U.S. Markets Near Record Highs; GDP Data Out

U.S. stocks moved down as the week of big company results closed. Growth was seen slowing down for mega-cap tech companies that have so far led the rally, with Amazon shares falling 7%.

Stoxx Europe is down by 0.45%
Dow Jones is down by 0.37%
NASDAQ is down by 0.68%

Saudi Arabia to allow fully vaccinated foreign tourists

Saudi Arabia on Friday said it has decided to open the borders to fully vaccinated foreign tourists. The travelers fully vaccinated with Saudi-approved jabs such as Pfizer, AstraZeneca Moderna, or Johnson & Johnson will be able to enter the kingdom without the need for an institutional quarantine period.

Fire Breaks Out In Tesla Megapack Battery Unit

Reports say that a fire broke out in a Tesla’s Megapack battery unit in Australia on Friday during an initial trial of the high-profile energy project known as the Victorian Big Battery. This is considered one of the world’s biggest energy storage projects. Authorities said that nobody was injured and the facility was evacuated.

Malaysia Takes Enforcement Action Against Binance

The Securities Commission of Malaysia said on Friday it has issued a public reprimand against cryptocurrency trading platform Binance, to stop its operations in the country. It has already been added to the regulator’s investor alert list a year ago and now the regulator has asked the company to disable its website and mobile applications, cease media and marketing activities and also restrict Malaysian investors from accessing its Telegram group.

U.S. Labor Costs Rises Sharply In The Second Quarter

The U.S Labor Department said on Friday the Employment Cost Index which is used to measure the labor costs, increased 0.7% in the second quarter. The year-on-year rate of increase is at 2.9% against 2.6% in the first quarter. The rise is because many companies are giving higher wages and benefits to attract workers

Amazon Falls 7% As Results Missing Estimates

Amazon on Friday fell 7% in NASDAQ as it reported lower than expected quarterly results. Amazon’s revenue rose 27% year over year to $113.08 billion in the second quarter. But the numbers are weaker because in the Q2 of 2020 the revenue jumped 41% year over year.

Drugmaker AbbVie Raises 2021 profit outlook

We have been seeing multiple companies raising 2021 outlooks and drugmaker AbbVie is the latest one on the list. The company expects better business for the year 2021 backed by higher sales of its Botox anti-wrinkle injection. The sales of Botox were at $584 million in the second quarter against the estimates of $483 million and the company expects the trend to continue as more people step out of the houses due to the ease of lockdown restrictions.

Australia will reopen when 70% vaccination target completes

The Australian Prime Minister Scott Morrison said on Friday the country will reopen the borders and avoid lockdowns once 70% of the entire adult population has been fully vaccinated. He also said an exact time cannot be set as Delta cases are rising, but expects all eligible Australians to be vaccinated by the end of the year.

U.S. Markets Near Record Highs; GDP Data Out

Stocks in the U.S. markets head toward record highs after a series of policy announcements and data were published, not all of which were positive. Yesterday, the Fed had maintained its dovish view on the economy, holding its interest rates at record lows. 

GDP data for the quarter showed 6.5% growth in the last quarter, a slight jump but worse than expected. Worries of inflation eased with the jobless data report. The S&P 500 touched all-time highs and Ford Motor rallied after a surprise profit.

Stoxx Europe is up by 0.51%
Dow Jones is down by 0.45%
NASDAQ is up by 0.16%

Airbus Looking To Beat Boeing’s Cargo Dominance

Airbus on Thursday said the company has plans for a new freighter version of its A350 passenger jet and beat Boeing’s dominance in the cargo segment. Chief Executive Guillaume Faury said the company is expecting the lightweight A350 wide-bodied jet to boost the cargo business.

Saudi Arabia Announces A Three-year Travel Ban For Citizens Visiting Countries In Covid-19 Red List

Saudi Arabia on Thursday said a three-year travel ban and penalties will be imposed on citizens who visit countries on the kingdom’s Covid-19 red list, including India. The red-list countries include India, UAE, Syria, Yemen, Iran, Turkey, Afghanistan, Venezuela, Belarus, and Vietnam.

Rise In Covid Case In Japan Has No Links With Olympic Games

The International Olympic Committee(IOC) on Thursday said the rise of Covid-19 positive cases in Japan has no links with the Tokyo Olympic Games. IOC spokesman Mark Adams said that no infection has spread from participants of the Games and out of 310,000 that have been carried out only a small part has been tested positive.

China To Raise Electricity Prices By 20% During Peak Hours

The state planner of China said on Thursday, the government is planning to raise the electricity prices by more than 20% during peak demand time. The exact time of implementation is not available and the new decision is in line with China’s green and low carbon energy development plans.

Didi’s Shares Surge on Report It’s Considering Going Private

Uber’s Chinese competitor Didi Global shot up after reports that the firm is considering going private, bowing down to Chinese regulators’ pressure and to compensate investors for losses. The stock is down 30% from its June 30th listing price in New York. 

