Tag: Top 10 News

Stocks and Futures Mixed as U.S. Markets Remain Closed

Stocks were mixed on Monday as traders looked at quarterly results along with bond yields to decide market movement.

European Stoxx Index and U.S. futures moved up, while Asian markets consolidated. U.S. stock and bond markets are shut Monday for Martin Luther King day.

SGX NIFTY currently trades at 18,325.50, up 17 points.

• Stoxx Europe is up by 0.68%
• Dow Jones Futures is up by 0.12%
• NASDAQ is down by 0.14%

2 Indians Among 3 Killed in Abu Dhabi Terror Attack

Iran-backed Houthis have claimed an attack on the richest emirate in the UAE – Abu Dhabi. The attack was targeted at Abu Dhabi’s main international airport and set fuel tanker tanks on fire. Three people were killed in the fuel-tank fire close to the storage facilities of state-run oil group Adnoc.

It is yet to be identified if the storage facilities of Adnoc have been affected in any way.

China Cuts Interest Rate while other Countries Vow Increase

China’s central bank said it was forced to cut its key interest rate for the first time in almost two years due to the Omicron variant. The economy lost momentum because of a property slump (Evergrande issue) and repeated virus outbreaks.

While inflation is a huge concern in the U.S. and Europe, China’s relatively stable prices have given policymakers room to focus on boosting growth. 

Chinese President Xi Calls for Reducing Global Supply Chain Risks

Addressing the World Economic Forum, Chinese President Xi Jinping has called on nations to secure global supply chains to prevent inflation shocks going into 2022. He said that various risks need to be solved to ensure a steady recovery of the world economy. 

As we know, the global supply chain crisis has been causing a lack of supplies pushing inflation up to around the world. We will indeed have big inflationary pressure if the issues are not fixed this year.

Even while maintaining a friendly face, Xi threatened other nations “Catastrophic Consequences” if confronting China in the wrong way. Not so friendly!

Unilever To Offer New Deal For GSK-Pfizer Unit

Consumer goods company Unilever said on Monday that it is still planning for a deal to form a consumer health care unit jointly owned with pharmaceutical groups GlaxoSmithKline and Pfizer. During the weekend the GSK group said it has rejected the three offers from Unilever for GSK Consumer Healthcare.  GSK is a major company behind brands such as Sensodyne toothpaste, Emergen-C vitamin supplement, and Panadol painkiller. Our favorite  Hindustan Unilever Limited (HUL) is a subsidiary of the British company, Unilever. 

Spain To Regulate Advertising Of Crypto Assets

Spain said on Monday that it has decided to regulate the advertising of crypto assets as regulators fear that it would become a threat to the financial system if not monitored. This will be achieved by controlling mass campaigns related to cryptos and giving awareness to investors about the risks. The advertisers and companies that market crypto assets will have to inform the CNMV watchdog at least 10 days in advance about the campaign. The Indian government is expected to announce crypto regulations in the coming months.

Thailand’s Gulf Energy Development And Binance To Set Up A Crypto Exchange

World’s biggest cryptocurrency exchange- Binance and Thailand’s Gulf Energy Development on Monday announced its plans to set up a crypto exchange and related businesses in Thailand. Gulf Energy Development said that the country is currently witnessing rapid growth in digital asset infrastructure. It is very interesting to see crypto regulations growing on one side and the crypto world booming out at the same time.

1. U.S. Markets Move Sideways; Manufacturing Data Positive

U.S. markets are trading flat with little change as stocks related to economic reopening moved up. Data published today show that U.S. manufacturing activity for June has grown at the fastest pace since 2007. Higher prices of homes have pushed down home sales.

Yesterday, Federal Reserve Chair Jerome Powell had once again said they will be patient in increasing interest rates even with inflation pressures.

Stoxx Europe is down 0.57%

Dow Jones is down by 0.080%

NASDAQ is up by 0.19%

2. Tesla Launches First Charging Station In China

American Electric Vehicle maker Tesla on Wednesday announced the opening of its first charging station in China. The charging station in Lhasa city is supported by Tesla’s facilities for generating and storing power. The station has a Solar Roof for power generation and a Powerwall for energy storage.

3. EV Maker Xpeng To Be Listed In Hong Kong

Chinese Electric Vehicle maker Xpeng received approval for a dual primary listing on Hong Kong Stock Exchange. A dual primary listing will allow qualified Chinese investors to invest in the company. It has a market capitalization of Rs 2,59,816 crores

4. Mazda To Stop Production Temporarily Due To Chip Shortage

Mazda Motor is the latest company to be hit by the chip shortage. The automaker said on Wednesday, production is temporarily suspended at a factory in Japan for a total of ten days in July, between July 5 and 9 as well as July 12 and 16. due to the shortage of chips

5. Pernod Ricard Shares Hit Record Levels On Higher Profit Forecasts

Shares of French alcoholic beverage producer Pernod Ricard, hit record highs on Wednesday after they raised the forecast annual profit. The company forecasts organic profit growth of about 16% for its 2020/2021 fiscal year, up from a previous April forecast of 10%. 

