1. U.S Markets Volatile; Bond Yields Fall

U.S. stocks remained volatile as the day begins in New York. Benchmark bond yields are around the lowest since March as investors show confidence.

Yesterday, the S&P 500 had touched an all-time high even with high consumer price inflation data. This is due to the hope that such inflation is mainly now just in categories associated with re-opening and will settle down later in the year.

Stoxx Europe is up 0.67%

Dow Jones is down 0.093%

NASDAQ is up 0.046%

2. Blackrock Will Soon Begin MF Business In China

U.S hedge fund giant BlackRock’s Chinese unit has won approval from the China Securities Regulatory Commission (CSRC) to start Mutual Fund operations. It is the first global asset manager to begin a wholly-owned onshore mutual fund business in China. Many other firms including Fidelity International, Neuberger Berman, and Schroders have also applied for the same.

3. China May Auto Sales Fall 3%.

China auto sales fell 3% in May from the same month a year ago. The industry has been reporting gains for thirteen consecutive months since April 2020. The China Association of Automobile Manufacturers (CAAM) is still positive and expects China’s overall vehicle sales to grow 6.5% this year.

4. G7 plans to allocate a huge amount of IMF funds to Covid affected nations

G7- Group of Seven nations is planning to reallocate Rs 7,32,590 crores of the International Monetary Fund’s war chest to countries that are heavily affected by the Covid pandemic. This will be considered at a three-day summit in Cornwall, south western England, which begins on Friday. 

5. Travel Restrictions Will Ease From July 1: Germany

German Foreign Minister Heiko Maas said on Friday, the country is planning to lift the Covid travel restrictions for most countries from July 1. This will bring situations to normal as more and more citizens get vaccinated, he added. The government considers countries recording infection rates of 50-200 cases per 100,000 people in seven days as a less risk zone.

6. Oil Price Hit New Highs Over Demand Expectations

 Oil Prices on Friday hit a new multi-year high over expectations of demand rising. This rally is boosted by the ease in Covid restrictions and increased vaccination drives. At the time of writing this, Brent Oil is up 0.83% at $72.41 and U.S. crude is up 1.28% at $70.98 a barrel, a day after their highest close since October 2018.

7. Pakistan Proposes Budget to Boost Growth as Pandemic Recedes

Pakistan, like many other countries, has come out with a new budget that tries to put more money in the hands of people and boost economic activity. 

Pakistan forecasts a GDP growth of 4.8% for the next fiscal year against an estimate of 3.9% this year. The budget is an opportunity for Finance Minister Tarin to strengthen the weak economy, which is currently under a $6 billion(~Rs 43,000 crore) bailout from the International Monetary Fund(IMF).

8. Malaysia Extends Lockdown as Virus Surges

Malaysia has extended their nationwide lockdown by two weeks as daily Covid cases still remain high. Things are getting better but still new cases remain above the 4,000 daily target set by the government to end the lockdown. 6,849 new infections were recorded today.

The entire population of the country is similar to the population of the state of Kerala.

9. World Leaders Ready to Move Against China in Covid Issue

We had talked about how the U.S is pushing the investigations to find the origin of Covid-19 and China opposing these investigations. 

The G7 countries are ready to call for a fresh study into the origins of coronavirus this weekend. Yet so far they’ve been vague on what exactly they want. Biden had earlier gave intelligence agencies 90-days to answer “specific questions for China” regarding the virus. Beijing has repeatedly denied the Wuhan lab leak theory.

10. Ships Skipping Singapore as Supply Chains Collapse

Last week we talked about many delays in shipping due to Covid-19 lockdowns in southern Chinese ports. This is now inflating costs, and messing up supply chain timelines.

A cargo vessel operated by Cosco Shipping will be skipping a scheduled port stop in Singapore this month because of the China delay. These delays are pushing up shipping costs and threatening to indirectly push global inflation up as many supply chains rely on China.


At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]