The company refuted all rumours, and the share price is slowly falling.

Tesla Battery Supplier Unveils Breakthrough Tech

Contemporary Amperex Technology Ltd(CATL) has unveiled a breakthrough sodium-ion battery. It is a type of low density cell that uses much cheaper materials than those in lithium-ion batteries.

CATL is China’s top battery maker and became the first major automotive battery maker to unveil such a battery, with plans to set up a supply chain by 2023. These batteries do not contain either lithium, cobalt or nickel. Cost details were not disclosed.

China Puts Pressure on Metal Exports; India to Benefit?

China has raised export tariffs on steel materials, and removed rebates on cold-rolled products, as the government continues to slow down a jump in metal prices. 

The measures introduced by the Chinese Ministry of Finance could however increase demand for Indian Metals in the international markets. And since supplies would reduce, a jump in prices can also be expected, a direct opposite to what China intends to do, according to research by the marketfeed team. Metal stocks holders can enjoy the profits!

U.S. Markets Mixed; Waiting Fed Announcement

Stocks in the U.S. market are currently trading mixed with low volumes, as investors wait for major announcements from corporations and the Federal Reserve.

The Federal Reserve is expected to keep rates the same in its review announcement today. Tech giants including Apple are set to announce their quarterly results and there is pressure on these stocks, with Apple down more than 2%. 

Stoxx Europe is up by 0.43%
Dow Jones is down by 0.12%
NASDAQ is up by 0.27%

Sydney Lockdown Extended For Another 4 Weeks

The Australian government on Wednesday extended the lockdown in Sydney by four weeks. In the last 24 hours, Sydney reported 177 new cases and 11 deaths. The state has already been lockdown for the last five weeks and the restrictions will continue till August 28.

Pfizer Rises Over The Better Revenue Expectations From Vaccine Shots

Pfizer on Wednesday announced an improved forecast for the sales of the Covid-19 vaccine by 28.8% to $33.5 billion(Rs 2,49,381 crores) compared to the previous forecast of $26 billion(Rs 1,93,549 crores). The company expects to sell 2.1 billion doses of the Covid-19 vaccine that it developed with Germany’s BioNTech this year. At the time of writing the stock is more than 2% up on NYSE.

GameStop To Rebrand Canadian Stores Of EB Games 

GameStop Corporation on Wednesday said it has decided to rebrand its subsidiary, EB Games in Canada by the end of 2021. EB Games has about 4000 stores in Canada and the decision is taken based on the feedback from customers and shareholders. 

737 MAX Helps Boeing To Post Good Profit Numbers

American aerospace company Boeing on Wednesday reported its first profit numbers in about two years. The operating profit is at $755 million(Rs 5,620 crores) in the second quarter against a loss of $3.32 billion(Rs 24,714 crores) last year. The company said it is currently building 16 737 MAX jets per month. The Revenue rose 44% to about $17 billion(YoY) and the stock is up by nearly 5% on NYSE

Bitcoin in Longest Winning Streak in 2021

Recovery in the world’s largest cryptocurrency, Bitcoin, has now put it on its longest winning streak this whole year. Bitcoin moved up 7.5% to cross even $40,900 today, gaining for the eighth day. Other coins including Ethereum climbed.

Iron Ore Miner Rio Tinto Pays Rs 68,000 Crores Dividend 

The world’s biggest iron ore miner, Rio Tinto Group, has reported its highest-ever interim profits. The company has said it will pay $9.1 Billion(~Rs 68,000 crores) in dividends to its shareholders. 

Iron ore miners around the world have been reaping profits from the rally in commodity prices. Thousands of crores pumped into relief packages have triggered heavy buying for commodities like iron ore and copper. However, this is also pushing up inflation around the world.

Second Time Covid-19 Patients Have Milder Symptoms: Report

Patients who get affected by Covid-19 for a second time currently report to show lower viral load. This means that they will have milder symptoms and illnesses. 

Data from the Office for National Statistics in the U.K has said this from an analysis of test results from April to July. Consistently, higher viral loads were seen in the first round of infection.

Crude Oil Trading Firm; Inventory Data Bullish

West Texas Intermediate Crude Oil is trading with firm support in New York after the inventory data from the U.S. once again gave a bullish signal. 

The American Petroleum Institute (API) has reported that US crude inventories fell by 4.7 million barrels for last week. This is indicative of high demand for oil, as the summer travel season continues. WTI Crude is currently trading around $72/barrel in the market and is up more than 10% from prices of 20th July.

U.S. Markets Move Down ahead of Results

U.S. markets moved down with corporate earnings in focus, just like our market. Tech stocks including Apple and Microsoft fell ahead of their earnings reports.

