Tag: top market news

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U.S. Opens Investigations Into Tesla Crashes – Top International News

1. The U.S. Market falls for the Fourth Day; Dollar Strengthens

Dow Jones is now down for the fourth straight day with today being the expiry of many index and stocks in the market, also known as quadruple witching day. Dow Jones is on its worst week since January after the Fed Announcement on Thursday triggered profit booking.

The dollar is strengthening with USDINR now at 74.12. Commodity prices are down sharply.

Stoxx Europe is down 1.48%

Dow Jones is down 1.49%

NASDAQ is down 0.66%

2. Oil Weakens As Dollar Shows Strength

Oil prices dropped continuously on Friday as the U.S dollar rises in view of interest rate hikes in the United States. Though demand is rising in the global markets, the U.K reporting rising Covid cases is a concern. At the time of writing, Brent Oil prices are showing some reversals.

3. Expecting To Repay The Covid Aid Soon, Says Lufthansa CEO

The CEO of German airline Lufthansa said, the company is expecting to repay the state aid it received during the pandemic, before Germany’s federal election in September. Lufthansa was crushed down due to low passenger volume during the covid crisis and then received the aid of Rs 81,296 crores from Germany and its other home countries.

4. U.K Retail Sales Drop Beyond Expectations

U.K retail sales fell 1.4% between April and May, as people started spending in restaurants rather than shops after the ease of lockdown restrictions. In annual terms, retail sales were 24.6% higher than in May last year, short of the median expectation for a 29.0% increase. U.K’s stock market index, FTSE, closed 1.76% down.

5. U.S. Opens Investigations Into Tesla Crashes

The U.S auto safety regulators on Thursday announced 30 investigations into Tesla crashes involving 10 deaths since 2016, where advanced driver assistance systems were suspected of use. 

Of the 30 Tesla crashes, the National Highway Traffic Safety Administration(NHTSA) has ruled out Tesla’s Autopilot in three and published reports on two of the crashes. Tesla didn’t respond to this.

6. U.K Opens Covid Vaccination For All Adults

The U.K on Friday opened up the country’s Covid-19 vaccination program to all adults, which is considered as the “final push” to offer protection against Covid.UK Prime Minister Boris Johnson said, “Offering all adults a jab less than 200 days after the program launched is one of our country’s greatest collective achievements”.


7. Michael Burry Warns Retail Traders of ‘Mother of All Crashes’

The hedge fund manager who shorted the U.S. housing market in 2008 has now warned retail investors about huge losses. He said that investors could lose money worth the size of countries if they crypto and ‘meme stocks’ like Gamestop crash. “All hype/speculation is doing is drawing in retail before the mother of all crashes”, he tweeted out.

Interestingly, he had turned bullish on GameStop in 2019, much before the current meme rally started.

8. Europe Opens Gates for Tourists from the U.S.

The European Union has officially lifted travel restrictions for U.S. residents, with confidence from higher vaccination rates. The delta variant of Covid-19 is still creating issues for European countries.

The move will be a huge boost for airlines including America’s Delta Air Lines and Europe’s Lufthansa. A reaction from stock prices of these companies can be watched to predict how our airline stocks might react to the re-opening of the economy. 

9. Japan Plans to end Virus Emergency in Tokyo

Japan plans to end the virus emergency in Tokyo, according to the first planned date of June 20. This is just a month before the hosting of the Summer Olympics in the country. The country is still struggling to contain the spread of Covid-19 with just 6.4% of the population being fully vaccinated. Many local protests had come out demanding cancellation of the games, but the Government is set to move ahead as scheduled.

10. Commodity Prices Lose Momentum

With iron ore and other metals prices being suppressed by China, investors are closely watching if the commodity market bull rally is over. Crude oil prices are being supported near the highs by limited supplies and Gold is moving according to Federal Reserve’s policies. “From a commodity-price perspective, I can see the structural argument still for prices to stay elevated or go higher going forward”, said Michael Widmer, from Bank of America Merrill Lynch in London.

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ByteDance’s Gross Profit Rises 93% – Top International News

bytedance results

1. Tech Shares Gain in U.S., General Market Falls

Tech shares gained in the day as investors turned defensive after the Federal Reserve announced future interest rate increases.

Federal Chair Jerome Powell yesterday accepted that inflation is posing risks, and said they had begun a discussion about slowing down bond purchases. Powell denied risk of any immediate interest rate increases, but the market has turned cautious.

Crude oil is trading at $72/barrel near fresh highs.

