Tag: Top International news

U.S. Markets Move Up Slowly; Crude Oil Rally Creates Inflation Fears

Stocks in the U.S. market opened with a gap-down and moved up as traders assessed inflation fears against the economic rebound. Crude oil continued its rally to a 7-years high, just after breaking an important resistance from 2018.

• All 3 benchmark indices in the U.S including the tech-heavy NASDAQ stayed in the green after 2 hours of trade. Shares of the country’s largest company, Apple, moved up more than 1.2%. The current market-wide rally is led by commodity and financial shares.

• Stoxx Europe is down by 0.026%
• Dow Jones is up by 0.39%
• NASDAQ is up by 0.55%

Lenovo Takes A Hit After Withdrawing Shanghai Listing Application

The shares of Lenovo fell more than 17% on Monday after the tech giant withdrew its application for a 10 billion yuan (Rs 11,644 crores) listing in Shanghai. The stock hasn’t witnessed such an intraday decline in over a decade. The withdrawal is days after it had been accepted by Shanghai’s STAR Market and is due to some issues in the validity of financial information in its prospectus.

China To Regulate Data Sent Abroad By Cars

China said on Monday that it has decided to impose major assessment measures to regulate data sent abroad by vehicles. This lies in line with the country’s efforts to protect data and privacy. China said automakers and tech companies are gathering more data from vehicles and it’s raising privacy and security concerns.

Cleveland-Cliffs Rises On Buying Ferrous Processing and Trading Company

The shares of Cleveland-Cliffs rose 5% on Monday in NYSE after the company decided to buy Ferrous Processing and Trading(FPT) Company that gives access to prime scrap and expand its portfolio of high-quality iron-ore pellets and other ferrous raw material. FPT owns 15% of the domestic merchant prime scrap market in the US and it will be a great addition to Cleveland-Cliffs, the largest supplier of flat-rolled steel in North America.

Dollar Nears A 3-year High Vs Japanese Yen

The U.S dollar rose on Monday, nearing a three-year high against the Japanese yen as investors expect the U.S. Federal Reserve to announce a tapering of its massive bond-buying next month despite softer U.S. payrolls figures. (Tapering is the gradual slowing of the pace of the Fed’s large-scale asset purchases). The Japanese currency, which is highly sensitive to global events, hit 113 yen per dollar for the first time since December 2018 in the morning London trade. The Indian Rupee has also considerably fell against the US Dollar this month.

Southwest Expects Flight Traffic To Normalize This Week

Southwest Airlines of the United States said on Monday it expects passenger traffic to reach a normal level this week after it had to cancel more than 1,900 scheduled flights over the weekend. The cancellation was majorly due to unfavorable weather and air traffic issues in Florida. In a larger view, the share of major airlines across many countries is recovering from the pandemic hit, and they are one of the sectors that took more time to reach pre-Covid highs.

Merck seeks FDA Emergency use Authorization for Antiviral Covid-19 treatment Molnupiravir

Merck, the biopharma company which last week unveiled its antiviral drug Molnupiravir, is trying to get US Food and Drug Administration emergency use approval. The drug comes in a capsule form, and it would be the first oral antiviral treatment to tackle Covid-19 if authorization is granted. Merck is tied up with Divi’s Lab in India for distribution of Molnupiravir.

Studies that were stopped midway revealed that the drug worked well in more than 700 patients randomly assigned to take the pill or a placebo. However, data from the trial has not been peer-reviewed or published. 

Singapore Travel websites crash after border opening

In a major confidence boost to travel companies around the world, Singapore, one of the most strictly locked down countries, has decided to open its borders to countries such as the US and UK. 

The country has increased the number of countries that qualify for quarantine-free travel. Following this, travel websites in the country crashed as a huge flow of travellers logged in. 

Global Energy Crisis Piles Pressure on Aluminum Supply

Prices of Aluminum jumped to its highest since 2008, as the power crisis in China deepened. The metal requires high amounts of energy to be manufactured, and demand is ever high as it is used in everything from beer cans to iPhones. 

KKR’s billionaire founders hand over reins to Joe Bae, Scott Nuttall

Brent Oil Approaches $85 With Energy Crisis Boosting Demand

Global benchmark Brent crude advanced, approaching $85 a barrel, as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter. Brent futures rose as much as 2.7% to the highest since October 2018 on Monday. Prices of coal and natural gas have surged globally with stockpiles running low before the Northern Hemisphere winter, prompting some switching to oil products such as diesel and fuel oil.

China Coal Futures Surge to Record as Flood Swamps Mine Hub

Heavy rains and flooding expanded mine shutdowns in China’s biggest coal-producing region, sending prices to a record and hindering efforts by Beijing to boost energy supplies for winter. Floods have closed 60 of the 682 coal mines in Shanxi province, a region that has produced 30% of China’s supply of fuel this year, adding to a worsening energy crisis that threatens the country’s economic growth.

