1. U.S. Markets Playing Near All-Time Highs
Stocks stayed volatile near all-time highs with traders confused about the quick rally. The S&P 500 is now flat after hitting an all-time high for the 12th time in August. European shares moved down on the last day of the day with the Central Bank of Europe signalling reducing support for the economy.
Stoxx Europe is down by 0.51%
Dow Jones is up by 0.12%
NASDAQ is down by 0.11%
China’s Factory Activity Drops In August: Survey Says
According to a Survey report, China’s factory activity dropped in August, caused by the weakness in exports. Chinese investment bank CICC said that the slowdown in demand will continue and overall the manufacturing industry is going to show a steady slowdown. Factory and consumer activity have been affected by flooding in July and strict corona restrictions.
Taliban Cuts Off Telecom Network In Panjshir Province
Taliban has cut the telecom network in Panjshir province, the only region in Afghanistan that has not fallen to the Taliban. Residents of Panjshir said that the lack of phone and internet networks is causing serious issues. The Taliban has closed roads and other routes leading to Panjshir valley and this has skyrocketed the food prices in the province.
Zoom Video Falls As Demand Drops Faster
The stocks of Zoom Video Communications on Tuesday fell more than 15% in NASDAQ after the company stated about a faster-than-expected drop in demand. This has raised questions about the company’s plans as people return to the office. Zoom expects current-quarter revenue between $1.015 billion and $1.020 billion(Rs 7,293 crores), a rise of about 31%, a sharp fall in multiple-fold growth rates in 2020.
Canada’s Economy Drops Unexpectedly In The Second Quarter
According to the data from Statistics Canada on Tuesday, the country’s economy contracted 0.4% in July against a 0.7% gain in June. During the second quarter, the economy shrank 1.1% on an annualized basis. This is the first time the economy had dropped since the Q2 of 2020 when the first wave of COVID-19 peaked.
Dollar Falls To More Than Three-week Low
The dollar recorded its lowest level in more than three weeks against major currencies on Tuesday, as the path of U.S. Federal Reserve monetary policy remains unclear. Investors are waiting for a round of U.S. data later this week to understand the strength of the labor market. The rupee is currently trading below 73 marks against the U.S Dollar.
Citigroup Moves Closer to Full Office Capacity in Hong Kong
Citigroup Inc. plans to raise the capacity in its Hong Kong office to the highest level since the pandemic began, joining other global banks in ratcheting up a back-to-office push in the Asian financial hub. Starting on Sept. 1, the bank will boost capacity in its offices to 90% from 75%, according to an internal memo which was confirmed by a spokesman.
Cathie Wood Has Bought Komatsu Almost Every Day Since Mid-August
Cathie Wood has been increasing her stake in Japanese construction machinery bellwether Komatsu Ltd. almost every day since the middle of this month. Wood’s Ark Autonomous Technology and Robotics ETF (ARKQ) bought American depository receipts of the excavator maker in most trading sessions since August 17, after selling some of the stock in May, according to Ark Investment Management’s daily trading data compiled by Bloomberg. Click here to read more about Cathie Wood.
South Korea Forces App Stores to Open Up
South Korea has now become the first country to force Apple and Google to open up their app stores to third-party payment systems.
The National Assembly passed a bill today that bans app store operators from forcing developers to use their online payment systems and instead allow users to pay through a variety of methods. The bill is expected to become a law as early as early September.
