Markets Bounce Back Up; Tech Stocks Rally
Stocks in the U.S. market moved up in the first day of the week along with European peers, gaining back from the dips of last week. The S&P 500 and NASDAQ 100 moved up continuing momentum from Friday evening.
The commodity market has started stabilising with crude back above $64/barrel. Bitcoin retook the $50,000 mark for the first time since May.
Stoxx Europe is up by 0.57%
Dow Jones is up by 0.64%
NASDAQ is up by 1.18%
New Zealand Extends Nationwide Lockdown
New Zealand’s government on Monday said it had decided to extend the nationwide lockdown at least until the coming Friday. The health authorities have reported 35 new local infections, mostly because of the Delta variant, the highest since April of 2020. They have also found links among most of those cases and will be able to control spread soon.
EasyJet Appoints Former RBS Boss Hester As Chairman
British low-cost airline group EasyJet said on Monday the former Royal Bank of Scotland boss Stephen Hester has been selected as the Chairman with effect from December 1. Hester has experience of more than thirty years in several companies, most recently serving as the chief executive of RSA Insurance. The company expects a recovery under the guidance of the new chairman. At the time of writing the stock is more than 2% up in LSE.
UK Economic Growth Slows Again: Survey
A survey shows that the economic growth of the UK has slowed down again, majorly due to the shortages of staff and materials. The IHS Markit/CIPS flash composite PMI dropped to 55.3 compared to 59.2 in July. IHS Markit said there were clear signs of the recovery losing momentum after a buoyant second quarter.
AB Volvo Buys JMC Heavy Duty Vehicle Company
AB Volvo said on Monday it had opened a deal to buy the Chinese JMC Heavy-Duty Vehicle Company for about 1.1 billion Swedish crowns (Rs 931 crores). The Volvo group said the deal with the subsidiary of Jiangling Motors is expected to expand its business operation in China
Bitcoin Crosses $50,000 Mark
The world’s largest cryptocurrency Bitcoin on Monday crossed the $50,000 mark and went up to $50,533. At the time of writing, Bitcoin is 3.2% up and the movement is majorly powered by the willingness of more established financial services companies to offer their customers access to virtual coins. Bitcoin has moved 81% from the yearly low of $27,700 in January.
SoftBank’s Vision 2 makes first investment in Africa
SoftBank’s Vision Fund 2 has led a $400 Million(~Rs 2,960 crores) funding round for a Nigerian mobile-payments platform called Opay. This round has valuedOpay at $2 Billion(~Rs 15,000 crores).
This is the fund’s first investment into the African continent.
Crude Oil Moves Back Up; Closes Worst Losing Streak since 2018
Crude Oil in New York rallied up by the most since April, along with a recovery in the equity and crypto markets. West Texas Intermediate(WTI) crude moved up 6% on Monday. Financial markets stabilising would have given the commodity markets some confidence to rebound from the fall last week.
The commodity is still down nearly 15% from the highs created in early July. WTI Crude is nearly 6% up from Friday’s low, and now at $65/barrel.