6. Aircall Crosses New Milestone Of One-Billion-Dollar Valuation

Aircall- cloud-based call center software company passed one billion dollar or Rs 7425 crores valuation, after raising another 891 crore rupees in funding from investors including Goldman Sachs Asset Management. The company said the latest fundraising would strengthen its position in the sector ahead of a planned IPO (Initial Public Offering)

7. Hong Kong NewsPaper Shutting Down after Arrests

Apple Daily newspaper, a pro-democracy newspaper from Hong Kong, is shutting down after top editors were arrested under a national security law.

The company’s assets have been frozen by the government. This is undoubtedly China trying to suppress voices in the former British colony. China has recently been under strong international pressure for its internal policies and trade policies. Will this make it worse? Let us know what you think in the comments down below.

8. Oil Producers to Make Record Profits: Rystad Energy

Energy research company, Rystad Energy, has said that oil producers will be making record amounts of profits this year. 

Higher oil prices along with reduced capital spending by executives will push Free Cash Flow of the industry to $348 Billion, even above the previous high of $311 Billion in 2008.

Expecting such a trend for our local oil producers as well!

9. Rising interest rates will be Biggest Issue for Canada’s housing market, economists say

As Canada’s housing market shows signs of homebuyers’ fatigue, some economists are looking ahead at another factor that’s widely expected to put a damper on the real estate frenzy: rising interest rates. With economic activity revving up again amid soaring vaccination rates and signs of inflation, several analysts believe the Bank of Canada will start raising its trend-setting interest rate sometime in the second half of 2022. This interest rate hike may become a big slap to home sales figures, economists predict.

10. Europe Union Issues Fresh Virus Warnings

With the delta variant of Covid-19 spreading fastly in Europe, the bloc has issued fresh warnings for residents to not rush reopenings.

The variant of the virus, first identified in India, is considered highly infectious. 20% of all new cases in Ireland have been confirmed with the Delta variant. Even with the variant being highly prevalent in the U.K., reports show that there is no rise in the number of confirmed deaths, even as cases rise. This is indeed good news, and an indication that mass vaccination is showing its effect.

1. U.S Stocks Continue To Move Up; Markets Awaiting Key Data

U.S stocks continue to move up as markets wait for the U.S. Jobs Data. The S&P 500 gained, mostly led by tech stocks. The dollar remained stronger ahead of comments from the U.S Federal Reserve officials. Crude futures extended gains and continue to move up from the highest October 2018. Treasuries and gold also gained as concerns.

Stoxx Europe is up 0.20%

Dow Jones is up 0.29%

NASDAQ is up 0.28%

2. Turkish Lira At Record Lows

The Turkish lira currency recorded a new low against the US dollar on Wednesday over President Recep Tayyip Erdogan’s call for lower interest rates despite high levels of inflation. The currency fell to 8.8 against the US dollar during early Wednesday, then it recovered to 8.62/$.

3. Orsted To Invest More In Green Energy

The world’s largest offshore wind farm developer, Orsted announced its plan to raise its green energy investment target to Rs 4,16,203 crores by 2027 from the previous Rs 2,39,397 crores by 2025 target. The Danish firm sold its oil and gas business in 2017 and now is aiming to be the global leader in green energy.

4. Gamestop Event Attracted More Teens Into Investing: Survey

As per a survey done by Wells Fargo, the GameStop event boosted the teenager’s interest in investing. The share price of the stock surged to record highs and many of the teenagers benefited from it as many of them had some investments in it. 

5. Etsy Inc Ready To Buy Fashion Resale Company Depop 

The American e-commerce company Etsy, Inc is ready to buy Generation-Z focused fashion resale company Depop for Rs 11,901 crores. The new deal is highly beneficial for Etsy Inc as the London-based Depop is known for its vintage and streetwear collections and it has more than 2.6 crore users from over 147 countries.

6. Amazon Shifts Its Policy In Employee Monitoring System

The Time Off Task policy is a system in Amazon warehouses that uses algorithms to monitor workers’ productivity, with employees made to explain their breaks. If you think this is a crazy system for one of the world’s largest companies, then Amazon workers will agree. Amazon on Tuesday announced they are now averaging Time off Task over a longer period and this will ensure worker’s well being after growing protests against working standards.

7. India, U.K. Eye Interim Pact to Help Clinch Major Trade Deal

India and the UK are moving ahead with talks to remove non-tariff barriers and nurture greater market access. The two countries are working on India’s first major free trade pact in more than 10 years.