Chinese and Hong Kong markets continued their crash. U.S. markets were at all-time highs yesterday and are moving down with the fall in international markets.

Stoxx Europe is down by 0.58%
Dow Jones is down by 0.43%
NASDAQ is down by 1.40%

UN Pays $600 Mln To Kuwait Oil Company For Iraq Invasion

A United Nations panel on Tuesday paid out $600 million(Rs 4,466 crores) to Kuwait’s National Oil Company as compensation for Iraq’s invasion of Kuwait that happened thirty years ago. UN has been settling multiple claims related to the invasion by governments and international organizations and the firm can expect to receive a further $1.1 billion(Rs 8,188 crores) as it is the sole remaining claimant.

Tokyo Reports Highest Number Of Covid Cases Since Jan 7

The Japanese capital Tokyo on Tuesday reported 2,848 Covid positive cases, above the previous high of 2,520 cases on Jan 7. Though Japan has fully vaccinated 25.5% of the people, the rising cases due to the Delta variant is a concern during the Olympic period.

General Electric Opens 4% Up After Good Results

General Electric on Tuesday opened with a gap up of 4% in NYSE after the results tops analyst estimates. The total revenue for the second quarter was reported at $18.28 billion against the estimated $18.08 billion(Rs 1,36,074 crores). The company raised the free cash flow outlook to be $3.5 billion-$5 billion, up from its previous forecast of $2.5 billion to $4.5 billion. At the time of writing the stock is 0.9% up.

GDV Expects $6.5 Billion In Claims From Storms

German insurance industry association GDV is expecting up to 5.5 billion euros (Rs 48364 crores) in claims from storms that affected the country this month. The new estimate is higher against the initial estimate of 4 billion to 5 billion euros last week.

Hong Kong’s Hang Seng Index Falls More Than 4%

Hong Kong’s Hang Seng index on Tuesday closed in deep red, down by a frightening 4.4%. The fall is led majorly by Tech stocks. The index has already erased the gains of 2021. The tech war has dragged the index by 10% in 3 days.

Amazon Denies Report Claiming Imminent Crypto Plans

After breaking the $40,000 mark, Bitcoin couldn’t continue the momentum as Amazon denied immediate crypto plans. The company said they have no imminent plans to accept Bitcoin payments and after this, the crypto king moved down to $36,500. At the time of writing Bitcoin is now back above $38,000, 2.5% up.

Visa-Backed Paymate Picks Banks for $400 Million IPO

Paymate India Pvt, a business-to-business payment solution provider, has selected banks for its Mumbai initial public offering that could raise about $400 million, according to people familiar with the matter. Paymate plans to file a draft prospectus for the IPO as early as September, they added.

Singapore Fintech Startup Nium Tops $1 Billion Valuation

Singapore’s Nium Pte, a payments startup serving businesses, became a rare fintech unicorn in the city-state after raising more than $200 million in fresh funding. The company said Tuesday its value topped $1 billion after a Series D round led by Menlo Park, California-based Riverwood Capital LLC.

1. U.S. Markets Move Higher; Another Big Results Week

U.S. stocks moved up slightly higher in a big week for tech results. There is also an important policy meeting from the Federal Reserve to be out this week.

Tesla gained more than 3% ahead of its earnings release. Apple, Amazon and Facebook are also moving up ahead of their results this week.

Stoxx Europe is down by 0.12%
Dow Jones is up by 0.073%
NASDAQ is up by 0.079%

2. Philips Reports Q2 Results Above Estimates

Dutch multinational company Philips on Monday posted a 36% rise in profits for the second quarter at 532 million euros(Rs 4,672 cores) compared to 390 million euros(Rs 3,425 crores) of last year. The firm also announced a 1.5 billion euro(Rs 13174 crores) share buyback starting in the third quarter for three years.

3. Food-Tech Company NotCo Raises $235 Mln Funds

Chilean food-tech company- NotCo said on Monday it has raised $235 million(Rs 1,747 crores) in a funding round. Jeff Bozos backed company has a wide range of products including plant-based milk, burger patties, meat, and ice creams, and plans to utilize the new funds to expand the business to more countries. 

4. Ryanair Interested In Buying Boeing MAX 10 This Year

Irish ultra-low-cost carrier Ryanair said on Monday the company has plans to buy MAX 10 from Boeing this year. The largest European customer for the MAX also said there is no pressure currently and the deal will be considered at the right price. They are looking for the larger 230-seat MAX 10, which took off on its maiden flight in June. At the time of writing the stock is trading 1% up in NYSE.

5. Goldman Sachs Cuts U.S. Growth Outlook For The Rest Of The Year

Goldman Sachs on Monday revised U.S economic growth for the upcoming third and fourth quarters to 8.5% and 5.0% respectively, a drop of 1%. This is because of the slower recovery rate in the service sector and the full-year forecast is still at 6.6%.