Stoxx Europe is down 0.15%

Dow Jones is down 0.68%

NASDAQ is up 0.88%

2. ByteDance’s Gross Profit Rises 93%

According to a Wall Street Journal report, TikTok Owner ByteDance’s gross profit surged 93% to Rs 1,40,078 cores last year. At the same time, the net loss for 2020 accounted for Rs 3,31,764 crores.

3. MSCI To Launch Crypto Indexes

Global securities Index publisher MSCI is preparing to launch cryptocurrency indices, Chief Executive Henry Fernandez said at a clubhouse event. This will be a big step towards global cryptocurrency acceptance

4. US Unemployment Rises For The First Time Since April

We have been seeing a declining unemployment rate for many weeks in the US. But in the last week ended June 12, US jobless claims jump for the first time since April by 37,000 to 412,000. Economists expect the unemployment rate to fall below 5% by the end of the fourth quarter.

5. Daimler Reveals The Shift To Electric Vehicles

The Mercedes-Benz maker Daimler revealed its plan to shift to EVs in the coming years. Manager Magazin said on Thursday, a new line of electric vehicles will be announced soon, and the production of fossil fuel vehicles will be cut down as a part of the electrification strategy.

6. Philadelphia Factory Activity Drops For The Second Consecutive Month 

The Federal Reserve Bank of Philadelphia said the business activity index fell to 30.7 from 31.5 in May. Economists were expecting the activity at a value of 31. The index is used for examining the economic situation and the new data raises some concerns.

7. China’s Logistics Nightmare Threatening Global Inflation

The global shipping industry, already stretched by the pandemic is now being pushed to its braking point. The Suez Canal blockage, China’s Yantian Port being closed due to Covid-19 cases have caused high prices and delivery delays in the industry.

“The trend is worrying, and unceasing congestion is becoming a global problem,” A.P. Moller-Maersk A/S, the world’s No. 1 container carrier, said on Thursday. Share prices of the company fell 2%.

8. Latin American Steelmakers Replacing China Imports

With the Chinese government trying hard to reduce pollution from the metal industry and higher prices, steelmakers in Mexico and Argentina are seeing an opportunity. Currently, Latin American countries have high dependency on cheap Chinese imports but this might soon change. 

Latin America Steel Association Chief Alejandro Wagner said that governments need to help them by reducing tax burdens and other business difficulties. The region’s steel industry is back to pre-pandemic production levels and sees this as the right time to cut China dependency.

9. U.K. Plans to Open Foreign Travel for Vaccinated Individuals

Airline shares in the U.K jumped as British officials are considering opening up international travel for passengers who’ve been fully vaccinated against Covid-19. This will surely provide a major boost to airlines and tourism businesses in the country which have been affected by the pandemic. 

However, the Prime Minister’s Office clarified today that no final decision has been reached.

10. Malaysia Considering Mixing Covid Shots

Malaysia is looking to mix different brands of Covid-19 vaccines to get better protection against the virus, according to Science Minister Khairy Jamaluddin. “It’s possible that we will end up doing this because a lot of countries are doing this to boost the neutralizing antibodies,” Khairy said about the process known as heterologous boost. 

He also added that they are waiting on more data, and won’t make a quick decision.

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French Court Fines IKEA For Spying – Top International News

1. U.S Markets Move Down; Crude Oil at 2 Year High

Real estate, materials and health care sectors pushed S&P 500 index lower, with consumer data showing spending shifting to services. It is still a calm mood with low volatile movements ahead of the Federal Reserve’s policy decision. 

Investors are looking for an announcement on if and when the Fed will slow the speed of bond purchases. 

Stoxx Europe is up 0.13%

Dow Jones is down 0.46%

NASDAQ is down 0.55%

2. H&M Sales Surge 62%

H&M, the world’s second-biggest fashion retailer, said on Tuesday said the net sales grew in the fiscal second quarter by 62%, though the revenue is still below 2019 levels. In the year-earlier quarter, it had to close 4,000 of its total 5000 stores. Compared with the second quarter of 2019, H&M’s net sales went down 19%

3. U.K’s May Employee Numbers Look Good

As per the Tax data released on Tuesday UK reported its highest single-month employee growth in May. British companies added 197,000 employees in May taking the total to 2.85 crores.

4. French Court Fines IKEA For Spying 

French Court on Tuesday fined Rs 8.8 crores on IKEA for spying on its french employees. The Swedish company which is considered the world’s biggest furniture retailer has been spying on its french employees for more than seven years. Prosecutors were trying for double the amount as fine against the firm, which is owned by the Ingka Group.