The two countries are trying to prove that their previous decisions(U.K leaving the European Union and India pulling out of the Asia Pact in 2019) were not blunders. 

8. Elon Musk says Panic-Buying of Chips Is Like the Rush on Toilet Paper

Billionaire owner of Tesla, Elon Musk, compared the panic buying of semiconductor chips to consumers hoarded toilet paper in March last year as the pandemic started. The shortage is creating issues for Tesla’s supply chain, as companies are ordering more microcontrollers than they need due to panic buying mentality. 

9. Singapore Allows Sinovac Vaccine After WHO Emergency Approval

Singapore said it will allow the use of China’s Sinovac Biotech Covid-19 vaccine, after the World Health Organization approved the drug for  emergency use.

This means that the vaccine can be used by private health care providers as the Singapore Ministry of health said. The Sinovac vaccine is not yet part of the national vaccine program.

10. Where Did Coronavirus Come From? U.S-China Tensions Increasing

Tensions between the U.S and China have been getting worse since the pandemic, with the biggest issue now being the search for the origin of Covid-19 virus. Last year, China imposed tariffs on Australia as it sought a probe into the coronavirus’ origins. After that, China’s government has called all suggestions about the Wuhan Lab Leak Theory as politically motivated and dismissed them.

Interestingly, US President Biden’s secret intelligence community had delivered a report to him earlier this month on the virus’s origins but failed to reach a common conclusion about the origins of the virus.  

1. U.S Stocks Nearing All-Time Highs; Global Markets Move Up

U.S stocks are pushing through to an all-time high, with oil prices also jumping up. The S&P 500 moved up as manufacturing data for May rose from the Covid-lows, along with positive data from Asia and Europe. U.K’s manufacturing PMI has hit a record high and housing prices are surging.

Stoxx Europe is up 0.79%

Dow Jones is up 0.33%

NASDAQ is down -0.19%

2. Top Glove’s Hong Kong Listing Delayed

Top Glove Corporation – Malaysia’s rubber glove manufacturer, was planning to get listed in Hong Kong to raise Rs 7,280 crores in its IPO. Now it’s delayed due to the ban imposed for its products in July by the U.S Customs and Border Protection (CBP) for forced labor practices. The Malaysian firm is already listed in Kuala Lumpur and Singapore and is waiting for a hopeful decision from CBP.

3. Monday.com Prepares For US Market Entry

Monday.com is a work management company from Israel, preparing to enter into US markets through an Initial Public Offering (IPO) of Rs 4,373 crores. The company is active in project management and tracking tasks to projecting sales and event coordination from 2014 and it is seeking a valuation of Rs 43,691 crores in the IPO.

4. CNN+: A New Streaming Service From CNN

As per the Wall Street Journal report on Tuesday, WarnerMedia’s Cable News Network – CNN is planning to launch a new streaming service which will be called CNN+. CNN is owned by AT&T which also owns HBO, Warner Bros Studios, and Discovery. 

Competitors from streaming services include Amazon Prime, Netflix but also the parent companies Discovery+ and HBO’s streaming solution as well.

5. Electric Mustang Mach-E – Norway’s Top Selling Model In May

Ford Motor’s Electric Mustang Mach-E is the top seller in Norway in May 2021 with 1,384 registrations. Out of all new cars sold in May, 60.4% are EVs, up from 43% a year ago and this is in line with the country’s aim to be the first to end the sale of petrol and diesel engines by 2025. Norway is known for its pro EV policies. Electric-vehicle stocks across the globe are moving up on the positivity surrounding the industry.

6. Krispy Kreme Posts 23% Revenue Rise Before U.S Market Reentry

Krispy Kreme reported a 23% rise in revenue for the first quarter of 2021 at Rs 2,345 crores compared to Rs 1,903 crores last year. The company entered the US market in 2000, but its unit filed a Chapter 11 bankruptcy in 2005. In 2016, JAB Holding Company bought the company for Rs 9,838 crores, and now it’s preparing for the return to the US market through an IPO.

7. Crude Oil Hits Two-Year High With OPEC+ Remaining Confident

U.S. crude futures climbed to the highest in more than two years after the OPEC+ alliance gave a bullish tone. International efforts for a peace deal with Iran and the U.S continue to lag on.

MCX Crude is up more than 2.7% today. Expect more price hikes in India too!

8. Hong Kong Calls on Banks to Push Staff to Get Vaccinated

Hong Kong urged all banks to “strongly encourage” staff in client-facing roles or support functions to get vaccinated as the city struggles with local resistance to its free rollout. Banks should “identify and draw up a list of designated staff expected to receive inoculation,” Hong Kong Monetary Authority Deputy Chief Executive Arthur Yuen said in a circular to financial institutions on Tuesday.