6. China Stocks Crash with Panic Selling

On Friday we had discussed the sell-off in Chinese Ed-tech companies. A selloff in these private education companies have started a sell-off in the entire Asian markets. The crackdown by Beijing on some of the nation’s industries including Education, Realty and Tech have caused panic.

Hang Seng Index fell 4.1%, most since May last year. China’s CSI 300 Index dropped 3.2%. 

7. Crude Oil Falls with Hopes of Demand Falling

Crude Oil Futures in New York fell as investors struggled to find the right balance between future demand and current

outlook for demand and scares that it will not recover with the spread of Delta variant of Covid-19. 

The impact of the virus on the developing world is still not known, although there is demand, excluding jet fuel, coming back in the developed world in a really strong way.

8. Chipmaker TSMC planning plants in Germany and Japan 

Taiwan Semiconductor Manufacturing Company is looking into a new chipmaking plant in Germany and Japan, according to the company’s Chairman. 

The company said its planned global supply chain will be based on free-trade principles, except for national security needs. Germany is home to the company’s customers including chip designer Infineon and carmakers like Volkswagen and Daimler.

1. U.S. Markets Rally Boosted by Quarterly Profits

U.S. markets are set to close at the week’s high after a dramatic fall on Monday and last Friday. Major indices are heading towards fresh all-time highs with corporate profits for the last quarter beating all estimates.

Data from Bloomberg shows that 87% of S&P 500 companies who have reported profits so far have beaten analysts estimates. Credit card company American Express jumped more than 5% after adding a record number of new customers to its Platinum card in the quarter.

Stoxx Europe is up 0.96%
Dow Jones is up 0.56%
NASDAQ is up 0.25%

2. Chip Shortages To Continue In 2022

Economists and Analysts expect the semiconductor chip shortage to continue in 2022 and will hit smart devices like mobile phones etc. Many Taiwanese semiconductor companies have boosted production in China because the Covid restrictions have affected the production in Taiwan. But this won’t be sufficient as the auto sector has already been in pain.

3. Tokyo Olympics Linked Covid Cases Tops 100 Mark

The number of Tokyo Olympics linked Covid-19 positive cases crossed the worrying 100 marks on Friday with the addition of 19 new cases. The Olympic games will open officially today with a ceremony having a maximum of 1000 people.

4. Cobham Offers $3.6 Billion To Buy Ultra Electronics

British Aerospace and defense group Cobham on Friday offered $3.6 billion(Rs 26,796 crores) to take over the rival Ultra Electronics. The latest bid is about a 42% premium to Ultra’s last closing price and the new offer of 35 pounds a share is better than the previous offer of 28 pounds a share.  

5. Sinopharm Vaccine may offer poor protection for Elderly, study says

A study from Hungary has shown that China’s Sinopharm vaccine offers ‘poor protection’ from Covid-19 for the elderly. Many South American and Middle Eastern countries, including United Arab Emirates have taken Sinopharm shots for their population. 

Even though it was a small sample size of 450 people, not even one subject above 80 years had antibodies after taking the vaccine.

6. China asks Tutoring Companies to go Non-Profit

China is planning to ask companies that offer tutoring on the school curriculum to go non-profit. The country has an education industry valued at more than $100 Billion(~Rs 7.4 lakh crores). Shares related to the industry crashed.

These platforms won’t be allowed to raise capital or go public. Listed firms may also no longer be allowed to invest in or acquire education firms teaching school subjects.

7. Volvo Cars Jumps to Profit in First Half of the Year, IPO Soon

Volvo Cars, owned by China’s Geely Holding, has returned to profits in the first half of the year. It posted a profit of over $1.5 Billion(Rs 11,000 crores) against a loss of $989 Million(~Rs 7300 crores) in H1 last year. 

Profits have been boosted by growing demand for electric cars, and is higher than the 1st half profits of 2019 before Covid-19 hit.

The company is considering carrying out an initial public offering (IPO) before the end of this year.

8. Telegram Founder Says He Was Aware Of Pegasus Spyware Since 2018

Telegram founder Pavel Durov said on Friday he was aware of being a target of Pegasus spyware since 2018 itself. He received the information saying that one of his mobile numbers was on the spyware target list. He said that he was not worried about being tracked.

9. Banks Rethink Evergrande Mortgage Halt After HKMA Queries

At least two of Hong Kong’s biggest lenders are reconsidering halts on mortgages for China Evergrande Group’s unfinished properties, after the decisions were questioned by the city’s de facto central bank, according to people familiar with the matter.

The potential turnabout by HSBC Holdings Plc and Bank of China Ltd.’s Hong Kong unit comes just days after the banks suspended the mortgages amid mounting doubts about Evergrande’s financial health. 

U.S. Markets Continue to Move Up; Earnings in Focus

Momentum slowed once again in the market, after two days of a reversal rally. S&P 500 and other indices are mildly in the red after the government published worse than expected jobless claims data.