U.S. Markets Shoot Up; Energy Fears Subside

Equities in the U.S. market consolidated with some volatility. The indices are trying to close the week flat after closing more than 1% up or down for the last many days. Treasury yields have started to gain with lesser than expected jobs being added in September. The Fed is still expected to announce cutbacks to its bond buying programme next month, but the lower jobs data is good for keeping inflation down. Gold prices are trading flat, after trying to give an upwards move.

Stoxx Europe is down by 0.24%
Dow Jones is up by 0.3%
NASDAQ is down by 0.27%

Asda To Expand Rapid Delivery Business

Britain-based supermarket group Asda said on Friday it will expand a rapid online service for delivery within one hour to 96 stores. They have already completed the trial process and it topped expectations. Asda in June launched the “Express Delivery” service with a four-store trial. Customers can order up to 70 grocery products for delivery within one hour if they live within a three-mile radius of a store

Norway GDP Rises in August

Data from Statistics Norway (SSB) on Friday showed that August mainland GDP, which excludes oil and gas production, jumped 1.1% compared to the revised 0.6% in July. Developments in fisheries made significant contributions to the higher growth. Economists are expecting a hike in interest rates by the end of this year.

Hungary PM To Hike Wages Ahead Of 2022 Election

Hungary Prime Minister Viktor Orban, who faces elections next year said on Friday the government will raise nurses’ salaries by 21% from January and plans to lift the monthly minimum wage to 200,000 forints (Rs 48200). He also said that the government will cut taxes for businesses if they are ready to raise the minimum salary. 

Brazil Crosses 600,000 Covid-19 Deaths

Brazil on Friday become the second country in the world to pass a dark milestone, 600,000 COVID-19 deaths. More than 70% of Brazilians have received the first dose, but the slow start in vaccination adversely affected the efforts to escape from Covid spread. The United States reported 6 lakh deaths in June. Deaths in the country are down 80% from their peak of more than 3,000 per day in April.

Taiwan Exports Surge to Record, Defying Predictions of Slowdown

Taiwan’s exports grew faster than even the most bullish economist forecast last month, fueled by ongoing global demand for semiconductors. Exports rose 29.2% in September from a year earlier to a record $39.7 billion, according to a statement from Taiwan’s Ministry of Finance on Friday. That compares to a median estimate of 25% in a Bloomberg survey of economists.

Evergrande Creditors Brace for Battle on Fate of Offshore Assets

Kirkland & Ellis and Moelis & Co. are working on contingency plans with offshore holders of China Evergrande Group’s bonds who fear the struggling company may sell assets that they’re counting on to back up their claims if the business collapses. The law firm and New York-based investment bank are advising a group that so far includes six members holding $2.5 billion of Evergrande offshore bonds, a Moelis managing director said on a call with bondholders Friday.

China’s Energy Crisis Is Hitting Everything From iPhones to Milk

The hit from China’s energy crunch is starting to ripple throughout the globe, hurting everyone from Toyota Motor Corp. to Australian sheep farmers and makers of cardboard boxes.

U.S. Markets Shoot Up; Energy Fears Subside

Equities in the U.S. market moved up sharply as fears of an energy crisis eased. Yesterday, Russian President Vladimir Putin had offered to increase supplies to Europe and gas prices cooled down.

The S&P 500 and NASDAQ 100 both gained more than 1%, with the rally led by tech Apple and Facebook. European equities also moved up, the Central Bank of Europe looking to bring in new liquidity programmes. The debt ceiling issue between the Democrats and Republicans in the U.S. is also expected to be resolved soon.

Stoxx Europe is up by 1.61%
Dow Jones is up by 1.50%
NASDAQ is up by 1.67%

U.S. Weekly Jobless Claims Drop Once Again

The U.S Labor Department said on Thursday the initial jobless claims dropped by 38,000 to a seasonally adjusted 326,000 for the week ended Oct. 2 and this is the biggest drop in three months. This indicates the economic recovery after the Covid lockdown. California led the drop in claims followed by Michigan, Ohio, Washington DC, and Missouri.

IMF Asks Governments To Make Fiscal Plans To Tackle Pandemic Debt

The International Monetary Fund(IMF) said on Thursday that governments should plan a more sustainable budget with policies that win the trust of investors. But each country can decide the timing and pace of the policies based on its circumstances. IMF also said that fiscal plans should be flexible to allow economies to stabilize and avoid cuts in key public investments.

Venezuela Blames IMF On Covid Fund Delay

Venezuelan Vice President Delcy Rodriguez said on Wednesday that the country has not received funds from International Monetary Fund (IMF) to fight the COVID-19 pandemic. The country is expecting around $5 billion(RS 37,422 crores) in Special Drawing Rights (SDR) as part of a $650 billion(Rs 48 lakh crores) global effort to boost liquidity for the world’s most vulnerable countries. Venezuela’s central bank a few days back reported an increase in reserves of $5.1 billion but did not specify the origin of the funds

Tilray Gains On Higher Cannabis Demand

The shares of Canadian pharmaceutical and cannabis company Tilray rose more than 4% on Tuesday in NASDAQ after reporting a higher revenue from the Cannabis business. From June to August revenue jumped to $168 million(Rs 1257 crores) from $117.5 million(Rs 875 crores) a year earlier and the net cannabis revenue jumped 38%. Legal acceptance of cannabis in more states in the U.S also helped the business. But the net loss increased to $34.6 million in the first quarter from $21.74 million, caused by the 175% jump in total operating expenses.

