U.S. Markets Shoot Up; Energy Fears Subside
Equities in the U.S. market consolidated with some volatility. The indices are trying to close the week flat after closing more than 1% up or down for the last many days. Treasury yields have started to gain with lesser than expected jobs being added in September. The Fed is still expected to announce cutbacks to its bond buying programme next month, but the lower jobs data is good for keeping inflation down. Gold prices are trading flat, after trying to give an upwards move.
Stoxx Europe is down by 0.24%
Dow Jones is up by 0.3%
NASDAQ is down by 0.27%
Asda To Expand Rapid Delivery Business
Britain-based supermarket group Asda said on Friday it will expand a rapid online service for delivery within one hour to 96 stores. They have already completed the trial process and it topped expectations. Asda in June launched the “Express Delivery” service with a four-store trial. Customers can order up to 70 grocery products for delivery within one hour if they live within a three-mile radius of a store
Norway GDP Rises in August
Data from Statistics Norway (SSB) on Friday showed that August mainland GDP, which excludes oil and gas production, jumped 1.1% compared to the revised 0.6% in July. Developments in fisheries made significant contributions to the higher growth. Economists are expecting a hike in interest rates by the end of this year.
Hungary PM To Hike Wages Ahead Of 2022 Election
Hungary Prime Minister Viktor Orban, who faces elections next year said on Friday the government will raise nurses’ salaries by 21% from January and plans to lift the monthly minimum wage to 200,000 forints (Rs 48200). He also said that the government will cut taxes for businesses if they are ready to raise the minimum salary.
Brazil Crosses 600,000 Covid-19 Deaths
Brazil on Friday become the second country in the world to pass a dark milestone, 600,000 COVID-19 deaths. More than 70% of Brazilians have received the first dose, but the slow start in vaccination adversely affected the efforts to escape from Covid spread. The United States reported 6 lakh deaths in June. Deaths in the country are down 80% from their peak of more than 3,000 per day in April.
Taiwan Exports Surge to Record, Defying Predictions of Slowdown
Taiwan’s exports grew faster than even the most bullish economist forecast last month, fueled by ongoing global demand for semiconductors. Exports rose 29.2% in September from a year earlier to a record $39.7 billion, according to a statement from Taiwan’s Ministry of Finance on Friday. That compares to a median estimate of 25% in a Bloomberg survey of economists.
Evergrande Creditors Brace for Battle on Fate of Offshore Assets
Kirkland & Ellis and Moelis & Co. are working on contingency plans with offshore holders of China Evergrande Group’s bonds who fear the struggling company may sell assets that they’re counting on to back up their claims if the business collapses. The law firm and New York-based investment bank are advising a group that so far includes six members holding $2.5 billion of Evergrande offshore bonds, a Moelis managing director said on a call with bondholders Friday.
China’s Energy Crisis Is Hitting Everything From iPhones to Milk
The hit from China’s energy crunch is starting to ripple throughout the globe, hurting everyone from Toyota Motor Corp. to Australian sheep farmers and makers of cardboard boxes.