5. Turkish Lira Falls After US-Turkey Meeting Makes No Progress

Turkish Currency Lira fell for the second day against the US dollar after the highly anticipated meeting between US President Joe Biden and Turkey’s Recep Tayyip Erdogan failed to solve the political issues. The Lira weakened more than1% against the dollar on Tuesday.

6. UK And Australia Agrees On Post-Brexit Trade Deal

Australia and the United Kingdom announced a free trade agreement Tuesday after the key elements of the deal were agreed by UK Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison at a meeting in Downing Street. This is the first major bilateral free trade agreement by the United Kingdom since it left the European Union in January 2020. More details will be published in the coming days.

7. Tensions Increase Between U.S and China

In what is looking very bad indeed efor the global economy, the tensions between China and the U.S. along with their allies have been increasing. 

President Joe Biden is looking to have G7 countries present a united stance against China for trade, human rights and the pandemic. China called the U.S “very ill indeed”, and said “The G-7 had better take its pulse and come up with a prescription.”

 8. AstraZeneca’s Covid Cocktail Fails to Prevent Symptoms

According to a trial, AstraZeneca’s antibody cocktail was only 33% effective at preventing Covid-19 symptoms in people exposed to the virus. The cocktail failed the study.

The company said it’s running 5 other trials looking at other uses and to clarify the findings. In all cases, the cocktail itself was well tolerated by participants. Interestingly, the U.S. has already ordered up to 7 lakh doses of the medicine for delivery this year, even before the results were published.

9. China Sends 28 Fighter Jets Near Taiwan increasing Tension

China’s air force sent 28 aircraft close to Taiwan, in a measure to put further pressure on the country. China claims Taiwan as part of its territory and repeatedly threatens military aggression. The Chinese Defense Ministry said in April that the navy would plan more drills.

10. Malaysia Targets Re-opening of Economy from October

Malaysia Expects to Fully Reopen Its Economy From the end of October. Prime Minister Muhyiddin Yassin expects this reopening to go in full swing if new Covid-19 cases fall below 500 a day. The lockdown is already showing results, PM Yassin said. The Covid-19 curve has begun flattening, and the healthcare system is able to handle new cases. The current lockdown is costing the country $242 million/day.

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China May Auto Sales Fall 3% – Top International News

china auto sales

1. U.S Markets Volatile; Bond Yields Fall

U.S. stocks remained volatile as the day begins in New York. Benchmark bond yields are around the lowest since March as investors show confidence.

Yesterday, the S&P 500 had touched an all-time high even with high consumer price inflation data. This is due to the hope that such inflation is mainly now just in categories associated with re-opening and will settle down later in the year.

Stoxx Europe is up 0.67%

Dow Jones is down 0.093%

NASDAQ is up 0.046%

2. Blackrock Will Soon Begin MF Business In China

U.S hedge fund giant BlackRock’s Chinese unit has won approval from the China Securities Regulatory Commission (CSRC) to start Mutual Fund operations. It is the first global asset manager to begin a wholly-owned onshore mutual fund business in China. Many other firms including Fidelity International, Neuberger Berman, and Schroders have also applied for the same.

3. China May Auto Sales Fall 3%.

China auto sales fell 3% in May from the same month a year ago. The industry has been reporting gains for thirteen consecutive months since April 2020. The China Association of Automobile Manufacturers (CAAM) is still positive and expects China’s overall vehicle sales to grow 6.5% this year.

4. G7 plans to allocate a huge amount of IMF funds to Covid affected nations

G7- Group of Seven nations is planning to reallocate Rs 7,32,590 crores of the International Monetary Fund’s war chest to countries that are heavily affected by the Covid pandemic. This will be considered at a three-day summit in Cornwall, south western England, which begins on Friday. 

5. Travel Restrictions Will Ease From July 1: Germany

German Foreign Minister Heiko Maas said on Friday, the country is planning to lift the Covid travel restrictions for most countries from July 1. This will bring situations to normal as more and more citizens get vaccinated, he added. The government considers countries recording infection rates of 50-200 cases per 100,000 people in seven days as a less risk zone.

6. Oil Price Hit New Highs Over Demand Expectations

 Oil Prices on Friday hit a new multi-year high over expectations of demand rising. This rally is boosted by the ease in Covid restrictions and increased vaccination drives. At the time of writing this, Brent Oil is up 0.83% at $72.41 and U.S. crude is up 1.28% at $70.98 a barrel, a day after their highest close since October 2018.