Companies linked to a broader re-opening of the economy lagged behind big technology firms. 

Stoxx Europe is up 0.57%
Dow Jones is down 0.20%
NASDAQ is down 0.03%

U.S. Weekly Jobless Claims Rises

The U.S Labor Department said on Thursday the jobless claims increased 51,000 to a seasonally adjusted 4,19,000 for the week ended July 17. The analysts were expecting better numbers as the Covid situation is cooling down in the U.S.

Visa Agrees To Buy Cross-Border Payments Provider Currencycloud

American financial services firm on Thursday agreed to buy British cross-border payment provider Currencycloud at a valuation of $962.01 million(Rs 7,160 crores). Currencycloudallows cross-border payments for nearly 500 banking and technology companies and Visa has been a shareholder in the company from 2020.

Daimler To Invest More In Electric Vehicle Segment

The Mercedes-Benz maker- Daimler announced the plans to invest more than $47 billion (Rs 3,49,841 crores) to develop the battery for electric vehicles during a period between 2022 and 2030. The company aims to be ready for an all-electric car market by 2030.

China Vice Premier Says Property Market Won’t Be A Vehicle For Short Term Economic Stimulus

Vice-Premier of China, Han Zheng said on Thursday the country will not consider the property market as a vehicle for short-term economic stimulus. He added that local governments should strictly follow the terms for financing property developers, including bank loans, and improve land pricing mechanisms. 

Chipmakers now worried about oversupply

In a major concern to chipmakers around the world, there are now concerns of oversupply in the industry. The unexpected increase in demand is now increasing fears the industry will be adding so much capacity in the years ahead as demand subsides that profits will take a hit.

Customers were panic buying chips during the pandemic, which could have created an artificial bubble of sales that encouraged these companies to produce more.

1. U.S. Markets Continue to Move Up; Earnings in Focus

Stocks moved back up for the second day as corporate earnings took focus away from concerns about the economic impact of Covid-19. Bonds fell. 

Markets had fallen on Monday and Tuesday with a sell-off from institutional investors. The S & P 500 is on its way back to fresh highs while small caps in the U.S. market rallied with even more power.

Stoxx Europe is up by 1.65%
Dow Jones is up by 0.74%
NASDAQ is up by 0.58%

2. Israel Forms An Security Team To Look Into NSO Spyware Allegations

Israel said on Wednesday the country has formed a team to look into the allegations that the spyware sold by NSO Group has been abused worldwide. The team led by Israel’s National Security Council will have to report directly to Prime Minister Naftali Bennett. The team will majorly check the exports of NSO Group’s Pegasus software. 

3. WHO Says, Delta Variant To Be Dominant Soon

World Health Organisation(WHO) said on Wednesday the Covid Delta variant will become the dominant strain in the coming months. The presence of the Delta variant has already been identified in 124 territories and it’s highly contagious compared to other variants.

4. Coca Cola Rises Up Over Upgraded Sales Forecast

Coca-Cola raised the annual sales forecast for the year 2021 and expects to reach organic revenue growth of 12% to 14% and adjusted EPS growth of 13%-15%. The new outlook has been announced after the annual sales forecast after second-quarter volume numbers surpassed those of April-June 2020. The stock is up 2% and trading with good volumes. 

5. Anthem Warns About Upcoming Rise In Covid-19 Cost

U.S health insurance company Anthem on Wednesday warned about comparatively higher COVID-19 costs in the next six months due to new Coronavirus variants and a slower vaccination rate in the country. Health insurers all around the world are highly concerned about the slower vaccination drives and rise in new variants as it will have a direct impact on the companies.

6. Crude Oil Gains as U.S. Fuel Supplies Fall

Crude Oil jumped higher as equity markets stabilised for the week. The U.S government also published a report showing falling fuel stockpiles, during the high-demand summer season.

West Texas Intermediate Crude moved up 4.5% today. This may cause stock specific rallies in the market tomorrow from the oil sector.

1. U.S. Markets Rebound; Financial Stocks Move Up 

Buyers kicked in the dip with last week’s worst-performing stocks now moving back up. S&P 500 found support near its 50-day moving average. 

Industrial, financial and small-cap firms are leading the rally. Tech shares underperformed as they had not fallen anyway. We will have to watch if this is just a bounce back, or if it is a trend reversal.

Stoxx Europe is up by 0.47%
Dow Jones is up by 1.51%
NASDAQ is up by 0.74%

2. Amazon Shuts Down Pegasus Connections

After the rise of the Pegasus spyware controversy, the Cloud arm of Amazon, Amazon Web Services dropped the infrastructure and accounts linked to the NSO Group who owns Pegasus. Latest reports say that Pegasus spyware is used by many governments to snoop on more than 50,000 people in 50 countries including India.

