Tag: top market news

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

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

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

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

Pepsico Raises Annual Guidance

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

Union Strike In South African To Affect Auto Industry

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

Bitcoin Hits $50,000 Again

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

Robinhood Rises After New Plans Of 24/7 Support

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

China Orders Banks to Ramp Up Funding to Boost Coal Output

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

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

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

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

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

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

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

Evergrande To Raise $5 Billion From Property Unit Sale

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

Tesla Jumps After Q3 Updates

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

Volvo Looking to raise $2.9 Billion in Stockholm Listing

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

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

China Tech Stock Benchmark Tests Lows on Regulatory Pressure

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

Amplify Shares Fall 50% After California Oil Spill Stops Production

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

Crude Oil Prices Hit Multi-Year Highs

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

S&P 500 Falls Ending the Quarter

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

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

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

Merck Soars After Its Covid Drug Showed Reduced Risks

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

Bitcoin Soars More Than 9%

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

Spain To Discuss With Great Wall Motor On Nissan Plant Takeover

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

General Motors Says Chip Shortage Crisis Is Cooling Down

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

Silicon Prices Jump 300% with an Unexpected Price Hike

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

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

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

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

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

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

S&P 500 Falls Ending the Quarter

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

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

Stoxx Europe is up by 0.79%

Dow Jones is down by 1.11%

NASDAQ is up by 0.08%

Myanmar Military Takes Responsibility For The Economic Crisis

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

Ireland Doubles It’s Economic Outlook

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

Czech Central Bank Raises Interest Rate By Higher Basis-point

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

German Inflation Accelerates Further In September

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

U.S. Weekly Jobless Claims Rise Again

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

China Tech Stocks Fall as State Media Fans Clampdown Concerns

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

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

China Orders Top Energy Firms to Secure Supplies at All Cost

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

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

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

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

Stoxx Europe is down by 1.95%

Dow Jones is down by 1.23%

NASDAQ is down by 2.53%

China Needs More Coal To Fight Energy Crunch

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

Sanofi Drops Its mRNA Covid-19 Vaccine Plan

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

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

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

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

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

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

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

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

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

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

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

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

Stoxx Europe is down by 0.095%

Dow Jones is up by 0.41%

NASDAQ is down by 0.36%

Evergrande Misses More Interest Payments 

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

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

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

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

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

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

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

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

Orders For U.S. Business Equipment Rises Again

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

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

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

Brent Crude Hits New 3-Year Highs.

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

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

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

Facebook Invests $50 Million To Build The ‘Metaverse’ 

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

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

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

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

Evergrande Misses More Interest Payments 

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

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

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

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

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

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

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

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

Orders For U.S. Business Equipment Rises Again

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

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

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

Brent Crude Hits New 3-Year Highs

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

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

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

Facebook Invests $50 Million To Build The ‘Metaverse’ 

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

Indices Stay Flat on Last Day of the Week

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

Stoxx Europe is down by 0.90%

Dow Jones is flat

NASDAQ is up by 0.23%

China Declares All Crypto-Currency Transactions As Illegal

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

Nike Falls After It Lowers Growth Forecast

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

Covid Booster Shots Will Be Free And Accessible: Biden

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

U.S. New Home Sales Beat Expectations

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

Blockchain- And Crypto Linked Firms Falls After Chinese Ban

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

U.S. Stocks Gain For Second Day with Fed Decision

U.S. stocks rallied for a second day with bulls continuing to buy the dips. Yesterday markets had closed in the green with the Federal Reserve’s decision on continuing stimulus till later. China Evergrande Group’s debt concerns also started to die down. 

All major indices in the country rallied with tech, energy and financial stocks moving up.

Stoxx Europe is up by 0.93%

Dow Jones is up by 1.64%

NASDAQ is up by 1.02%

Bank Of England Warns About Inflation Rise Above 4%

The Bank of England on Thursday left the main interest rate unchanged at a record low of 0.1% and downgraded the economic outlook for the third quarter of this year. It also decided to stick to its asset purchase target of £875 billion (Rs 88 lakh crores). The central bank revised down U.K GDP growth outlook to 2.1%, down from 2.9% for the third quarter. The BOE expects consumer prices likely to rise above 4% this year.

U.S Jobless Claims Rises Again

The U.S Initial Jobless Claims that measures the number of people who applied for unemployment insurance rose unexpectedly for the last week. Labor Department data on Thursday showed that the claims rose to 351,000 in the week ended September 18. This is higher than the 28 lakh claims made in the week ended September 11.

Turkish Central Bank Unexpectedly Cuts Main Interest Rate

Turkish Central Bank unexpectedly announced the main interest rate cut by one percentage point on Thursday, replying to President Erdogan’s demand for lower borrowing rates to boost growth. The monetary committee cut the rate from 19% to 18% even though the annual inflation rate is at 19.25%. Generally higher interest rates are used to control inflation, but the President asked for the opposite.  He is taking the risk to bring back the growth on track and thereby regain the falling popularity

Don’t Panic, U.K Not Heading Back To 1970s: Junior Minister

A U.K junior minister said on Thursday that the consumers should not panic buy products as Britain is not going into a 1970s-style “winter of discontent” of strikes and power shortages. The Bank of England said inflation would temporarily rise above 4% for the first time in a decade later this year, largely due to energy and goods prices.

Roku Jumps Guggenheim’s Buy Call

The stocks of Roku traded more than 4% in NASDAQ on Thursday after Guggenheim announced a buy call on it with a target of $395. The target price is 22% above Wednesday’s closing price. Roku has an advertising business and also licenses its hardware and software to other companies.

