1. U.S. Markets Move Back Up after Friday Fall
Stocks in the U.S. market gained back with good momentum, as stability returned after last week’s all. Last week, the Federal Reserve’s comments had pulled global markets down.
S&P 500 is in the green after 4 consecutive days of fall. New York Fed President John Williams and Boston Fed Eric Rosengren’s speeches are being watched this week to get more information on the interest rates plans.
Stoxx Europe is up 0.55%
Dow Jones is up by 1.57%
NASDAQ is up by 1.46%
2. Volvo Car Ties Up With Northvolt For Batteries
Volvo Car Group on Monday announced a joint venture partnership with Swedish battery maker Northvolt. The tie-up is aiming to develop and produce sustainable batteries for its electric cars and set up a Gigafactory in Europe to produce up to 50-gigawatt hours (GWh) per year in 2026.
3. IKEA and Rockefeller to set up Rs 7,400 crore funds for renewable energy
IKEA Foundation and Rockefeller Foundation are planning to set up Rs 7,400 crores to support renewable energy-related programs in developing nations. It aims to reduce 100 crore tons of greenhouse gas emissions and empower one billion people with distributed renewable energy.
4. China becomes tougher on Crypto
The Central Bank of China said on Monday, it had asked many banks and payment firms like China Construction Bank, Alipay, etc to be harder on cryptocurrency trading. Last month, China announced many restrictions on coins, and the crypto world was affected adversely. At the time of writing Bitcoin(-4%) and Ethereum(-6%) are in the red, dragging down many other smaller coins down.
5. Full Recovery From Next Year: Wizz Air Of Europe
CEO of Wizz Air said on Monday, the company expects to recover fully from the pandemic hit from next year. Wizz Air is considered as the budget airline of Europe, will be benefited as travel volumes come back to normal levels.
6. Germany’s Antitrust Watchdog announces an investigation on Apple
Antitrust watchdog of Germany announced an investigation on Apple, to find whether the company is exploiting its market position. Apple is the fourth company on the list after Google, Facebook, and Amazon.
7. China Trucking Startup Said to Raise $1.6 Billion in U.S. IPO
Full Truck Alliance Co. has raised about $1.6 Billion(~Rs 11,860 crores) from offering Depository Receipts in the U.S. The company operates a truck-sharing app that connects merchants that need shipping with truck drivers. Full Track is backed by top investors including SoftBank Group and Tencent Holdings.
8. Global Vaccinations Cross 2.62 Billion Doses: Bloomberg
According to data from Bloomberg, more than 262 crore doses have been administered across 180 countries. The latest vaccination rate is roughly 3.9 crore doses a day. Enough vaccines to fully vaccinate 17.1% of the global population have been given but countries with higher income are seeing much faster vaccination rates.
Interestingly, India has given 75 lakh vaccine doses today after the revised vaccination guidelines kick in. This is more than 0.5% of the country’s total population in a day.
9. Taiwan’s Exports Slowing; May Be Sign of Stabilising Chip Shortage
Demand for Taiwan’s semiconductors and other electronic chips showed signs of a slowdown in May. Export orders went up 34.5% from a year earlier to $52.3 Billion in May but was still below expectations. Manufacturers around the world have been struggling to obtain electronic chips for their different products from smartphones to cars.
This is a good sign for all such manufacturers, including India’s automakers – Maruti and M&M.
10. Morgan Stanley says Nifty bull run is only getting started
According to a report by global financial firm Morgan Stanley, the Indian market’s bull run still has a long way to go. “The ongoing bull market compares well with history. If this bull market is reminiscent of that in 2003-08, as we think given a likely fresh earnings cycle, it has more legs to it,” the report said.
For the coming year, Morgan Stanley’s top picks are consumer discretionary, industrials and financials.