U.S. Markets Near Record Highs; GDP Data Out
Stocks in the U.S. markets head toward record highs after a series of policy announcements and data were published, not all of which were positive. Yesterday, the Fed had maintained its dovish view on the economy, holding its interest rates at record lows.
GDP data for the quarter showed 6.5% growth in the last quarter, a slight jump but worse than expected. Worries of inflation eased with the jobless data report. The S&P 500 touched all-time highs and Ford Motor rallied after a surprise profit.
Stoxx Europe is up by 0.51%
Dow Jones is down by 0.45%
NASDAQ is up by 0.16%
Airbus Looking To Beat Boeing’s Cargo Dominance
Airbus on Thursday said the company has plans for a new freighter version of its A350 passenger jet and beat Boeing’s dominance in the cargo segment. Chief Executive Guillaume Faury said the company is expecting the lightweight A350 wide-bodied jet to boost the cargo business.
Saudi Arabia Announces A Three-year Travel Ban For Citizens Visiting Countries In Covid-19 Red List
Saudi Arabia on Thursday said a three-year travel ban and penalties will be imposed on citizens who visit countries on the kingdom’s Covid-19 red list, including India. The red-list countries include India, UAE, Syria, Yemen, Iran, Turkey, Afghanistan, Venezuela, Belarus, and Vietnam.
Rise In Covid Case In Japan Has No Links With Olympic Games
The International Olympic Committee(IOC) on Thursday said the rise of Covid-19 positive cases in Japan has no links with the Tokyo Olympic Games. IOC spokesman Mark Adams said that no infection has spread from participants of the Games and out of 310,000 that have been carried out only a small part has been tested positive.
China To Raise Electricity Prices By 20% During Peak Hours
The state planner of China said on Thursday, the government is planning to raise the electricity prices by more than 20% during peak demand time. The exact time of implementation is not available and the new decision is in line with China’s green and low carbon energy development plans.
Didi’s Shares Surge on Report It’s Considering Going Private
Uber’s Chinese competitor Didi Global shot up after reports that the firm is considering going private, bowing down to Chinese regulators’ pressure and to compensate investors for losses. The stock is down 30% from its June 30th listing price in New York.
The company refuted all rumours, and the share price is slowly falling.
Tesla Battery Supplier Unveils Breakthrough Tech
Contemporary Amperex Technology Ltd(CATL) has unveiled a breakthrough sodium-ion battery. It is a type of low density cell that uses much cheaper materials than those in lithium-ion batteries.
CATL is China’s top battery maker and became the first major automotive battery maker to unveil such a battery, with plans to set up a supply chain by 2023. These batteries do not contain either lithium, cobalt or nickel. Cost details were not disclosed.
China Puts Pressure on Metal Exports; India to Benefit?
China has raised export tariffs on steel materials, and removed rebates on cold-rolled products, as the government continues to slow down a jump in metal prices.
The measures introduced by the Chinese Ministry of Finance could however increase demand for Indian Metals in the international markets. And since supplies would reduce, a jump in prices can also be expected, a direct opposite to what China intends to do, according to research by the marketfeed team. Metal stocks holders can enjoy the profits!