UAE To Be Net Zero Emissions By 2050

The United Arab Emirates on Thursday launched a plan to be net-zero emissions by 2050 and would invest 600 billion dirhams (Rs 12 lakh crores) in renewable energy. UAE has already invested $40 billion(Rs 2 lakh crores) in the past 15 years in clean energy. Its first nuclear power plant, Barakah, is expected to produce 14 GW of clean energy by 2030, up from about 100 MW in 2015.

U.S. Markets Volatile; Dip Buyers fight Bears

Stocks in the U.S. market moved sharply around in the first few hours of trading, continuing on its 4th day of volatile trade this week. 

The S&P 500 fell more than 1% after opening but managed to gain back a bit. The NASDAQ 100 is trading flat after opening in the red. Every day of this week, the S&P 500 has moved more than 1%. European indices, which were in deep red when the Indian market closed, have slowly managed to gain back. Stocks were in the red earlier with Natural Gas prices in Europe jumping nearly 40%. Russia’s President Vladimir Putin said the country is ready to help, and things have now cooled down.

Stoxx Europe is down by 0.94%
Dow Jones is down by 0.77%
NASDAQ is down by 0.38%

Tesco Jumps On Higher Profits

Britain’s biggest retailer- Tesco on Wednesday raised its full-year earnings outlook after its store and online operations reported a better-than-expected 16.6% increase in profit. The sales helped the company to reduce net debt by 1.7 billion pounds (Rs 17,200 crore)) since February, and so it is planning to buy back shares. At the time of writing the stock is 5% up.

German August Industrial Orders Slip More Than Expected

Data from Federal Statistics Office on Wednesday showed that German industrial orders in August dropped more than expected due to weaker demand from other countries. After reporting unusually strong gains in June and July due to major contracts, orders for goods ‘Made in Germany’ fell by 7.7% in August. Anyway, overall industrial orders are still at a higher level and are already 8.5% above their pre-crisis levels of February 2020.

U.S. Private Payrolls Top Estimates

The ADP National Employment Report showed on Wednesday that U.S private payrolls rose above estimates in September as more businesses like restaurants started operating. Private payrolls increased by 568,000 jobs in September and the numbers for August were revised lower to 340,000 jobs instead of the initially reported 374,000.

Crude Oil Prices Fall Back Down with Supplies Increasing

Crude Oil prices in New York moved down after a U.S. government report showed that its stockpiles of crude increased by more than expected. Futures of West Texas Intermediate(WTI) Crude Oil in New York has fallen nearly 2% today. The commodity is still trading above an important level above $76/barrel.

Russia also signaled that it would increase supplies to Europe to help ease the current natural gas crisis.  

Russia To Stabilize Soaring Global Energy Prices

The crude oil price fell heavily on Wednesday after Russian President Vladimir Putin said the country is ready to stabilize soaring global energy prices and would boost supplies to Europe. Russia has been limiting the supplies for many days and crude oil prices continued hitting multi-year highs. He also said that the jump in oil price is a threat to industrial activity and would cause inflation to rise. U.S crude oil price has fallen more than 3% from highs.

Sweden And Denmark To Pause The Use Of Moderna’s Covid-19 Vaccine For Younger People

Sweden and Denmark said on Wednesday the countries have decided to pause the use of Moderna’s COVID-19 vaccine for younger people because of possible rare side effects. The side effects include Myocarditis, which is an inflammation of the heart muscle and can reduce the heart’s ability. Sweden and Denmark now recommends the Comirnaty vaccine, from Pfizer/BioNTech

U.S. Markets Rebound; Energy Stocks Continue to be in Demand

Equities in the U.S. market moved up with investors making the most use of Monday’s dip. Energy stocks continue to be in high demand with the global energy shortage continuing.

The tech-heavy NASDAQ 100 is gaining with a rally in tech heavyweights including Facebook and Amazon in the green. Crude oil prices in New York moved up for a fourth day.

Stoxx Europe is up by 0.73%
Dow Jones is up by 0.95%
NASDAQ is up by 1.13%

Pepsico Raises Annual Guidance

Top food and beverage company Pepsico raised its annual guidance for this year after beating estimates for the third quarter. The company expects full-year organic revenue to increase approximately 8% compared to its previous forecast of 6%. It hopes to see good business as more people returned to restaurants and theaters, boosting demand for its snacks and beverages.

Union Strike In South African To Affect Auto Industry

South Africa’s biggest metalworkers union- the National Union of Metalworkers of South Africa (NUMSA) on Tuesday declared an indefinite strike demanding wage rises in the engineering sector. The strike by more than 1.5 lakh workers could create a negative impact on supplies of parts to make new cars.