7. Pakistan Proposes Budget to Boost Growth as Pandemic Recedes

Pakistan, like many other countries, has come out with a new budget that tries to put more money in the hands of people and boost economic activity. 

Pakistan forecasts a GDP growth of 4.8% for the next fiscal year against an estimate of 3.9% this year. The budget is an opportunity for Finance Minister Tarin to strengthen the weak economy, which is currently under a $6 billion(~Rs 43,000 crore) bailout from the International Monetary Fund(IMF).

8. Malaysia Extends Lockdown as Virus Surges

Malaysia has extended their nationwide lockdown by two weeks as daily Covid cases still remain high. Things are getting better but still new cases remain above the 4,000 daily target set by the government to end the lockdown. 6,849 new infections were recorded today.

The entire population of the country is similar to the population of the state of Kerala.

9. World Leaders Ready to Move Against China in Covid Issue

We had talked about how the U.S is pushing the investigations to find the origin of Covid-19 and China opposing these investigations. 

The G7 countries are ready to call for a fresh study into the origins of coronavirus this weekend. Yet so far they’ve been vague on what exactly they want. Biden had earlier gave intelligence agencies 90-days to answer “specific questions for China” regarding the virus. Beijing has repeatedly denied the Wuhan lab leak theory.

10. Ships Skipping Singapore as Supply Chains Collapse

Last week we talked about many delays in shipping due to Covid-19 lockdowns in southern Chinese ports. This is now inflating costs, and messing up supply chain timelines.

A cargo vessel operated by Cosco Shipping will be skipping a scheduled port stop in Singapore this month because of the China delay. These delays are pushing up shipping costs and threatening to indirectly push global inflation up as many supply chains rely on China.

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Biden will donate 50 crore doses of vaccine – Top International News

1. U.S Markets Move Up; Increase in Inflation Reported

U.S. markets hit fresh all-time highs even with inflation data showing negative signs. Consumer Price Inflation came out at 0.6% higher than April, but better than the 0.8% jump in March to April. Core CPI inflation is at a 28-year high of 3.8% in May, from 3.0%. 

U.S weekly jobless claims came in at 3.76 lakh, at nearly a 15-month low level.

Excluding the volatile food and energy components, the core CPI rose by a larger-than-expected 0.7%, according to Labor Department data Thursday.

Stoxx Europe is up 0.064%

Dow Jones is up 0.35%

NASDAQ is up 0.48%

2. Chip Shortage Issue May Get Solved In Q3: Volkswagen

Automaker Volkswagen expects the semiconductor supply issue which had affected the auto sector very badly, may ease in the third quarter. Murat Aksel, the head of procurement on the Volkswagen board said the company failed to build one lakh cars due to the chip shortage.

3. CMC Reports 2X Annual Profits

CMC Markets, a London-listed online trading platform reported a stunning profit before tax at Rs 2307 crores for the year ended March compared to a profit of Rs 1016 crores a year ago. Net operating income raised by 63%.

4. Inflation Is Under Control: China Central Bank Governor

China,s Central Bank Governor said inflation is under control in the country and there will be no change to the current monetary policy. He said that China’s interest rates are relatively low among developing and emerging economies

5. Biden will donate 50 crore doses of vaccine

US President Joe Biden is planning to buy and donate fifty crore doses of vaccines. U.S. drugmaker Pfizer and its German partner BioNTech will be providing the vaccine and will be donated to 90 plus countries within 2 years. This is a good start and let us hope that other major economies will be a part of this

6. Altice Group Buys 12.1% Stake In BT Group 

Billionaire Patrick Drahi owned Altice Group has bought a 12.1% stake in Britain’s telecommunication giant BT Group. The deal is worth Rs 22,656 crores and put Altice ahead of Deutsche Telekom, which owned 12.06% of BT. Share of Bt ht a 17 month high after the news.

7. G-7 Countries Aim Quick Shift to Electric Cars

G7 countries are discussing big plans to shift the balance of car buying away from gasoline to greener vehicles by the end of the decade, as part of a package of measures to combat climate change.

Under one proposal contained in a document seen by Bloomberg, G-7 governments would “strive” to ensure that the majority of all new passenger car sales are not petrol or diesel-powered “by 2030 or sooner.” Yes, the language is very diplomatic and does not give a clear and specific direction. The countries are also divided on how specific these measures should be.

8. World’s food import bill to reach record highs as prices increase

The world’s expense for food import is expected to reach all-time highs this year, with price of common food increasing threatening worldwide inflation.

