1. U.S. Markets Moving Up Again; Jobs Data Soon
Stocks in the U.S. market traded sideways with positivity in the global markets dying down. Airline stocks around the world are struggling with the emergence of the delta variant of Covid-19, and Bitcoin fell again.
The jobs data is to be out on Friday, although private polls show that a better than expected number of jobs have been added to the U.S. economy.
Stoxx Europe is down by 0.78%
Dow Jones is up by 0.39%
NASDAQ is down by 0.12%
2. Japan’s Consumer Confidence Rises In June
The Japanese Govt said on Wednesday, a Cabinet Office survey showed the sentiment index for general households increased to 37.4 in June, against 34.1 in May. The sentiment index for general households includes views on incomes and jobs and this rise is due to the easing of Covid restrictions.
3. Dixons Carphone Reports Good Profit Numbers
The British electricals retailer Dixons Carphone on Wednesday reported an adjusted pretax profit of $216 million(~Rs 1600 crores) in the year to May 1. The 34% increase in annual profit comes majorly from online sales as many of its stores were closed due to pandemics.
4. China June PMI Fall To A Four-Month Low
According to the National Bureau of Statistics, China’s June official Manufacturing Purchasing Manager’s Index (PMI) drops to a four-month low at 50.9 compared to 51.0 in May. This can’t be considered as a contraction because the PMI didn’t fall below 50. The drop is majorly due to chip shortage, higher material costs, and the Covid pandemic.
5. Intel Reports Chip Production Delay
American multinational tech firm Intel said on Wednesday it has delayed the production of one of its new chips. This is due to the decision to work on improving its performance. At the time of writing the stock is 1.27% down on NASDAQ.
6. Renault To Allocate More Space In Portfolio For EV
Renault on Wednesday announced that 90% of the company’s total models will be Electric Vehicles by 2030 against the previous 90% target of electric and hybrid vehicles together by 2030. Renault Chief Executive Luca de Meo said Renault will launch 10 new electric models by 2025, boosting the long-term goals.
7. Bank of England Chief Economist warns U.K. about Inflation
Andy Haldane, Chief Economist in the Bank of England has said that inflation is likely to reach 4%. He has warned that it will be the biggest financial challenge since the pound fell in 1992.
Haldane, ahead of retiring on Wednesday, used his last speech to warn his colleagues of inflation rather than focussing on stimulating the economy.
8. 3 Billion Covid Shots Given Across the World
More than 3 billion or 300 crore vaccine doses have been given across the world according to Bloomberg. Just in the U.S., 32.5 crore doses have been given so far, with an average of 8.96 lakh doses per day last week.
In India, 33.2 crore doses have been administered so far., with 20% of the population now being given at least 1 dose. Only 4.2% of India’s total population have yet been fully vaccinated, which is the worst among top countries of the world.
9. China’s Biggest Bank Abandons Huge Coal Project
Industrial and Commercial Bank of China Ltd has abandoned a $3 Billion(~Rs 22,000 crores) project funding a coal project. The power plant project in Zimbabwe has been left in the dust without any funders.
Western and South African banks have been under pressure for funding projects that may contribute to climate change. With this, even Chinese banks have shown they are not interested in funding such projects. Green energy companies are the future, with even big companies from India like Reliance investing heavily into it.