U.S. Markets Shoot up with Corporate Earnings in Focus

Stocks in the U.S. market moved up for the sixth consecutive day, as bulls take up equities following generally good corporate earnings. Major indices and benchmarks, including the S&P 500 and Dow Jones, are within reach of their all-time highs.

Telecom provider Verizon moved up after better-than-expected results, and AT&T is joining it. Netflix opened with a gap-up after a bad outlook.

  • Stoxx Europe is up by 0.28%
  • Dow Jones is up by 0.44%
  • NASDAQ is up by 0.25%

Bitcoin Hits Fresh All-Time Highs, After U.S. ETF Debut

Crypto investor’s favorite and the world’s largest cryptocurrency – Bitcoin on Wednesday hit a fresh all-time high, a day after the debut of the first U.S. bitcoin futures-based Exchange-Traded Fund (ETF). It has been in a wonderful rally for Bitcoin after taking support around $40k during the September end. From there, it moved 60% in just three weeks. At the time of writing, it is consolidating near the fresh all-time high of $66,342. ProShares Bitcoin Strategy ETF started trading yesterday, giving confidence to millions of crypto investors.

UBS turns optimistic about Chinese equities

Chinese equities were upgraded as bullish by UBS Group AG as the tighter economic regulations over the last few months have already priced in. Corporate earnings and valuations have been anticipated to improve. The general sentiment has gone up as investors believe that the worst effect of the stringent regulatory measures could have subsided.

India orders for more LNG from Qatar

India has sought around 50 cargoes from Qatar of LNG amidst the global energy shortage.

This is over and above the 115 cargoes under the State-linked importer Petronet LNG Ltd.’s long-term contract for the coming year. This unusual move, especially after having thought that the same was too expensive in 2015, backs the desperation of buyers with the energy crisis around the world.  

Citigroup set to sell its loan books in Asia

Citigroup is ready to sell its consumer banking assets in Asia as DBS Group Holdings Ltd. and Standard Chartered Plc show interest. Lenders are drawn to the deal by the high fees from credit cards and wealth businesses. Offers for retail assets (loans) in Indonesia, the Philippines, Taiwan, and Thailand are due Friday while those in India are due next week. Indian companies including HDFC Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, and DBS India are also looking to snatch the Rs. 15,000 crore bid.

U.K Not To Have A Fresh Lockdown

U.K Business Secretary Kwasi Kwarteng said on Wednesday the government is not planning a fresh lockdown even though the Covid-19 cases are rising. Kwarteng said that the number of cases is high, but hospitalizations and deaths are much lower than at the start of the year due to the successful vaccination drive. UK Covid-19 new daily cases have risen above 30,000 since early September.

U.S To Vaccinate Children With Smaller Doses

The White House on Monday explained its plans to vaccinate younger children against Covid-19 with smaller doses administered using smaller needles if the shots are authorized by regulators. President Joe Biden’s Covid-19 response coordinator, Jeff Zients, also said that the government has ordered enough supply to vaccinate all kids from 5 to 11 and the new strategy will focus on enlisting paediatricians to work with parents, rather than forming vaccination centers. 

Where do we stand right now? Digging deep into this, we can understand that Covid-19 is trying to make a comeback with Moscow going into lockdown, the U.K reporting higher cases and signs of new Covid variants. So, vaccinating a maximum number of people is the only option we have and India has already vaccinated 99 crores of people. That is, close to three-fourths of the adult population in India have received at least one dose and have administered more vaccine doses than any other country in the world apart from China.

German Agency Regulates Returns From Power, Gas Business

Germany’s federal network agency on Wednesday cut the permitted returns from new infrastructure for power and gas networks in the years to 2029, a move to protect consumers from higher energy bills. Consumers are facing an expensive winter heating season due to the rise in energy prices. The regulator proposed a permitted return for new infrastructure of 5.07%, versus 6.91% now, and rates for old infrastructure were set at 3.51%, down from 5.12%.

Latest

Advertisement