U.S. Markets Consolidating; Positive Earnings Push Europe

U.S. markets traded sideways slightly in the red, even while stocks in Europe try to stay at their record highs. Positive corporate results have been pushing up the markets around the world, including in India.

Nasdaq 100 moved down after Chinese tech-company Tencent fell. Energy stocks are moving up, British Conglomerate BP(5% in NYSE) had announced increasing dividends and share buybacks.

Stoxx Europe is up 0.17%

Dow Jones is up by 0.13%
NASDAQ is down by 0.39%

UAE To Allow Transit Passengers From India, Pakistan, Nigeria, And Other Countries

The National Emergency and Crisis Management Authority (NCEMA) said on Monday UAE has decided to lift a ban on transit passenger travel from India, Pakistan, Nigeria, and other countries from August 5. The passengers will require a negative PCR test taken 72 hours before departure.

Pepsico To Sell Its Controlling Stake In Major Juice Brands

According to a Wall Street Journal report on Tuesday, the beverage giant Pepsico has decided to sell its controlling stakes in Tropicana, Naked, and other juice brands in North America to private equity firm PAI Partners for $3.3 billion(Rs 24,501 crores). Both the firms didn’t respond to the report.

BMW Raises 2021 Outlook On Strong Quarterly Results

BMW on Tuesday raised its 2021 profit outlook after the strong quarterly results, but the company also expects chip shortage and rising raw materials prices to have more impact in the second half of the year. BMW reported a quarterly net profit of 4.8 billion euros (Rs 42,333 crores) versus a loss of 212 million euros last year(Rs 1,69 crores).

Tencent Falls After Chinese Media Calls Online Gaming “Opium For The Mind”

Tencent stock fell 6% on Tuesday in Hong Kong after a state media called online gaming “opium for the mind”. Investors are afraid because regulators in China have increased scrutiny of the country’s tech and education giants and gaming platforms could be the next ones on the list.

Alibaba Falls Over Bad Quarterly Revenue Reports

Alibaba on Tuesday fell more than 3% on the NYSE after it missed quarterly expectations. Revenue in the June quarter rose 34% to RMB205.74 billion (Rs 2,36,205 crores) compared to last year, but below the analysts’ expectation of RMB209.16 billion(Rs 2,40,132 crores).

Crude Oil Dips on Concerns of Demand Fall

Crude oil prices fell in New York with concerns of fall in demand. The delta variant is continuing its spread and this is causing fresh lockdown around the world including in Europe and in India.

West Texas Intermediate fell 2.5% today to $70/barrel in New York with U.S. equity markets also not showing much strength.

China’s Sinopharm Vaccine Shows Bad Results in Hungary

The Chinese-made Sinopharm vaccine has once again failed to create sufficient antibodies in a study conducted in Hungary. The vaccine created very few antibodies in more than 25% of a group of elderly people in Budapest, according to a study by Budapest City Hall.

The Sinopharm vaccine has been used heavily in countries around the world including those in the Middle East and Africa. Booster shots by Pfizer are being recommended to such individuals.