3. U.S June House Building Rises Above Expectations

The U.S Commerce Department said on Tuesday U.S housing in June increased 6.3% to a seasonally adjusted annual rate of 1.643 million units. Revised data for May is at a rate of 1.546 million units from the previously reported 1.572 million units. Permits for future homebuilding dropped 5.1% to a rate of 1.598 million units in June. 

4. Covid Scares Tokyo Olympics, 71 Reported Positive

The total number of Covid positive people related to the Tokyo Olympics reaches 71 after an American gymnast and a Czech beach volleyball player tested positive. Czech beach volleyball coach Simon Nausch has been reported as the fifth resident of the Olympic Village to get infected by Covid-19. The event starts on July 23 and will be held without spectators

5. Three Largest U.S Drug Distributors Ready To Pay $1.1 Billion To Settle Opioid Case

The three largest drug distributors of the U.S.- McKesson, Cardinal Health, and AmerisourceBergen, have agreed to pay $1.1 billion(Rs 8211 crores) to settle the claims by New York state and two of its biggest counties over the role of three firms in the nationwide opioid epidemic. No more details are available on this. 

6. China Denies Hack on Microsoft Hack, Hits Back Against the U.S.

China has rejected the accusations by the U.S, U.K. and others that they were behind the hack of Microsoft Exchange and other malicious cyber activities. The hack had shaken the world’s largest countries, who were questioning whether their cybersecurity systems are safe enough.

“It is purely a smear and suppression out of political motives. China will never accept this”, China’s Foreign Ministry spokesperson said.

7. Jeff Bezos Returns After Historic Space Flight

World’s wealthiest man, Jeff Bezos, has returned back to earth safely after Blue Origin’s effort to make space tourism popular. The company’s capsule touched down in West Texas just 10 minutes after it launched from the New Shepard rocket. Bezos and team flew at an altitude of 100 km above the Earth. The capsule then parachuted back.

“Best day ever,” Bezos said shortly before landing.

8. Oxford Economics Feel Housing is Overpriced

British research firm, Oxford Economics has identified Netherlands, Canada, Sweden, Germany and France as high-risk property markets. Prices may be overvalued by about 10% after a 10-year boom strongest since the year 1900.

The firm has estimated that house values across 14 rich economies have risen 43% in 10 years, and may see a correction soon after the bubble.

9. Singapore Increasing Restrictions; Pushes more Economic Assistance

The Singapore Government has said it will increase restrictions on social gatherings again from Thursday, as the country sees a record number of new Covid-19 cases. Australia is also seeing an increase in restrictions on travel and gatherings.

1. Global markets in red

Stocks across global markets fell and bonds moved up as concerns of Covid-19 once again took hold of the market.

All major sectors in the U.S. market moved down led by financial and industrial companies. Airline and travel stocks also fell with the expectation of more restrictions around the country. 

Stoxx Europe is down by 2.55%
Dow Jones is down 2.10%
NASDAQ is down 1.64%

2. Apple Agrees On iPhone Vulnerability To The Pegasus-Type Breaches

Ivan Krstic, the head of Apple Security Engineering and Architecture in a statement admitted that iPhones are vulnerable to Pegasus-type breaches. The company said such breaches are not a threat to a majority of its users as it targets specific individuals. Anyway, the firm is adding new protections for its devices and to safeguard the data on them.

3. The U.S Blames China For The Microsoft Exchange Email Hack

The U.S administration on Monday pointed at China for a Microsoft Exchange email server software hack that affected many computer systems around the world earlier this year. A tech war is already going on between the two countries and the new statement will be fueling it.

4. Kite Realty Group To Buy Retail Properties Of America For $2.8 Billion

The U.S realty firm, Kite Realty Group announced on Monday the plans to buy rival Retail Properties of America for about $2.8 billion(Rs 20,967 crores). Retail Properties’ stock will be converted into 0.6230 newly issued Kite Realty shares in an all-stock deal, at an offer price of $12.98 pe. The combined company is expected to have a market capitalization of about $4.6 billion(Rs 34,445crores). 

5. Robinhood Targets $35 Billion Valuation In U.S. IPO

California-based Robinhood Markets is looking for a valuation of up to $35 billion(Rs 2,62,087 crores) by offering 55 million shares in the U.S IPO. The shares are expected to be priced in the range of $38 – $42. The company helps users to make unlimited commission-free trades in stocks, exchange-traded funds, options, and cryptocurrencies.

6. WallStreet Analysts Fear Economy has Peaked

With central banks tightening their monetary policies, and the spread of Covid-19 continuing, analysts at WallStreet now feel that markets have become too optimistic.

The strong rally from April 2020 has somehow overshadowed the growth numbers in results of key companies across the market.