Bitcoin Hits $50,000 Again

Cryptocurrency king Bitcoin hits $50,000 for the first time in four weeks, continuing its bull run. On October 1 Bitcoin broke $47000 resistance in a solid green candle and then slowly continued its momentum. It has moved more than 20% in the last 6 days after falling to the support near $40000. At the time of writing it is consolidating above $50000. The next resistance is around $52,900, the high of September.

Robinhood Rises After New Plans Of 24/7 Support

Stocks of American financial services company Robinhood Markets rose more than 2.5% on Tuesday in NASDAQ after it decided to start a 24/7 phone line service to improve customer support. The service will be available for both trades in cryptos as well as equities and requests for support will have to come through the Robinhood app.

China Orders Banks to Ramp Up Funding to Boost Coal Output

China ordered its banks to ramp up funding to coal and energy companies, another step in its efforts to ease a power crunch and ensure supplies this winter. Banks and other financial institutions should prioritize lending to qualified mines and power plants so they can increase thermal coal and electricity output, China Banking and Insurance Regulatory Commission said in a statement Tuesday. 

Qantas Kicks Off 100-Plane Order Worth More Than $9 Billion

Qantas Airways Ltd. kicked off a process to buy more than 100 new planes worth in excess of $9 billion as it pushes ahead with plans to start ultra-long flights halfway around the globe. The airline will bring in the new aircraft by 2034 to renew its aging domestic fleet of Boeing Co. 737-800s and smaller Boeing 717s.

Tech Sell-Off Continues in the U.S., NASDAQ Down more than 2%

Equities in the U.S. market moved sharply down with the selloff in tech stocks continuing after closing Friday in the green. Bond yields spiked after a 3-day fall with the threat of inflation scaring investors.

The losses across the market are being led by giants of the market including Amazon and Facebook. However, energy and materials stocks moved higher along with rising commodity prices.

Stoxx Europe is down by 0.40%
Dow Jones is down by 1%
NASDAQ is down by 2.17%

Evergrande To Raise $5 Billion From Property Unit Sale

Chinese media reported on Monday that Evergrande is planning to sell a majority stake in its property management business for more than $5 billion(Rs 37,13,590 crores). The Evergrande group is having a debt of $305 billion(Rs 22,65,289 crores) and if the deal goes ahead, it will be a great escape plan. The company on Monday requested a halt in the trading of its shares in Hong Kong pending an announcement about an important transaction.

Tesla Jumps After Q3 Updates

Electric Vehicle maker Tesla rose more than 3% on Monday in NASDAQ after a promising Q3 update. The company recorded a 73% jump in deliveries during the period compared to last year. It has delivered 241,300 electric cars and produced 237,823 units.

Volvo Looking to raise $2.9 Billion in Stockholm Listing

Volvo Car is looking to raise at least 25 billion kronor ($2.9 Billion) in its initial public offering despite the sales crunch due to the global chip shortage. Funds from the IPO will help the Swedish carmaker shift to fully electric cars and a direct-to-consumer sales and subscription model. 

Volvo is currently owned by China’s Geely, who said that they intend to remain as its largest shareholder after the IPO this year.

China Tech Stock Benchmark Tests Lows on Regulatory Pressure

The Hang Seng Tech Index dropped as much as 2.7%, bringing the gauge to less than 1% away from its Aug. 20 record low. The benchmark which includes firms like Tencent Holdings Ltd. and Alibaba Group Holding Ltd. has fallen for three consecutive weeks on concerns over whether the curbs have further to run. 

Amplify Shares Fall 50% After California Oil Spill Stops Production

Shares of oil and natural gas company Amplify Energy fell heavily more than 50% on Monday in NYSE after a large oil spill from a rig operated by the company’s subsidiary Beta Offshore was found off the southern California coast. The spill has spread across 13 square miles of the Pacific Ocean and production has been shut off with investigations going on. The share has moved 800+% in the last 11 months and investors have lost 50% in a single day.

Crude Oil Prices Hit Multi-Year Highs

Oil prices are continuing their bull run, hitting multi-year highs with the Organization of the Petroleum Exporting Countries and allies continue their decision of a gradual increase in supply, even under higher demand from consumers. U.S crude oil is at a multi-year high since 2015 and UK Oil is at a high since 2018 November. OPEC+ will add 400,000 barrels per day to supply every month until at least April 2022.

S&P 500 Falls Ending the Quarter

Equities in the U.S. market stayed volatile on the last day of the week with companies linked to economic reopening outperforming tech stocks. Stocks from the Energy, financial and industrial sectors led the gains for S&P 500, and NASDAQ 100 stayed flat. 

The debt ceiling standoff between Democrats and Republicans in the U.S. is becoming a concern for investors with only 17 days left until Treasury Secretary Janet Yellen’s deadline for a deal to avoid default on the country’s AAA-rated bonds. If a deal is not reached, it will be catastrophic for the market.

