Stocks and Futures Mixed as U.S. Markets Remain Closed

Stocks were mixed on Monday as traders looked at quarterly results along with bond yields to decide market movement.

European Stoxx Index and U.S. futures moved up, while Asian markets consolidated. U.S. stock and bond markets are shut Monday for Martin Luther King day.

SGX NIFTY currently trades at 18,325.50, up 17 points.

  • Stoxx Europe is up by 0.68%
  • Dow Jones Futures is up by 0.12%
  • NASDAQ is down by 0.14%

2 Indians Among 3 Killed in Abu Dhabi Terror Attack

Iran-backed Houthis have claimed an attack on the richest emirate in the UAE – Abu Dhabi. The attack was targeted at Abu Dhabi’s main international airport and set fuel tanker tanks on fire. Three people were killed in the fuel-tank fire close to the storage facilities of state-run oil group Adnoc.

It is yet to be identified if the storage facilities of Adnoc have been affected in any way.

China Cuts Interest Rate while other Countries Vow Increase

China’s central bank said it was forced to cut its key interest rate for the first time in almost two years due to the Omicron variant. The economy lost momentum because of a property slump (Evergrande issue) and repeated virus outbreaks.

While inflation is a huge concern in the U.S. and Europe, China’s relatively stable prices have given policymakers room to focus on boosting growth. 

Chinese President Xi Calls for Reducing Global Supply Chain Risks

Addressing the World Economic Forum, Chinese President Xi Jinping has called on nations to secure global supply chains to prevent inflation shocks going into 2022. He said that various risks need to be solved to ensure a steady recovery of the world economy. 

As we know, the global supply chain crisis has been causing a lack of supplies pushing inflation up to around the world. We will indeed have big inflationary pressure if the issues are not fixed this year.

Even while maintaining a friendly face, Xi threatened other nations “Catastrophic Consequences” if confronting China in the wrong way. Not so friendly!

Unilever To Offer New Deal For GSK-Pfizer Unit

Consumer goods company Unilever said on Monday that it is still planning for a deal to form a consumer health care unit jointly owned with pharmaceutical groups GlaxoSmithKline and Pfizer. During the weekend the GSK group said it has rejected the three offers from Unilever for GSK Consumer Healthcare.  GSK is a major company behind brands such as Sensodyne toothpaste, Emergen-C vitamin supplement, and Panadol painkiller. Our favorite  Hindustan Unilever Limited (HUL) is a subsidiary of the British company, Unilever. 

Spain To Regulate Advertising Of Crypto Assets

Spain said on Monday that it has decided to regulate the advertising of crypto assets as regulators fear that it would become a threat to the financial system if not monitored. This will be achieved by controlling mass campaigns related to cryptos and giving awareness to investors about the risks. The advertisers and companies that market crypto assets will have to inform the CNMV watchdog at least 10 days in advance about the campaign. The Indian government is expected to announce crypto regulations in the coming months.

Thailand’s Gulf Energy Development And Binance To Set Up A Crypto Exchange

World’s biggest cryptocurrency exchange- Binance and Thailand’s Gulf Energy Development on Monday announced its plans to set up a crypto exchange and related businesses in Thailand. Gulf Energy Development said that the country is currently witnessing rapid growth in digital asset infrastructure. It is very interesting to see crypto regulations growing on one side and the crypto world booming out at the same time.