NIO Stock Forecast: Nio Inc surges after Norway market expansion report

NYSE:NIO gained 9.49% during Thursday’s trading session.
Nio announces an expansion plan for its Norwegian market.
Didi Global ends its tumultuous time on the New York Stock Exchange.

Stocks Reporter FXStreet

NYSE:NIO ripped higher on Thursday alongside a broader market rally that saw all three major indices jump for the second straight day. Shares of NIO soared by 9.49% and closed the trading session at $16.03. Have the US markets finally reached a bottom? Stocks rose across the board on Thursday as the major indices are on pace to snap their seven-week losing streak. The Dow Jones jumped by a further 516 basis points for its fifth straight gain, while the S&P 500 and NASDAQ rose by 1.99% and 2.68% respectively during the session.

Stay up to speed with hot stocks' news!

On Thursday, Nio announced its plans for expanding its presence in its second consumer market in Norway. Nio recently reported selling its 500th vehicle in the Scandinavian country, and now plans to add two new vehicle showrooms and battery swap stations in the near future. But that’s not all, Nio is also still set on expanding to other European markets by the end of 2022. These countries include Germany, Sweden, Denmark, and the Netherlands. Nio has been busy as of late after announcing plans for a new autonomous driving research facility in Singapore and a new battery lab in Shanghai.

NIO stock price

This week marks the end of the US listing for Chinese ride-hailing giant, Didi Global (NYSE:DIDI). Shareholders voted to delist from the New York Stock Exchange, as the company is likely to move back to the Hong Kong exchange. While Nio is still on the list of potential companies to be delisted, the EV maker has also listed its stock on the Singapore Stock Exchange where US-listed shares will be fully fungible.

Like this article? Help us with some feedback by answering this survey:

Author

Stocks Reporter

FXStreet

AUD/USD sits at three-week highs above 0.7000 on hawkish RBA-speak

AUD/USD holds a positive bias for the fourth straight day, trading above 0.7000 in the Asian session on Wednesday and at three-week highs. RBA Deputy Governor Andrew Hauser's hawkish remarks and inflation concerns underpin the pair. However, the upside appears capped as the US Dollar attracts some buyers amid looming US-Iran uncertainty.

USD/JPY remains confined in a familiar range below 158.50

USD/JPY sees some dip-buying in the Asian session on Wednesday, though it remains confined within a multi-week range near 158.50 as the uncertainty over the timing of the next BoJ rate hike keeps Japanese Yen bulls on the defensive. Meanwhile, hawkish Fed expectations, bolstered by inflation risks stemming from volatile oil prices, underpin the US Dollar. However, looming intervention fears could limit JPY losses and cap the currency pair.

Gold extends losing spree as US bond yields hold ground

Gold extends its losing streak for the fourth trading day on Wednesday, trading 0.2% lower to near $4,115 in the Asian session. The precious metal is under pressure as United States Treasury Yields on the back of significant gains in oil prices in past few weeks.

Zcash's bullish reversal eyes $1,698 peak on NU7 upgrade

Zcash (ZEC) shows signs of bullish recovery above $1,200 on Wednesday, following a 9% rebound the previous day linked to the upcoming NU7 upgrade. Blockworks released a Zcash holders report on Tuesday, highlighting steady network growth. The technical outlook for ZEC is bullish, with bulls eyeing an extended rally toward $1,698.

US – Midterm update: Pre-election tail risk scenarios

With two weeks until the US midterm elections on 3 November, early voting has already opened in more than 40 states. Prediction markets are broadly unchanged since we published our Midterm update, 13 October. The prediction market Polymarket continues to see Democrats winning both chambers as the most likely outcome, with a 62.5% probability.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.