Stoxx Europe is down by 0.53%
Dow Jones is up by 0.69%
NASDAQ is up by 0.10%

Merck Soars After Its Covid Drug Showed Reduced Risks

The stocks of German company Merck jumped more than 10% on Friday in NYSE after the company said that the anti-Covid-19 drug it is developing has shown reduced risks of hospitalization and deaths by around 50 percent. They are waiting for the U.S. emergency use authorization for the pill and are expecting Molnupiravir, the drug to be the world’s first oral antiviral medicine for Covid-19.

Bitcoin Soars More Than 9%

World’s largest cryptocurrency Bitcoin jumped more than 9% on Monday to cross $47800. Following the crypto king, many other coins including Ethereum, Dogecoin, XRP are up by 7-8%. The $43000-$47000 zone has been broken by Bitcoin with a solid green candle. But it has strong resistances at $49000, $50000, and $53000. Many analysts are expecting very high volatility in crypto movements. Yesterday Federal Reserve Chair Jerome Powell’s comment that the central bank had “no intention” to ban cryptocurrencies and this is also speculated as a reason.

Spain To Discuss With Great Wall Motor On Nissan Plant Takeover

Spanish authorities and Japanese carmaker Nissan has decided to discuss the possibilities of handing over Nissan’s plant in Barcelona with China’s Great Wall Motor. Nissan has three plants in Barcelona which would be shut down as part of global restructuring in December this year. Great Wall is currently interested in the larger plant and may consider the other two smaller plants also.

General Motors Says Chip Shortage Crisis Is Cooling Down

U.S automaker General Motors said on Friday the semiconductor chip shortage that affected all the automakers is now less intense compared to the previous months. The manufacturers were forced to produce vehicles without chips and park them at their facilities. Though its third-quarter sales dropped by 218,195 vehicles to 446,997 units compared to last year, the company believes that a steady flow of vehicles held at plants will continue to be released to dealers in the fourth quarter.

Silicon Prices Jump 300% with an Unexpected Price Hike

Prices of Silicon, a metal made from one of the most available elements in the world, have suddenly become short on supply. The metal is used in chips everywhere from computers to cars and is threatening the world economy’s recovery.

The shortage in electricity in China has led to a production cut of Silicon, and has sent prices up 300% in less than two months.

Even the Dirtiest Coal Is Surging Due to China’s Power Crunch

China is paying the most on record for the dirtiest type of coal, showing how the power crisis is turbo-charging Asian energy markets. The price of a variety of lignite coal from Indonesia surged to $110 to $120 a ton this week due to rising demand from China and falling production from mines in Kalimantan, said traders who buy and sell the grade. That’s up from last year when some shipments sold for as little as $20 to $25 per ton.

U.S. Weekly Average Of COVID-19 Cases And Hospitalizations Drops By 15%

U.S. Centers for Disease Control and Prevention (CDC) Director Dr. Rochelle Walensky said on Friday the weekly COVID-19 cases and hospitalizations in the US are down by 15% compared to the previous week. It had a daily average of 106,400 COVID-19 cases, 8,300 hospitalizations, and more than 1,476 deaths in the last seven days and the government is trying to double the number of Covid tests in the coming weeks, she added.

S&P 500 Falls Ending the Quarter

Volatility continued to roil risk assets, with energy prices spiking higher and U.S. equities sliding toward their worst quarter since the start of the pandemic.

Economically sensitive companies led losses in the S&P 500, with the gauge on track for its lowest level since July. A poor forecast at Bed Bath & Beyond Inc. and supply-chain worries at Kohl’s Corp. dragged retailers lower. Oil resumed its advance, while natural gas spiked.

Stoxx Europe is up by 0.79%

Dow Jones is down by 1.11%

NASDAQ is up by 0.08%

Myanmar Military Takes Responsibility For The Economic Crisis

Myanmar ruling military council’s spokesman Zaw Min Tun said that the ongoing economic crisis was caused by “outside factors” and two waves of COVID-19 infections, but the government is taking full responsibility and trying to solve them. Myanmar’s currency Kyat has lost more than 60% of its value since the beginning of September and the central bank had been unable to meet local demand for dollars. The World Bank said that the country’s growth would fall 18% this year and would see Southeast Asia’s biggest contraction in employment.

Ireland Doubles It’s Economic Outlook

Ireland’s Finance Minister Paschal Donohoe said on Thursday the country is experiencing a strong economic recovery from the Covid-19 pandemic hit and will see faster economic growth to 15.6% in 2021. GDP jumped 21.6% in the second quarter compared to last year, fueled by the ease in Covid restrictions and unemployment is expected to fall to 7.2% in 2022 and then to 5.3% in 2024.

Czech Central Bank Raises Interest Rate By Higher Basis-point

The Czech National Bank on Thursday unexpectedly raised its main rate by 75 basis points, the biggest hike since 1997. This is a key measurement to fight rising inflation, but such a big rise in rates was beyond analyst estimates. Some economists said that though the inflation jumped to 4.1% year-on-year in August, it was caused by the global rise of energy prices and supply chain disruptions and is beyond the central bank’s reach.

