U.S. Markets Consolidate Near All Time Highs

Stocks in the U.S. market move sideways after hitting after indices hit all-time highs yesterday. Traders are evaluating different quarterly results along with fears of inflation. The tech-heavy NASDAQ is slightly in the green. Bond yields have moved up. 

  • Stoxx Europe is up by 0.01%
  • Dow Jones is down by 0.36%
  • NASDAQ is up by 0.20%

Britain And New Zealand Enters A Free Trade Deal

Britain and New Zealand have agreed on a free trade deal to reduce tariffs and improve services trade after 16 months of negotiation. PM Jacinda Ardern said tariffs on 97% of products will be eliminated for both countries the day the deal comes into force. The deal would provide a boost of almost NZ$1 billion to its GDP. The deal will reduce tariffs on bulldozers, wine, buses, and clothing. Analysts say that the agreement is not expected to give a boost to the UK economy, but will help Britain to join the Trans-Pacific Partnership (CPTPP), a free trade area of 11 Pacific nations including New Zealand.

Dutch Forensic Lab Decodes Tesla’s Driving Data

The Dutch government’s forensic lab said on Thursday it had decoded electric carmaker Tesla’s highly guarded driving data storage system. This could reveal a lot of information that could be used to investigate many accidents it had in the previous quarters. Netherlands Forensic Institute (NFI) said that Tesla cars store data from accidents, data from autopilot mode, speed, braking, etc. Now, far more data has been discovered than investigators had previously been aware of. The stock opened with a 1.5% gap down in NASDAQ because of the news, but just after the market-open, it shot up. This bounce-back is majorly fueled by its strong quarterly data.

China Confirms that Property Market is Under Control

China has promised that its property market will be under control amidst concerns about Evergrande indicating chances of default in its payments. China Banking and Insurance Regulatory Commission has opined that the government will not use the real estate sector as a measure of the short-term economic stimulus. Strict measures to regulate the property market have had negative effects due to which sales of property developers have gone down. Around the world, including in India, home prices have been rallying due to low-interest rates and excess supply of money in the economy.  

Oil Slips From 7-Year High Amid Broader Commodities Decline

Futures in New York declined as much as 3.2% on Thursday after holding at the highest since 2014 this week. Technical indicators have signaled oil has been due for a pullback since earlier this month. Meanwhile, the resurgence of lockdowns in Eastern Europe and Russia due to rising coronavirus cases is threatening the global economic recovery that has buoyed commodities and energy markets.

U.K Gas Crisis To Get Relief From Two New Projects

Similar to all other countries, the U.K is also facing an energy crisis and new two gas projects are expected to increase the gas outputs, giving some relief to the issue. Royal Dutch Shell and NEO Energy have already started gas production in recent weeks and two news projects from Harbour Energy and IOG are scheduled to start in the coming quarters. With energy-power prices around the world reaching new highs, governments are trying to increase the outputs. The impact has already been seen in the Indian market with stocks like Tata Power, Coal India, etc hitting fresh 52-week highs.

Renault To Share Data Key To Reduce Supply Chain Disruptions

The Head of Supply Chain of Renault Alliance Group said on Thursday that the company has a lot of data that can be shared with suppliers, logistic partners, and governments to reduce supply chain disruptions. The transition to electric mobility and climatic situations is challenging automakers in supplying the units. Renault Alliance group includes Nissan Motors and Mitsubishi Motors.