9. EU to Raise Rs 7.2 Lakh Crores in Debt to Finance Stimulus

The European Union is planning to raise $100 Billion(Rs 7.23 lakh crore) in long-term debt this year. Also, more from short-term debt starting September to finance a stimulus package for the bloc. Member countries of the Union have also agreed to allow the European Commission to raise more money, nearly $978 billion(Rs 68 lakh crore) per year till 2026 to pull economies out of recession by investing in green and digital policies.

10. Vaccine-maker Moderna Seeks Full Approval

Moderna is seeking full approval for its vaccine, which if approved will be a major stable revenue source for the company for years to come. The World Health Organization has also announced a plan to name variants using the Greek alphabet, so that the general public can easily identify and discuss different variants of the coronavirus. 3.78 lakh cases have been reported worldwide with 1.27 lakh cases of those being reported from India. 

Interestingly, more than 1.91 billion doses of vaccine have been given worldwide.

1. Futures and Stocks Fall Ahead of Jobs Data Report

European stocks and American Futures are showing doubt at the top of their rally as traders await US Jobs Data. The world’s largest economy is awaiting May’s jobs data report in the first week of June. US markets will be closed on account of Memorial Day.

Crude Oil is moving up ahead of the OPEC+ supply policy meeting this week. Gold is headed for its best monthly gains since July, as most industrial metals also gained.

Stoxx Europe is down 0.27%

Dow Jones Futures is down -0.19%

NASDAQ Futures is down -0.12%

2. China Permits Couples To Have Three Children

China on Monday announced the change in the policy of having children and now each couple can have up to three children after the census data showed a sharp decline in births. The response to this was mixed and many people said they could not afford to have even one child.

3. Global Economy Is Positive And Promising: OECD

The Organisation for Economic Co-operation and Development(OECD)  said on Monday, the global economic outlook is positive and promising as vaccine rollout fastens up and companies resume production. The global economic growth is expected at 5.8% this year and 4.4% next year, a significant improvement from the previous estimates from 5.6% and 4.0% respectively.

4. Unhealthy Products, Nestle Working On New Strategy

Nestle on Monday released a statement saying that it was working on a company-wide new strategy to update its nutrition and health strategy and to ensure its entire products are meeting the required nutritional needs. This is after the Financial Times reported about an internal document that describes the company’s products as unhealthy. The company added that it had reduced sugars and sodium usage in its products by about 14-15% in the past seven years and will work better to keep the portfolio healthy.

5. Singapore To Vaccinate School Children

Singapore Prime Minister Lee Hsien Loong said on Monday,  vaccination for 12-18 year-olds will start from Tuesday as many students get Covid 19 infected. The PM is hopeful in controlling the crisis and he claims that most of the population is vaccinated. Eligible ones will get at least their first shot by the country’s national day on August 9, the PM added

6. France Will Send More Medical Supplies To India

France on Monday announced that the country will send more medical supplies, including around 16 large oxygen generation plants, to India in the fight against the second. French ambassador Emmanuel Lenain said, ‘there cannot be a global victory against the coronavirus without India’. Many other countries like the US, Russia, Germany, Australia have already sent help to India to fight against Covid-19 and let’s hope that this crisis will end soon.

7. Top Global Port Expects Delays due to Covid Outbreak

Yantian Port located in China’s Shenzhen is one of the world’s busiest ports. The port is expecting delayed shipments as a Covid-19 outbreak in the facility has led to tighter restrictions.

Cargo leaving the port will require reservations and they have strengthened its Covid-19 testing program for imports into China.

All delays will further increase shipping costs. When shipping costs increase, export prices of China increase. This is a threat that may push up global inflation even more.

8. Apple Reports No Child Labour in Supply Chain

Tech-giant Apple has reported improvements in its supply chain’s sustainability. A 113-page report by the company talks about issues including treatment of workers to energy usage and infectious disease policies. The company reported that there were no child labour cases in their supply chain. Despite this, Apple raised several examples of suppliers failing to fulfill their duties and not complying with Apple’s maximum working-hours policy(overworking labour).

9. Going to Tokyo Olympics? You will need proof of COVID-19 vaccination: Report

Japan is considering making it mandatory for fans attending the Tokyo Olympics to show negative Covid-19 test results or vaccination records, a local newspaper reported. There is a growing demand from the public to cancel the games as Japan extended a state of emergency in Tokyo and other areas to June 20, as the country’s fourth wave of Covid-19 rages on.

10. Petrol Now Costs Almost Twice as Much in Mumbai Than New York

Petrol prices in Mumbai have risen past the Rs 100/litre mark for the first time ever, among the costliest in the country and almost twice the price in New York. Retail prices in the city are up 11% this year and have reached Rs 100.47 ($1.39) a litre Monday, Indian Oil Corp reveals. In New York, the retail price of a litre of Petrol is just Rs 57($0.79).