German Inflation Accelerates Further In September

According to the data from the German Federal Statistics Office, inflation is rising at a faster rate in September majorly caused by supply shortages. Consumer prices rose by 4.1% year-on-year compared with 3.4% in August. The data showed that the price of energy and food items had risen the most.

U.S. Weekly Jobless Claims Rise Again

The Labor Department said on Thursday that Jobless claims- the number of Americans filing new claims for unemployment benefits rose by 11,000 to a seasonally adjusted 362,000 for the week ended September 25. This is a third straight week of jump and economists say that wildfires in California, Hurricane Ida, and record flooding in New York and New Jersey in early September are the main reasons for rising claims.

China Tech Stocks Fall as State Media Fans Clampdown Concerns

Chinese technology stocks dropped on Thursday after state media ratcheted up calls for a deepening of regulation of online platforms to tutoring firms.

The Hang Seng Tech Index fell 1.3%, inching toward the lowest since its official launch that was hit last month. Stocks tracked overnight weakness in the sector’s American depository receipts after the South China Morning Post’s report that China’s scrutiny of video gaming content is getting stricter. Alibaba Group Holding Ltd. 

China Orders Top Energy Firms to Secure Supplies at All Cost

China’s central government officials ordered the country’s top state-owned energy companies — from coal to electricity and oil — to secure supplies for this winter at all costs, according to people familiar with the matter. The order came directly from Vice Premier Han Zheng, who supervises the nation’s energy sector and industrial production.

Tech Stocks Continue Heavy Fall with Profit Booking Spreading to more Stocks

With the proposed changes in interest rates by the Federal Reserve and increasing bond yields, tech companies have become the centre stage of profit booking in the U.S. market. The tech-heavy NASDAQ 100 index is down more than 2% in the first hour of trading, and it is on route to being its worst month in the last one year. 

Shares of the biggest companies in the world including Apple, Google, Amazon and Facebook are down 2-4% in the day. Investors have shown lesser interest for U.S. debt after Secretary of the Treasury Jannet Yellen said that her department will effectively run out of cash around October 18 unless legislative action is taken to suspend or increase the federal-debt limit.

Stoxx Europe is down by 1.95%

Dow Jones is down by 1.23%

NASDAQ is down by 2.53%

China Needs More Coal To Fight Energy Crunch

The Chinese government is under a lot of pressure to speed up the Coal imports to deal with the power crisis in the world’s second largest economy. Multiple industries are forced to conserve energy by reducing production. 70% of the country’s electricity generation is from coal, but President Xi Jinping’s plan to be carbon neutral by 2060 has adversely affected coal mining, leading to the energy crisis. A rise in demand after the ease of Covid restrictions has also boosted the situation. Goldman Sachs has cut its forecasts for China’s economic growth to 7.8% in 2021 compared with a year ago, lower than its previous forecast of 8.2%. 

Sanofi Drops Its mRNA Covid-19 Vaccine Plan

French pharmaceutical company Sanofi said on Tuesday that it has dropped the plans to develop its mRNA-based COVID-19 vaccine. This is because of the success of its rivals, BioNTech-Pfizer and Moderna in using the technology to fight Covid. The company will instead focus on efforts with British partner GlaxoSmithKline to bring another COVID-19 vaccine based on the more conventional protein-based approach. 

U.S. Sept. New-Vehicle Retail Sales May Take A Hit- Data

Major consultants J.D. Power and LMC Automotive said on Tuesday that U.S. retail sales of new vehicles during September are expected to fall nearly 25%. J.D. Power said that not enough vehicles are available in the inventories to meet consumer demand. Though consumers are ready to spend more on personal transportation, automakers are struggling due to the semiconductor shortage.

U.S Economy Is Far From Maximum Employment, Says Powell 

Federal Reserve Head Jerome Powell said on Tuesday the U.S. economy is long away from achieving maximum employment. This is considered as the key requirement for raising interest rates. The Fed will continue buying $120 billion(Rs 8 lakh crore) a month in bonds to reach the maximum employment and inflation goals.

.

Ford Asks For Vaccine Status Of U.S. Salaried Employees

Ford Motors said on Tuesday it has asked its U.S. salaried employees to submit their vaccination status against Covid-19. The hourly employees will also have to follow the same by October 8. Major automakers including General Motors have already started the same. The company said that this will help them to comply with federal Covid-19 vaccination requirements

Brent Oil Cools Off from a Three-Year High as U.S. Equity Markets Fall

Brent Oil Futures erased its intraday gains to reach 3-year highs as equities in the U.S. market continued its fall. The international crude benchmark crossed the important psychological level of $80/barrel for the first time since October 2018. 

There are signs that demand is going up with the current global energy shortage and falling inventories. West Texas Intermediate(WTI) Crude took resistance once again at the $76.8 level.