The cost of importing food is to rise 12% to $1.72 trillion(~Rs 122 lakh crore) according to a report by United Nations’ Food & Agriculture Organization. This is being led by increase in prices of grains, vegetable oils and more.

Developing countries are set to be worst affected, with a 21% jump in their costs, with just 6% increase for the richest ones.

9. China prepares laws to hit back Against U.S. Sanctions

Chinese lawmakers have approved new laws to work against any U.S. sanctions on the country.

The full text of the final legislation wasn’t immediately released. The country is trying to find new ways to fire back at the U.S. and other Western countries amid tensions over a range of issues including investigations into the origins of Covid-19. 

10. China Warns Commodity Traders of Risks

China’s banking regulator has warned retail investors to avoid trading in financial derivatives, in a try to stop inflation in commodity prices.

Retail investors who speculate on gold or metal futures are set to face losses like those saying property prices will never fall, chairman of the China Banking and Insurance Regulatory Commission said.

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Elon Musk says Panic-Buying of Chips Is Like the Rush on Toilet Paper – Top Global News

elon musk

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.  

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Crude Oil Prices Rise Again. EV Stocks Move Up – Top Global News

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.

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Petrol Now Costs Almost Twice as Much in Mumbai Than New York – Top Global News

petrol prices

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).

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US Jobless Data Pushes Market up – Top Global News

us jobeless data

1. Sharp Decline in US Jobless Data Pushes Market up

Latest weekly jobless data showed a sharp fall in the US compared to last week. It has fallen to 406,000 for the week ended May 22, compared to 444,000 in the previous week. This is a fresh post-pandemic low for US jobless applicants. There are also news reports that U.S President Joe Biden will unveil a budget that would see federal spending increase to $6 trillion(~Rs 430 lakh crore) in the coming year.

Stoxx Europe is up 0.38%

Dow Jones is up 0.28%

NASDAQ is up 0.074%

2. Top White House Official says  Era of Engagement With China Is Over


Kurt Campbell, White House’s top official for Asia said at a Stanford University meeting that the US is entering a period of intense competition with China. He pointed out military clashes on the Indo-China border, the  “economic campaign” against Australia and more instances for the rise in tensions between the countries.

3. Joe Biden Asks for Report on Covid Origins 

US President Joe Biden ordered US intelligence agencies to submit the report on Covid-19’s origin within three months. This will put an end to many controversial theories like ‘Through animal contact in Wuhan, China’ or ‘Laboratory accident’ etc and the answer will have a huge impact on China and its international relations.     

4. Google Joins With Jio To Build Affordable Smartphones

On Thursday Google CEO Sundar Pichai said the company is closely partnering with Jio to build an affordable smartphone. But he didn’t reveal any other details like the launch date or pricing. This plan was actually revealed way back in November of 2020 when Google invested Rs 33,000 crores in Jio Platforms.

5. Airbus Hopes for Brighter Future

         The world’s largest airliner manufacturer Airbus confirmed the increase in  production of jetliners as the aviation industry slowly recovers from the pandemic situation. A320 neo production will be increased by more than 10% to 45 airplanes a month by the end of 2021 and monthly production of the larger A350 to six by the autumn of 2022

6. HSBC Announces Their Exit From US 

   Banking giant HSBC on Thursday announced their withdrawal from U.S retail banking by selling some parts of the money-losing business and winding down others. They said to keep a small physical presence in US, but will focus more on its growth in Asia

7. Hong Kong Passes Xi Plan to End Only Open Elections in China

Hong Kong’s administration approved a China-favouring overhaul of the city’s elections, dramatically cutting down the opposition’s ability to participate in government formation.

The Legislative Council voted 40-2 to approve measures Thursday creating a review committee to screen candidates thoroughly for elected office and ensure they’re “patriots.” Citizens of Hong Kong have been in a clash with China for ‘freedom’ from the mainland country’s policies.

8. Canada urge provinces not to waste AstraZeneca COVID-19 vaccines before expiry 

The federal government of Canada is urging provinces not to waste thousands of doses of AstraZeneca vaccine that are due to expire in a few days.

In a letter to her provincial and territorial counterparts, federal Health Minister Patty Hajdu encourages provinces that aren’t able to get their AstraZeneca doses into people’s arms by the end of the month to give them to provinces that can.

9. 90% chance world will set record for hottest year by end of 2025: report

According to studies, there’s a 40% chance that the world will get so hot in the next five years that it will temporarily cross the temperature limit that the Paris climate agreement is trying to stop. A new World Meteorological Organization forecast for the next several years also predicts a 90% chance 2025 will be the hottest year on record.