7. PropertyGuru Near $1.8 Billion Merger With Peter Thiel SPAC

Singapore firm PropertyGuru is close to finalising a deal to go public through a merger with Bridgetown 2 Holdings, backed by billionaires Richard Li and Peter Thiel.  This transaction could value the combined entity at about $1.8 billion(~Rs 13,330 crore)

Bridgetown 2, a special purpose acquisition company, raised about $300 million in a U.S. initial public offering in January and its shares were trading close to their listing price of $10 last week.

8. Bitcoin Miner Iris Said to Seek New Funds Ahead of U.S. Listing

Bitcoin miner Iris Energy Pty is planning to raise about $200 million in a new fundraising round before it seeks a direct listing on the Nasdaq, according to a person familiar with the matter.

The Sydney-based company, which uses renewable energy to produce the cryptocurrency, is working with an adviser on the round and has met with prospective investors, the person said.

9. Oil Refiners Hold Out for Price Cuts After OPEC+ Output Deal

Oil refiners in Asia stayed on the sidelines on Monday as they awaited price cuts to spot cargo offers after the OPEC+ deal to boost output.

Offers for Russian ESPO and grades such as Johan Sverdrup made late last week were expected to dip after the pact by the cartel, amid concerns over muted interest by Chinese private refiners and the spread of Covid-19’s delta variant.

10. Ubisoft Falls After The Delay In The Release Of Two New Games

Ubisoft reported the upcoming two games, Riders Republic and Tom Clancy’s Rainbow Six Extraction are expected to release on October 28 and in January next year respectively. This is the second delay for both the game releases, as they were expected to launch in February 2021 and November 2020 respectively. The stock fell more than 4% and at the time of writing its trading at 1.7% down in the Paris market. 

1. U.S. Markets Move Up Ahead of Q2 Results

U.S. stocks moved up ahead of the earnings releases of more big market cap companies. With strong economic data as a result of re-opening and high vaccinations, a good results season is expected in the world’s largest economy.

Tech and FMCG tsocks pushed S&P 500 higher, as NASDAQ also moved up. 11-year old company Moderna which reached the $100 Billion market cap this week jumped 10% after the news that the vaccine maker’s stock might join benchmark indices.

Stoxx Europe is down by 0.39%
Dow Jones is up by 0.057%
NASDAQ is up 0.11%

2. Renault Reports an 18.7% Rise in H1 Vehicle Sales 

French automaker Renault reported an 18.7% rise in vehicle sales during the first half of 2021 to 1,422,600 compared to the first half of 2020. But the numbers are 24.2% down compared to the first half of 2019. Renault Group’s Dacia brand increased sales by 24.5% to 262,814 units, and the Lada brand sold 200,219 cars, up 51%.

3. Ready to Form an Alliance to Make Electrification Profitable: Honda

The CEO of Honda Motor said on Friday the company is looking for an alliance to make electrification profitable. Surely, automakers can’t fall behind the timeline as the EV era is too close and Honda’s new alliance consideration is a part of this. The company aims to increase its ratio of electric vehicles (EVs) and fuel cell vehicles (FCVs) to 100% of all sales by 2040.

4. Puma Raises its 2021 Sales Forecast

Puma said on Friday the company has raised its 2021 sales forecast and expects a minimum of 20% jump in sales. The new forecast for Earnings Before Interest and Taxes (EBIT) is around 400-500 million euros(Rs 3,521-4,402 crores). The improved outlook was announced as the Q2 currency-adjusted sales nearly doubled to 1.589 billion euros(Rs 13,990 crores).

5.Q2 Sales Surges, Powered by Jewelry Business: Richemont

The world’s second-biggest luxury goods group- Richemont said on Friday the second-quarter sales have doubled as its jewelry brands are showing good outcomes. The sales at constant currency jumped 129% to 4.397 billion euros (Rs 38714 crores) in the June quarter compared to last year. This is 22% higher than the second quarter of 2019.

6.Europe New passenger Car Registrations Surge 13.3%

According to the data provided by European Automobile Manufacturers Association (ACEA), the number of new passenger car registrations increased by 13.3% to 1,282,503 compared to the previous year. This is the fourth continuous monthly rise. During the first half of 2021, 6.49 million cars were sold, a 27% rise compared to the first half of last year

7. BioNTech Vaccine Produces 10 times more antibodies than China’s Sinovac

According to a study in a popular medical journal, it was found that antibody levels for those fully vaccinated with BioNTech vaccine shots are about 10 times higher than those observed in the from China’s Sinovac Biotech. 

The U.S has been using mRNA-based vaccines from Pfizer while a lot of African and Middle Eastern countries use vaccines from China.

8. Samsung Looking for Second Texas Site for Multi-Billion Dollar Plant

With the U.S trying to expand its own chip-production capabilities, Samsung is soon set to invest $17 Billion(~Rs 1.25 Lakh crores) for a state of the art production facility in Texas.

