Hours UAL +5.8%, HWC +2.6% higher on earnings; ALVO +3.7% as FDA approves Selarsdi injection; JBHT -5.4% lower on earnings.

Nikkei -0.86% Hang Seng -0.53% CSI +0.56% Shanghai +1.14% Shenzen +2.62%

Eur$ 1.0625 CNH 7.2588 CNY 7.2399 JPY 154.61 GBP 1.2433 CHF 0.9121 RUB 94.1498 TRY 32.5388 WTI$ 84.78 -0.68% Gold 2,383 -- BTC 63,750 +1.12% ETH 3,093 +0.70%

S&P +0.08% Nasdaq -0.03% EuroStoxx -0.04% FTSE +0.28% Dax +0.10% SMI -0.11%

Macro :
- Buffett Utilities Say More Gas Plants Needed to Meet Demand

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- TOM2 NA : TomTom 1Q Ebit Loss Misses Estimates
- TRYG DC : Tryg 1Q Profit After Tax Beats Estimates
- UCG IM : UniCredit, Alpha Bank Chiefs Eye Romania Growth After Tie-Up
- UNO GY : Nordic Nuclear Output Stable at 73% With 9 Units Online (Table)
- VOLVB SS : Volvo 1Q Adjusted Operating Profit Beats Estimates