10. Global Grain Crisis Could Get Worse Next Year

The International Grain Council(IGC) said that the global supply shortage in grains will get worse by next year. While cutting its inventory estimate for the next year, the IGC also said that rising animal-feed demand and a drought-hit Brazilian corn crop are a cause of concern even with bumper harvests elsewhere. This is the fifth straight season of shrinking for the world’s grain supply cushion.

11. Canada’s digital currency would be greener than Bitcoin, Bank of Canada says

A senior official at the Bank of Canada says any digital currency the central bank may offer in the future would be more environmentally friendly than Bitcoin and other rivals. Deputy governor Timothy Lane said Wednesday that the central bank has looked at the environmental impacts as part of its research into creating its own digital offering.

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GameStop Short Squeeze Round-II Gains Momentum – Top Global News

1. Global Markets Move Flat as Vaccinations Pick-up Speed

US Markets opened flat keeping aside inflation fears. Dow Jones Industrial Average celebrates its 125th birthday. Amazon has agreed to buy James-Bond and Tom&Jerry franchise owner MGM for $8.5 Billion(~Rs 62,000 crores) as streaming wars heat up.

Dow Jones is up 0.08%

NASDAQ is up 0.46%

Stoxx Europe is at 0%

2. GameStop Short Squeeze Round-II Gains Momentum

Shares of GameStop jumped another 14% in early trade on Wednesday as the short squeeze continues. The stock along with other names like Blackberry and AMC were all over headlines in January for a raging controversy of malpractices by Hedge Funds. You can read more about the GameStop situation here.

3. US Nearing The Vaccination Goal

President Joe Biden previously said that 70% of all adults will receive at least one dose of the vaccine by July 4th and they will reach the target soon. The White House on Tuesday confirmed that it has vaccinated nearly 50% of all adults in the country. Pfizer-BioNTech, Moderna and Johnson & Johnson are the vaccines currently used by the US.

4. China Blocks Taiwan’s Deal With BioNTech

China has been claiming Taiwan as its own territory and cutting down the country’s international relations for so long. On Wednesday, Taiwan said that China blocked Taiwan’s deal with BioNTech for Covid vaccines and is forcing the country to buy shots from Chinese companies.

5. Amazon To Launch Three Data Centres In UAE

Amazon.com Inc on Wednesday announced its plans to launch three data centres in the first half of 2022 in the UAE. The Abu Dhabi Investment Office (ADIO) said the deal was part of its efforts to attract investments that build technology capabilities and accelerate innovation.

6. Xiaomi Shines In Q1 Results.

Chinese company Xiaomi Corp reported their Q1 profit at Rs 6944 crores versus the market estimate of Rs 4519 crores. The revenue of the company rose 54% to Rs 87524 crores from Rs 56581 crores a year ago.

7. Ford Raises Spending Limit On EVs

 American automaker Ford detailed their ‘FORD+’ plan which aims to have 40% of its global volume be all electric by 2030. They expect to spend more than Rs 2,18,294 crores on electrification, including battery development, by 2030, up from its earlier target of Rs 1,60,082 crores.

8. Bitcoin Reaches Back to $40,000 as Cryptos Rebound

Bitcoin touched the $40,000 mark after almost a week of trade, as crypto currencies rebound from a worldwide sell-off. Bitcoin is still far from the all-time highs of $64,000. Caroline Bowler of BTC Markets told Bloomberg that such volatility will become less common as the crypto markets mature.

9.  France to Impose Extra Restrictions on U.K. Travelers

The French government is set to unveil extra restrictions for passengers coming from the U.K. to fend off the coronavirus variant first identified in India.

France will request mandatory isolation for all passengers arriving from across the Channel, government spokesman Gabriel Attal said on Wednesday after a cabinet meeting.

10. Hong Kong Luxury House Bought for $55 Million by Private Equity Firm Founder

Fred Hu, the founder of Chinese private equity firm Primavera Capital Ltd., has bought an ultra-luxury house in Hong Kong for HK$428 million ($55 million), as wealthy mainland citizens continue to support the city’s high-end property market. The five-bedroom house spanning three floors is located in Tai Tam, a prestigious area on the south side of Hong Kong. 

11. Xiaomi’s Profit Beats as Smartphone Growth Outpaces Rivals

 Xiaomi Corp.’s quarterly profit beat estimates after the world’s third-largest smartphone maker narrowed the gap with market leaders Samsung Electronics Co. and Apple Inc. in shipments.