1. U.S. Markets Up Ahead of Fed Decision

Stocks in the U.S. market moved up the most since July as China’s Evergrande Group paid off some of its debt obligations. There is also the Federal Reserve policy decision tonight, which can cause some volatility in the markets. The S&P 500 and Dow Jones are both up more than 1% today, being pushed up by the energy and financial sectors. They are trying to break a 4-day streak of closing in the red.

Stoxx Europe is up by 1%

Dow Jones is up by 1.18%

NASDAQ is up by 0.85%   

U.S. To Donate 500 Million More Covid-19 Vaccine Doses

U.S President Joe Biden said on Wednesday the government has decided to buy 500 million or 50 crores of Covid-19 vaccine to share with other countries. This will take the total Covid-19 vaccination donations done by the U.S to 1.1 billion doses. The government was under pressure after it planned booster shots to fully vaccinated Americans while millions of people around remain unvaccinated. 

Thailand Says Pfizer Spurs Top Response After Sinovac, Astra Jab

One of Thailand’s main Covid-19 vaccine regimes generates a lower immune response than inoculation combinations that include an mRNA-based dose, according to a study by the Siriraj Institute of Clinical Research.

Preliminary results showed that a Sinovac Biotech Ltd. vaccine as a first shot followed by an AstraZeneca Plc jab — a pairing widely used in Thailand — elicited a weaker immune response than a two-dose regime in which Pfizer Inc.’s vaccine was administered as the second shot four weeks after an initial jab of either Sinovac or Astra, the study said. 

Malaysia Looking at New Taxes to Boost Revenue, Deputy FM Says

Malaysia’s government is mulling the imposition of capital gains tax and a one-off higher tax rate on companies that have earned extraordinary profits during the pandemic to boost revenue, according to Deputy Finance Minister Yamani Hafez Musa. “Additional revenue from this one-off tax will be used to fund recovery activities and programs to help targeted groups,” he said in parliament on Wednesday.

Ex-Hedge Fund Manager’s Startup Hits $2 Billion Value

Advance Intelligence Group, a technology startup led by former hedge fund manager Jefferson Chen, topped $2 billion in valuation after raising more than $400 million from investors led by SoftBank Vision Fund II and Warburg Pincus. Northstar, Vision Plus Capital, Gaorong Capital and EDBI also joined the Series D financing round, the company said in a statement on Wednesday.

Australia Borders to open by Christmas, Government Says

Australia’s Tourism Ministry has said that the country plans to open its international border on or even before Christmas. The country has one of the strictest restrictions on international travel due to Covid-19.

Along with this, Australians will be able to travel abroad without any restrictions on the destination, once the vaccination rate in their respective home state hits 80%.

Parts Shortage Forces Marelli to Cut Jobs

Japanese auto parts and accessories maker Marelli Corporation is planning to cut about 1,500 jobs around the world to keep the company run smoothly as component shortages pulled down sales.

Marelli will eliminate about 7.5% of its 20,000 office staff next year to align its workforce and costs with industry levels, according to a letter sent by Chief Executive Officer Beda Bolzenius. 

U.S. Markets Bounce Back from Worst Fall Since May

Equities in the U.S. market followed the bounce back of European indices, giving a rebound after yesterday’s fall.

S&P 500 and NASDAQ 100 trained in the green, showing improvement from this week’s China Evergrande issue. Dip buyers took advantage of the situation.

Stoxx Europe is up by 1%

Dow Jones is up by 0.14%

NASDAQ is up by 0.30%

Evergrande Falls Again After S&P Says Default Is Likely

China’s Evergrande Group fell again in the equity and credit markets on Tuesday, again causing concerns after the Standard & Poors Global Ratings said the property developer is on the brink of default. Evergrande missed loan payment due dates to its banks today.

Shares in Hong Kong fell 7% before gaining back and closing just down 0.4% The stock is down 84% this year. Its dollar bond is down some 75% since late May. American Investor Ray Dalio said that the situation is manageable even though equity investors have lost money.

Crude Sinks With Broader Market on China Crackdown Fears

Oil declined amid growing concerns over the health of China’s economy that have triggered massive losses in equities. 

U.S. crude futures slid 2.3% to settle at the lowest level in more than a week as worries mounted over a possible implosion in the Chinese property sector that could impact the Asian giant’s appetite for crude. A stronger U.S. dollar is also making commodities priced in the currency less attractive. 

Bank Of Spain Raises Growth Forecasts For Upcoming Years

The Bank of Spain said on Tuesday the Bank has raised its forecasts for 2021 and the next two years as the third quarter shows a strong growth similar to the second one. It expects the gross domestic product to grow 2.7% in the third quarter boosted by solid domestic demand and relaxation in Covid restrictions.

DraftKings Strikes  Entain With a $20 Billion Deal

U.S. sports betting company DraftKings has offered a $20 billion(Rs 1,47,530 crores) deal to buy British gambling firm UK-listed Entain. This will help Entain to access LadbrokesPoker and bwin online betting brands. The share of Entain moved 18%.

J&J Offers 94% Effectiveness After Second Covid Vaccine Shot

Johnson & Johnson said on Tuesday a second shot of its Covid-19 vaccine taken after two months can boost the effectiveness to 94% against moderate to severe forms of the disease. A single shot of J&J vaccine offers 70% protection against the Covid-19 disease. 

Uber Shares Jump After Improve Outlook

The shares of Uber rose by more than 12% on Tuesday in NYSE after the company upgraded its third quarter financial outlook. It expects to report $22.8 billion(Rs 1,68,185 crores) to $23.2 billion(Rs 1,71,135 crores) in gross bookings for this quarter.

Iron Ore Prices Continue Fall as China imposes more Regulations

Iron ore, which is a key ingredient in steelmaking, has now fallen 60% from a record above $230/ton in May. The restrictions by China on steel output, alongside a property crackdown and energy supply issues have pushed down iron ore demand in China.