Samsung is hoping to win more American clients and narrowing the gap with industry leader Taiwan Semiconductor Manufacturing Co(TSMC), while the U.S wants to reduce its dependence on China.

9. China’s CryptoCurrency Raising Ahead; Transactions Cross Rs 40,000 Crores  

China’s trial of its digital currency yuan trial has reached $5.3 billion(Rs 40,000 Crores)in transaction value. More than 2 crores individuals have opened a virtual wallet. But this is still very small numbers for a country like China, with even PayTM’s digital wallet having more than 10 crore users.

But this is a turning point for cryptocurrencies. China’s push to develop a digital yuan has accelerated the move globally, prompting more central banks to look into developing virtual currencies.

10. U.K Billionare Ends Rs 1,400 Crores Divorce Settlement

Billionaire Farkhad Akhmedov agreed to pay his ex-wife around 135 million pounds (Rs 1,400 Crores), ending Britain’s largest divorce case.  Tatiana has been funded by litigation finance group Burford Capital Ltd., which said it will receive $103 million.

“I will burn this money rather then will give her,” Farkhad said in a WhatsApp message to his son earlier. He had gone into hiding with his luxury superyacht Luna to prevent the courts from getting possession, but ultimately kept the right to it after the settlement.

Ultimately, it is the lawyers that won with Partners at Burford Capital, the firm that backed the ex-wife of the Russian billionaire being paid Rs 750 crores for their role in the case.

1. U.S. Markets Fall 

U.S. stock fell after yesterday’s green closing. The S&P 500 index fell after hitting an all-time high yesterday, with tech stocks also in the red. Netflix moved up after announcing plans to expand into gaming.

China’s Q2 growth slowed down and yesterday Fed Reserve Jerome Powell said yesterday that they are not planning to shift interest rates even as other countries including New Zealand, Canada and the U.K. shifting to a lower monetary support to the economy.

Stoxx Europe is down by 0.84%
Dow Jones is down by 0.34%
NASDAQ is down by 0.22%

2. Saudi Arabia June Inflation Rises Up

The official data on Thursday shows that Saudi Arabia’s annual inflation rate jumped to 6.2% in June compared to 5.7% in May.  This is the third consecutive monthly rise reflecting the increase in value-added tax from 5% to 15% from June 2020. The International Monetary Fund expects the annual average inflation to be 3.2% this year.

3. Australia Announces Lockdown Restrictions In Melbourne 

Australia on Thursday announced a 5-day lockdown restriction in its second-largest city Melbourne. The country has already announced a minimum of 14-day lockdown in Sydney. The Covid Delta variant is spreading at a vulnerable pace as only 13% of adults are fully vaccinated.

4. U.S. Ban On Products From Xinjiang Is A Threat To Global Trade: China

The U.S banned all the products from Xinjiang of China after forced labor accusations were raised in the area. The United States also warned American companies about the legal risks of doing business with the region. China rejected all the accusations and said the decision to ban the imports of products from Xinjiang is against global trade policy.

5. U.S. Import Price Rises In June

The Labor Department said on Thursday U.S import price increased 1% in June against the 1.4% rise in May and the Year-on-Year rise is at 11.2% compared to 11.6% in May. The export prices rose 1.2% in June after rising 2.2% in May.

6. Uniqlo cuts profit outlook for the year

 Companies cutting their forecast for the year has become a common scenario and Japan’s clothing brand Uniqlo is the latest one on the list.  The company now expects operating profit for the fiscal year ending August to rise 64% YoY to 245 billion yen (Rs 16600 crores) against the previous estimate of 255 billion yen(Rs 17278 crores). They said the new government restrictions in Japan and other markets to curb the Covid infections has slowed customer traffic in stores

7. TSMC May building a chip plant in Japan soon

World’s largest chipmaker – Taiwan Semiconductor Manufacturing Company’s CEO has said the company is looking to build a plant in Japan, a strategically important move for the country. “In Japan, we’re in the due diligence process to do a wafer fab,” Wei said.

8. Biden Faces Hard Sell in Asia for Anti-China Digital Trade Pact

As the U.S. mulls a digital trade agreement to counter China, it faces a key problem: Many countries in Asia don’t want to join any deal seen as challenging Beijing, whose tech giants are deeply entrenched in the region.

China’s largest corporations like Alibaba Group Holding Ltd. and Tencent Holdings Ltd. have in recent years led a wave of investment into Southeast Asia, which has more than half a billion people rapidly migrating online.

9. China Seeks Project Security After Pakistan Blast Kills 9 Citizens

China expressed shock over a bus explosion in Pakistan that killed 12 people including nine Chinese citizens, and called on the South Asian country to protect projects valued at tens of billions of dollars.

Chinese Foreign Wang Yi asked Pakistani counterpart Shah Mahmood Qureshi to quickly investigate the cause of the blast Wednesday on a bus carrying workers in the northern Kohistan region, according to a statement from China.