The Beijing-based company posted an adjusted net income of 6.1 billion yuan ($949 million) in the quarter ended in March, surpassing the highest estimate of 5.3 billion yuan. Revenue jumped 55% to 76.9 billion yuan, also ahead of analyst estimates.

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Morgan Stanley CEO says Fed Might Increase Rates Soon – Top 10 Global News

morgan stanley

1. Global Markets Fluctuate After US Home Sales Data, Inflation Concerns

The U.S Markets including Dow Jones and S&P 500 are trading flat after new U.S. home sales fell by more than forecast, with higher prices due to inflation reducing demand. 

But the Chicago Fed President Charles Evans has said that the recent data does not look to be a move towards undesirably high levels of inflation.”

Dow Jones is up 0.07%

NASDAQ is up 0.30%

Stoxx Europe 600 is up 0.17%

2. A Failed Bitcoin Rescue Mission From Elon Musk

On Tuesday, Elon Musk tweeted  about a meeting with North American bitcoin miners about “sustainability initiatives” which helped Bitcoin to regain some momentum. But the coin failed to sustain the movement and is last seen 4.3% down at $37,033.

3. Taiwan Under Pressure To Accept China Vaccines

As the Covid-19 situation intensifies, Taiwan is under pressure to accept vaccines from China as the island has vaccinated only 1% of the population. Taiwan has only received about 700,000 vaccine doses till date and is running out of stock. Many countries do not recognize Taiwan as a sovereign country to not strain ties with China. The Taiwanese Government will have to keep the political issues aside and vaccinate the people as fast as they can.

4. Australian Govt To Close Its Embassy In Afghanistan

Australia announced the closure of  its embassy in Afghanistan this week, due to fears over the “increasingly uncertain security environment” in Kabul. The United States and allied forces are preparing to withdraw their remaining troops from Afghanistan  and this forced the Australian Govt to take immediate action in the fear of security.

5. Pakistan’s Debt, Liabilities Reaches PKR 45.470 Trillion In March

As per a report by ‘The News International’, Pakistan’s total debt and liabilities has reached PKR 45.470 trillion at the end of March 2021. The debt and liabilities was at PKR 42.804 trillion in the period ended March 2020 and after a year it has increased by PKR 2.666 trillion or 6.2 percent.

1 PKR is approximately equal to 0.50 INR.

6. Germany – The largest economy of Europe shattered by Covid-19 hit

The Federal Statistical Office of Germany reported that the economy contracted by 1.8% quarter on quarter and by 3.1% on the year. Covid-19 restrictions put the country in a tough economic situation. Even though the exports increased by 1.8% in the quarter, the imports rose 3.8% which resulted in negative net trade.

7. Joe Biden looks abroad for electric vehicle metals — including Canada

U.S. President Joe Biden will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on processing them domestically into battery parts, part of a strategy designed to clam environmentalists, two administration officials with direct knowledge told Reuters.

8. U.N. to launch Gaza aid appeal as Israel-Hamas ceasefire holds for 3rd day

A ceasefire between Israel and Hamas held into a third day on Sunday as mediators spoke to all sides about extending the period of calm after the worst outbreak of fighting in years.

Egyptian mediators have been shuttling between Israel and the Gaza Strip, which is ruled by Hamas, to try to sustain the ceasefire and have also met the Islamist group’s rival, Palestinian President Mahmoud Abbas, in the occupied West Bank.

9. Morgan Stanley CEO sees Fed Hiking Rates by Early 2022

Morgan Stanley CEO James Gorman expects the US Federal Reserve to begin slowing down bond buying toward the end of this year and start raising interest rates by early 2022. Interestingly, his personal statement expects it to happen faster than the Bank’s own official predictions. 

If the US Fed is to increase rates, we may also see multiple central banks including the Reserve Bank of India follow suit.

10. The Iran Threat to Global Oil Prices

Iran is reported to have millions of barrels of oil ready to be shipped to buyers, if the US lifts sanctions on the country. Such a huge stockpile might actually bring down crude oil prices globally.

CitiGroup estimates that Iran could have a total of 119 million barrels in both on-land and floating storage combined. But experts suggest that if managed correctly, this stockpile will not cause any drastic effect in International prices.

