1. U.S. Markets Playing Near All-Time Highs
Stocks in the U.S. market moved sideways with economic data coming out on the first day of September. Tech companies led gains as others moved down.
Data shows that manufacturing in America has expanded at a stronger-than-expected pace. June and July have shown strong hiring as restrictions on service industries were lifted, total U.S. employment is still about 6 million jobs below pre-pandemic levels.
Stoxx Europe is up by 0.48%
Dow Jones is down by 0.053%
NASDAQ is up by 0.65%
Walmart Decides To Hire 20,000 Supply Chain Workers
American retail firm Walmart said on Wednesday it has decided to hire 20,000 workers for the supply chain ahead of the busy holiday season. The decision is taken on the expectations of higher demands. Workers will be hired for more than 250 Walmart and Sam’s Club distribution centers, fulfillment centers, and transportation offices. The average wage for supply chain workers would be $20.37(RS 1,490)per hour, an increase compared to the previous announcement of $15.25(Rs 1,110) an hour average wage pay in February.
U.S. Private Payrolls Miss Estimates In August
According to the ADP National Employment Report showed on Wednesday the U.S private companies hired lesser than expected employees in August. The private payrolls increased by 374,000 jobs in August and the data for July was revised down to show 326,000 jobs added instead of the initially reported 330,000. The analysts say that the U.S labor market is still in a recovery journey.
Brazil’s GDP Contracts 0.1% In Q2
Brazilian statistics agency IBGE said on Wednesday the country’s economy contracted 0.1% in the quarter ended June. This is a sharp decline compared to 1.2% growth in the first quarter. The drop in GDP is majorly caused by the second Covid wave that triggered strict restrictions in the country.
ParshipMeet Prepares For IPO In Next Year
Dating group ParshipMeet has started preparations for Initial Public Offering (IPO) next year as the major shareholders General Atlantic and ProSiebenSat.1 Media invited banks to pitch for roles in the listing. General Atlantic German broadcaster ProSiebenSat.1 Media holds 43% and 53% of shares in the company. Investment bank Evercore will be helping ParshipMeet’s shareholders with the IPO preparations.
Cathie Wood Buys $56.5 Million Share Of Zoom In Tuesday’s Fall
Major Investor Cathie Wood’s funds have bought $56.5 million worth of shares of Zoom Video Communications as the stock fell more than 15% on Tuesday. The fall was majorly caused by the company’s negative comments regarding the drop in demand. Ark Invest also bought Zoom shares for about $55 million. Today the Zoom shares are 3% up on NASDAQ.
Video-Game Developer ProbablyMonsters Raises $200 Million
Game developer ProbablyMonsters Inc has pulled off the largest first round of VC funding in the video-game industry.
The $200 Million(~Rs 1,400 crores) funding was led by LKCM Headwater Investments, the private equity arm of Fort Worth, Texas-based Luther King Capital Management.
