U.S. Markets Rebound; Energy Stocks Continue to be in Demand
Equities in the U.S. market moved up with investors making the most use of Monday’s dip. Energy stocks continue to be in high demand with the global energy shortage continuing.
The tech-heavy NASDAQ 100 is gaining with a rally in tech heavyweights including Facebook and Amazon in the green. Crude oil prices in New York moved up for a fourth day.
Stoxx Europe is up by 0.73%
Dow Jones is up by 0.95%
NASDAQ is up by 1.13%
Pepsico Raises Annual Guidance
Top food and beverage company Pepsico raised its annual guidance for this year after beating estimates for the third quarter. The company expects full-year organic revenue to increase approximately 8% compared to its previous forecast of 6%. It hopes to see good business as more people returned to restaurants and theaters, boosting demand for its snacks and beverages.
Union Strike In South African To Affect Auto Industry
South Africa’s biggest metalworkers union- the National Union of Metalworkers of South Africa (NUMSA) on Tuesday declared an indefinite strike demanding wage rises in the engineering sector. The strike by more than 1.5 lakh workers could create a negative impact on supplies of parts to make new cars.
Bitcoin Hits $50,000 Again
Cryptocurrency king Bitcoin hits $50,000 for the first time in four weeks, continuing its bull run. On October 1 Bitcoin broke $47000 resistance in a solid green candle and then slowly continued its momentum. It has moved more than 20% in the last 6 days after falling to the support near $40000. At the time of writing it is consolidating above $50000. The next resistance is around $52,900, the high of September.
Robinhood Rises After New Plans Of 24/7 Support
Stocks of American financial services company Robinhood Markets rose more than 2.5% on Tuesday in NASDAQ after it decided to start a 24/7 phone line service to improve customer support. The service will be available for both trades in cryptos as well as equities and requests for support will have to come through the Robinhood app.
China Orders Banks to Ramp Up Funding to Boost Coal Output
China ordered its banks to ramp up funding to coal and energy companies, another step in its efforts to ease a power crunch and ensure supplies this winter. Banks and other financial institutions should prioritize lending to qualified mines and power plants so they can increase thermal coal and electricity output, China Banking and Insurance Regulatory Commission said in a statement Tuesday.
Qantas Kicks Off 100-Plane Order Worth More Than $9 Billion
Qantas Airways Ltd. kicked off a process to buy more than 100 new planes worth in excess of $9 billion as it pushes ahead with plans to start ultra-long flights halfway around the globe. The airline will bring in the new aircraft by 2034 to renew its aging domestic fleet of Boeing Co. 737-800s and smaller Boeing 717s.