U.S. Markets Fall after Concerns on Stimulus Slowing
U.S. stocks moved up and the European stock index hit record highs while European stocks touched record highs after strong earnings reports. Investors are waiting for comments from the Federal Reserve officials on scaling back stimulus measures.
Yesterday’s losers, Energy and material shares pushed the S&P 500 up in to the green. Meme stock AMC Entertainment moved up after the theater chain’s second-quarter results beat estimates. Tech focussed NASDAQ 100 dropped.
Stoxx Europe is up 0.40%
Dow Jones is up by 0.32%
NASDAQ is down by 0.53%
Etihad Airways Reports Operating Losses For H2 of 2021 At $400 million
UAE’s Etihad Airways said on Tuesday it had narrowed the operating loss to $400 million(Rs 2,975 crores) in the first half of the year 2021, achieved by reducing capacity and cutting costs. They had cut operational costs by 27% to $1.4 billion(Rs 10,413 crores) compared to last year.
China Telecom Looking At $8.4 Billion Shanghai IPO
China Telecom is planning to raise $8.4 billion(Rs 62,481 crores) through Shanghai Initial Public Offering(IPO) which is expected to be the biggest IPO of 2021. The company was delisted along with other telecom firms by the New York Stock Exchange in January 2021. The company has priced its offer at 4.53 yuan per share.
Singapore Hits 70% Full Vaccination
Singapore said on Tuesday, it has fully vaccinated 70% of its population, and nearly 79% of people have received at least one dose. The country has set a target of vaccinating 80% of its population by early September and more ease of restrictions will be announced soon. Health Minister Ong Ye Kung said Singapore will also be able to offer vaccinations to short-term visa holders who have been living in the country.
Heliene To Open Its Second U.S. Solar Panel Factory
Canada’s solar panel maker Heliene said on Tuesday it has decided to open its second U.S. factory next month. The new factory in Florida will produce a new product targeting the booming residential market. The new factory of 75,000 square feet area will employ 60 workers and will have a manufacturing capacity of 100 megawatts.
Crude Oil Bounces Back; Regains 6%
Crude Oil Futures in New York bounced back up from yesterday’s fall. In trading hours, the contract was up nearly 6% on Tuesday from yesterday’s lows. Crude had fallen yesterday after the world’s largest energy company, Saudi Aramco, posted huge profits along with bumper dividends.
The equity markets in the U.S and Europe moving back up would have given the commodity some confidence.
Qatar Bank asks African Country to Pay $300 Million
Middle-East’s largest lender, Qatar National Bank, has requested a U.S. court to order African country Eritrea to pay back nearly $300 million(~Rs 2,240 crores) of debt. Eritrea had ignored a U.K judge’s order to pay the bank its loans back in 2018 after borrowing $200 million(~Rs 1,480 crores) in 2010. The bank claims Afwerki’s government reneged on the debt in May 2012 after repaying about $45 million.
China’s Evergrande Looking to Sell EV and Property Services
China’s second largest property developer Evergrande is looking to sell off its EV business to raise funds and pay off debts. The EV arm, China Evergrande New Energy Vehicle Group Ltd is part of the fundraising round. Evergrande had acquired 20% of shares in Swedish hypercar maker Koenigsegg, and 51% of shares in National Electric Vehicle Sweden for US$930M and many other European car companies in 2019.
The company is a small part of the global revolution in hypercars and Electric consumer cars with its brands Koenigsegg and NEVS. Buyers are currently unknown.
China-Made Tesla Car Shipments Falls In July
The shipments of China-made Tesla cars to the local market fell sharply by 69% to 8,621 units in July compared to the previous month. This is majorly caused by negative publicity and the recall of a large number of vehicles the company has sold in the country. Tesla stock in NASDAQ fell more than 1.6% in the opening itself and is now trying to cut the losses.