U.S. Markets Trying to Move to Green; ADP Jobs Data Out
Stocks in the U.S. market rose along with other global markets on the day. Investors are deciding between corporate results and threats of the virus to economic recovery.
S&P 500 and Nasdaq gained with quarterly results from today giving the markets initial push. Gold cooled down after moving up yesterday.
Stoxx Europe is up 0.32%
Dow Jones is down by 0.44%
NASDAQ is up by 0.43%
We May See 200 Million Covid Cases Globally By Next Week: WHO
World Health Organization said on Thursday the dangerous Covid Delta variant has now been reported in 135 countries and the total global Covid cases could exceed 200 million by next week. Four million cases were reported in the past week ended August 1 but during the period deaths decreased by 8% as compared to the previous week.
Moderna Vaccine Shows 93% Effective 4-6 Months After The Second Dose
American pharmaceutical company Moderna said on Thursday its Covid vaccine shows 93% effective four to six months after the second dose. This is in line with the 94% efficacy reported in its original clinical trial and a better result as Pfizer Inc and BioNTech vaccine’s efficacy fades 6% every two months, declining to around 84% six months after the second shot
ByteDance To Layoff Employees In Its Education Business
ByteDance has decided to lay off staff including teachers, sales and advertising employees in the educational business. The decision was taken after China started imposing regulations on the private tutoring sector. The company is also planning to shut down its curriculum-focused preschool and K12 tutoring businesses in China
Biden Aiming For 50% EVs By 2030
The White House said the U.S. President Joe Biden will sign an order on Thursday targetting at 50% of all new vehicles sold in 2030 to be Electric Vehicles. He will also propose rules to cut pollution through 2026. Major automakers are in favor of the decision, expecting huge funding from the government side.
US jobless claims drop by 14,000 in last week
The U.S Labor Department reported on Thursday the number of Americans applying for unemployment benefits fell last week by 14,000 to 385,000. The fall is a clear indication of economic recovery and at the time of writing major U.S Market indices are trading in the green. This is a great improvement compared to January 2021, when the claims were around 900,000.
Qualcomm Bids Rs 34,000 crores for Tech Company
Chipmaking giant Qualcomm has offered to takeover automotive technology company Veoneer Inc for $4.6 Billion(~Rs 34,000 crore).
The counter bid was placed against Canadian company, Magna, who offered $3.8 billion(~28,000 crores) for Veoneer. The offer paid by Qualcomm is 18% higher than the Magna bid.
Europe Facing High Energy Bills; Inflation Moving Up
Just like citizens of many other countries, Europeans are also feeling the pain of high energy bills. The cost of natural gas and electricity has shot up across Europe, threatening small businesses as they open up after lockdowns.
In Germany, power prices have gone up by 60% this year. Natural gas prices and energy prices in India may also jump up as our economy also opens up and energy demand shoots up. Keep a watch on energy prices and energy stocks.