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SEBI Imposes Rs 25 crore fine on Ambani and Family- Top Indian Market News

SEBI imposes Rs 25 crore fine on Ambani and Family

Market regulator SEBI or Securities and Exchange Board of India has imposed a Rs 25 crore fine on Mukesh Ambani, Anil Ambani, Nita Ambani, Tina Ambani, KD Ambani, and other family members, in a case dating 20 years back. According to SEBI guidelines, any promoter buying into more than 5% stake/voting rights in a company has to make a public announcement to its shareholders, in case they may withdraw from the company for whatsoever reason. According to SEBI, there were multiple violations made with regard to this by members of the Ambani family. 

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AstraZeneca Sends Legal Notice To Serum Institute Over Delays In Vaccine Supply

UK-based AstraZeneca has sent a legal notice to Pune-based vaccine maker Serum Institute of India(SII). The notice comes after AstraZeneca alleged that Serum Institute is delaying the supply of vaccines under contract and is also violating obligations to other countries in supplying the Covishield vaccine to other countries. Adar Poonawala, CEO of SII has said that the delay is because of the Centre’s decision to halt vaccine exports temporarily. He also said that he would temporarily prioritize domestic needs. 

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Macrotech Developers IPO subscribed 35% on Day Two

Macrotech Developers or formerly known as Lodha World launched its IPO on April 7, 2021. The company was subscribed 26% on the first day of the bidding, receiving. bids for 95.91 lakh equity shares. On the second day, the company was subscribed 35%. The company is known for building the Trump Towers in Mumbai and the tallest building in India, World One.

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Zydus Gets Usfda Nod For Drugs Used To Treat Hypertension And Cancer

Indian Pharmaceutical company Zydus Cadila has received approval from the United States Food and Drug Administration for Ibrutinib capsules to treat cancer and Macitentan tablets that are used to treat hypertension.  

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Kalpataru Power Acquires 51% Stake In Fasttel 

Kalpataru Power Transmission Ltd’s (KPTL’s) wholly-owned subsidiary in Brazil has completed the acquisition of 51 percent controlling stake in Fasttel Engenharia Ltda. Fasttel specializes in engineering, procurement, and construction (EPC) and maintenance of power transmission lines, distribution systems and sub-stations 

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Minda Corp: Co-Signs Strategic Partnership With Israel Based Company For First Unique Collision Avoidance Technology For 2 Wheelers In India


Minda Corporation announced a strategic partnership with an Israel-based Ride Vision, an advanced driver-assistance systems company. The company plans to bring artificial intelligence-based collision avoidance systems to the Indian two-wheeler market. The company in its quarterly report had announced that it was going to pump Rs 250 crores into business expansion. The company had reported a ~19% increase in profits over the last quarter.

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Airtel Refused To Pay Videocon’s AGR Dues: DoT to SC

The Department of Telecommunications has told the Supreme Court that Airtel, which had acquired now-defunct Videocon’s telecom spectrums in 2016 has refused to pay the AGR dues applicable on the spectrum. The DoT has raised a demand to recover Rs 1375 crore of Videocon’s dues payable by Airtel. Airtel on the other hand holds that the DoT has made no such demand to recover any such dues and has agreed in the past that these dues are solely recoverable from Videocon itself. 


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Infosys: Co Announces Strategic Long-term Collaboration With ArcelorMittal For Digital Transformation

Indian IT-Giant Infosys has announced a long-term collaboration with multinational steel manufacturing corporation ArcelorMittal for Digital Transformation. Infosys will offer application management and business process management (BPM) services to ArcelorMittal’s Business Center of Excellence (BCoE) in Europe.

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AstraZeneca Vaccines Causes Rade Blood Clots: New Advisory Issued

UK vaccine maker AstraZeneca Plc’s Covid-19 vaccine has been causing blood clots in individuals below 30. In fact, there have been 19 deaths recorded so far due to blood clots caused by the vaccine in the UK. The Medicines and Healthcare products Regulatory Agency(MHRA) has issued new advisories. It has stated that the blood clot in found rarely, in close to 4 out of 10 lakh people. The UK’s Joint Committee on Vaccination and Immunisation (JCVI) has advised offering an alternative to the AstraZeneca Covid-19 vaccine to adults under the age of 30, due to the blood clot link. 

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Vehicle Registrations Down By 28.64% In March 2021: FADA

The Federation of Automobile Dealers Associations (FADA) has said that overall vehicle registrations are down by 28.64% in March 2021 as compared to last month. Tractor and Passenger Vehicles are the only two segments that have witnessed double-digit growth in the season. As compared to March 2020, Two-wheeler sales were down by 35.26%, Three-wheeler sales reduced by 50.72%, Three-wheeler sales were down by 50.72%.

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