1. Global Markets Bounce Back. Bonds Yields Relax
U.S. stocks moved back up, along with European markets earlier in the day. Bonds relaxed after an eight-day rally pumped by concerns of further spread of Covid-19 variants.
Financial shares led to the gains as tech shares followed along with the pressure of reform measures from the U.S. government.
Stoxx Europe is up by 1.28%
Dow Jones is up by 1.29%
NASDAQ is up by 0.79%
2. CaixaBank To Sell Two Bankia Businesses To Global Payments
The largest domestic bank of Spain- Caixabank on Friday announced the decision to sell two Bankia businesses to Global Payments for a combined total of 277 million euros (Rs 2,446 crores). The first one is a payment processing unit for retailers and the second one is a prepaid card business. Caixabank has a 20% stake in Comercia Global Payments.
3. Philip Morris To Buy Drugmaker Vectura For 1 Billion Pounds
The company which makes Marlboro cigarettes- Philip Morris said on Friday to buy UK drugmaker Vectura for 1 billion pounds(~Rs 10,292 crores). This is a part of the company’s new policy to bring more nicotine-free products to the portfolio. The shareholders of Vectura will get 150 pence per share in cash.
Vectura will withdraw from the previous offer from Carlyle group in May, 136 pence per share.
4. The U.S To Add More Than 10 Chinese Companies To Its Economic Blacklist
The United States on Friday decided to blacklist more than 10 Chinese companies over alleged human rights abuses and high-tech surveillance in Xinjiang. China has already blacklisted more than 5 Chinese companies last month over allegations of forced labor in the far western region of China.
5. Clear Signs Of Fourth Covid-19 Wave In The Country: Pakistan Minister
Pakistan Minister for Planning Asad Umar said on Friday the country is showing clear signs of the fourth Covid wave. People not obeying the Covid restrictions and the spread of the Delta variant are considered as the reasons behind this. Pakistan has recorded 1,737 new Covid-19 cases in the last 24 hours which is the highest since 1,923 cases recorded on June 4.
6. Germany Declares Spain As Risk Area
Germany on Friday declared Spain as a ‘Risk Area’ after the rise in coronavirus infections in the area. Spain is third in ranking after the Balearic and Canary Islands. This rise is expected as travelers are returning back to the country.
7. Steve Ballmer Now 9th Person Worth $100 Billion
Former CEO of Microsoft, Steve Ballmer, now has a net worth of more than $100 billion(~Rs 7.4 lakh crore) making him the ninth person in the world to reach that level. Jeff Bezos, the richest man on earth is now worth more than $212 Billion.
Balmer had sold $1.3 Billion worth of Microsoft shares in 2010, which if he held today would make him worth $130 Billion more and the richest man on Earth.
Shares of Microsoft have gained 23% just this year, along with multiple other tech stocks. U.S. President Joe Biden is trying to bring in tax changes that aim to force the wealthy to pay their right shares of taxes.
8. #BoycottHeineken Trending on Twitter
Anti-vaccine Twitter members have gotten a new hashtag trending on Twitter. Heineken is now facing a boycott campaign after posting an ad featuring senior citizens enjoying themselves in a club and on a beach after vaccinations.
The company earns a majority of income from social drinking in pubs and restaurants, and is clearly facing a drop in revenue due to lockdowns.
Do you believe that all press is good press?
9. Crude Oil Rises as Dollar Falls
Oil prices continued their recovery boosted by a falling dollar and yesterday’s U.S. report on falling inventories. The world’s biggest economy is also seeing higher fuel demand in the peak summer tourist season. There is still confusion between UAE and Saudi regarding OPEC+’s production policy, which we will discuss in an article tomorrow.
WTI Crude Futures is up more than 2.5% today, with prices reaching $74.55/barrel. It is still 3.3% down from Monday’s 6-year high near $77/barrel.
10. World’s Biggest Wind Turbine Coming soon in Germany’s Coast
Vestas Wind Systems has booked a pre-order for what will be the world’s largest wind turbine. German utility and electricity infrastructure company EnBW Energie will be the first customer to use the massive machine from Vestas.
Vestas had unveiled the turbine that generates 15-megawatt in hopes to become the top supplier of turbines for offshore projects, which is one of the fastest growing segments in renewable energy. Britain’s energy giant BP said in its annual report yesterday that reveals renewable energy’s fastest ever growth year of 2020 coincided with a the worst fall in demand for oil since World War 2.