Tech Stocks Fall as Other U.S. Indices Move up

Treasury yields jumped to a more than 3-month high, pulling down shares of the world’s largest tech companies. The tech-heavy NASDAQ 100 underperformed other indices. FAANG shares including Amazon.com Inc. and Netflix moved down while energy stocks gained.

Stoxx Europe is down by 0.095%

Dow Jones is up by 0.41%

NASDAQ is down by 0.36%

Evergrande Misses More Interest Payments 

Wealthy investors in Chinese households who bought high-yielding bonds from the Evergrande Group have started getting trapped after the debt-ridden developer missed payments on bonds sold through shadow banks.

Some lenders, known as trusts, have already used up their own funds to pay these investors on behalf of Evergrande. It is not clear how much funds are yet to be paid or who are the buyers of these fixed-income bonds.

Soaring Natural Gas Prices Set to Increase World’s Energy Crisis

As the Winter season approaches around the world, the shortage of natural gas and increase in energy demand is causing energy prices to shoot up.

Countries around the world are now heavily relying on natural gas for power to reduce coal usage. ONGC officials and other top government officials have said that The central government is likely to increase the gas prices by up to 70 percent from October 2021 in India. This is happening as nations around the world race to secure supplies of natural gas for the cold months coming ahead. Do watch out for gas stocks.

Senior Japanese Investor Takes Out Full-Page Ads to Warn of Market Bubble

A senior and legendary investor in Japan’s stock market has taken out multiple full page ads in Japanese newspapers to warn of an epic market crash. He has blamed excess liquidity in the system as the reason for causing a collapse of the stock market bubble. 

Atsuto Sawakami, who founded the country’s first low-cost mutual fund is now 74 and is succeeded by his son Ryo who heads the firm he founded. The firm has more than 360 Billion Yen (~Rs 24 lakh crores)in assets under management as of September 24 with an exposure of 91% of assets in domestic stocks.

Orders For U.S. Business Equipment Rises Again

Orders placed with U.S. manufacturers for business equipment rose again in August, continuing the uptrend from the previous five months. The data from Commerce Department on Monday shows that the value of core capital goods orders, which exclude aircraft and military hardware increased 0.5% in August after an upwardly revised 0.3% a month earlier.   

Beyond Meat Rises on Plans to Bring Meatless Chicken Tenders to Grocery Stores

Stocks of plant-based meat substitutes producer, Beyond Meat rose more than 3% in NASDAQ on Monday as the company decided to bring meatless chicken tenders to grocery stores starting next month. It will be available at select stores of Walmart, Jewel-Osco, Safeway NorCal, Harris Teeter, Giant Foods, and ShopRite stores and will be expanded in the coming months.

Brent Crude Hits New 3-Year Highs.

Oil prices jumped on Monday, a straight fifth day rise with Brent Crude Oil hitting its highest since October 2018 as supply tightens and demand rises. UK Oil went up till $79.88, a 2.3% rise. Goldman Sachs raised its forecast by $10 for Brent crude at the end of this year to $90 per barrel, as faster fuel demand rises tremendously. 

Pfizer Starts Advanced Clinical Trial Of Anti-Covid-19 Pill

Pfizer said on Monday that it had started a middle-to-late stage clinical trial of an anti-Covid pill. Pfizer internally calls this drug PF-07321332, started experiments in March 2020, and is testing it in combination with ritonavir, a repurposed HIV medicine. Many pharma giants are developing oral antivirals against Covid and if the trial results are good, it will give a jump start for Pfizer.

Facebook Invests $50 Million To Build The ‘Metaverse’ 

Facebook has announced on Monday to invest $50 million (Rs 360 crores) to partner with organizations to build the so-called metaverse- a digital world where people can move between different devices and communicate in a virtual environment. Facebook said that the new XR Programs and Research Fund will invest the money globally over two years. 

Tech Stocks Fall as Other U.S. Indices Move up

Treasury yields jumped to a more than 3-month high, pulling down shares of the world’s largest tech companies. The tech-heavy NASDAQ 100 underperformed other indices. FAANG shares including Amazon.com Inc. and Netflix moved down while energy stocks gained.

Stoxx Europe is down by 0.095%
Dow Jones is up by 0.41%
NASDAQ is down by 0.36%

Evergrande Misses More Interest Payments 

Wealthy investors in Chinese households who bought high-yielding bonds from the Evergrande Group have started getting trapped after the debt-ridden developer missed payments on bonds sold through shadow banks.

Some lenders, known as trusts, have already used up their own funds to pay these investors on behalf of Evergrande. It is not clear how much funds are yet to be paid or who are the buyers of these fixed-income bonds.

Soaring Natural Gas Prices Set to Increase World’s Energy Crisis

As the Winter season approaches around the world, the shortage of natural gas and increase in energy demand is causing energy prices to shoot up.

Countries around the world are now heavily relying on natural gas for power to reduce coal usage. ONGC officials and other top government officials have said that The central government is likely to increase the gas prices by up to 70 percent from October 2021 in India. This is happening as nations around the world race to secure supplies of natural gas for the cold months coming ahead. Do watch out for gas stocks.

Senior Japanese Investor Takes Out Full-Page Ads to Warn of Market Bubble

A senior and legendary investor in Japan’s stock market has taken out multiple full page ads in Japanese newspapers to warn of an epic market crash. He has blamed excess liquidity in the system as the reason for causing a collapse of the stock market bubble. 

Atsuto Sawakami, who founded the country’s first low-cost mutual fund is now 74 and is succeeded by his son Ryo who heads the firm he founded. The firm has more than 360 Billion Yen (~Rs 24 lakh crores)in assets under management as of September 24 with an exposure of 91% of assets in domestic stocks.

Orders For U.S. Business Equipment Rises Again

Orders placed with U.S. manufacturers for business equipment rose again in August, continuing the uptrend from the previous five months. The data from Commerce Department on Monday shows that the value of core capital goods orders, which exclude aircraft and military hardware increased 0.5% in August after an upwardly revised 0.3% a month earlier.   

Beyond Meat Rises on Plans to Bring Meatless Chicken Tenders to Grocery Stores

Stocks of plant-based meat substitutes producer, Beyond Meat rose more than 3% in NASDAQ on Monday as the company decided to bring meatless chicken tenders to grocery stores starting next month. It will be available at select stores of Walmart, Jewel-Osco, Safeway NorCal, Harris Teeter, Giant Foods, and ShopRite stores and will be expanded in the coming months.

Brent Crude Hits New 3-Year Highs

Oil prices jumped on Monday, a straight fifth day rise with Brent Crude Oil hitting its highest since October 2018 as supply tightens and demand rises. UK Oil went up till $79.88, a 2.3% rise. Goldman Sachs raised its forecast by $10 for Brent crude at the end of this year to $90 per barrel, as faster fuel demand rises tremendously. 

Pfizer Starts Advanced Clinical Trial Of Anti-Covid-19 Pill

Pfizer said on Monday that it had started a middle-to-late stage clinical trial of an anti-Covid pill. Pfizer internally calls this drug PF-07321332, started experiments in March 2020, and is testing it in combination with ritonavir, a repurposed HIV medicine. Many pharma giants are developing oral antivirals against Covid and if the trial results are good, it will give a jump start for Pfizer.

Facebook Invests $50 Million To Build The ‘Metaverse’ 

Facebook has announced on Monday to invest $50 million (Rs 360 crores) to partner with organizations to build the so-called metaverse- a digital world where people can move between different devices and communicate in a virtual environment. Facebook said that the new XR Programs and Research Fund will invest the money globally over two years. 

Indices Stay Flat on Last Day of the Week

Markets in the U.S. stayed sideways with the crypto markets being wobbled by Chinese regulations. Stocks are confused after Bitcoin, Ethereum and others crashed after China said crypto-related transactions will now be considered illicit financial activity. 

Stoxx Europe is down by 0.90%

Dow Jones is flat

NASDAQ is up by 0.23%

China Declares All Crypto-Currency Transactions As Illegal

China’s central bank on Friday announced that all transactions of crypto-currencies are illegal and it led to the fall of major cryptos. Major Chinese regulators including the central bank as well as banking, securities, and foreign exchange regulators vowed to rule out illegal cryptocurrency activities such as transactions and mining. At the time of writing, Ethereum and Bitcoin are down by 6-8%.

Nike Falls After It Lowers Growth Forecast

The stocks of Nike fell heavily after it lowered its sales forecast as the disturbance in the supply chain affected the production and shipping of products. It now expects 2022 sales growth to be around 5% against the double-digit growth it previously estimated. The company lost 10 weeks of production in the Vietnam hub and it prevented Nike from keeping up with consumer demand. The stock is down by more than 6% in NYSE.

Covid Booster Shots Will Be Free And Accessible: Biden

American President Joe Biden said on Friday that Covid-19 vaccine booster shots will be free and easily accessible. He also urged front-line workers, Americans over 65, and those with underlying health conditions who got Pfizer’s coronavirus vaccine to receive a booster shot. And people who received the Moderna or Johnson & Johnson vaccines “still have a high degree of protection” and will be able to get booster shots later.

U.S. New Home Sales Beat Expectations

The Commerce Department said on Friday the sales of new U.S. homes rose 1.5% to a seasonally adjusted annual rate of 740,000 units in August. July sales were revised up to 729,000 units from the previously reported 708,000 units. But analysts say that there are signs that U.S housing market momentum is slowing.

Blockchain- And Crypto Linked Firms Falls After Chinese Ban

The Chinese ban on crypto-linked activities took not only the currencies down but also many other blockchain and crypto-related companies. Crypto exchange Coinbase(-3%), Hut 8 Mining(-6%), Bit Digital(-5%), Riot Blockchain(-6%) fell heavily in NASDAQ on Friday. MicroStrategy-one of the biggest Bitcoin investors among listed companies also fell more than 4%.