1. U.S. Markets Move Higher; Another Big Results Week
U.S. stocks moved up slightly higher in a big week for tech results. There is also an important policy meeting from the Federal Reserve to be out this week.
Tesla gained more than 3% ahead of its earnings release. Apple, Amazon and Facebook are also moving up ahead of their results this week.
Stoxx Europe is down by 0.12%
Dow Jones is up by 0.073%
NASDAQ is up by 0.079%
2. Philips Reports Q2 Results Above Estimates
Dutch multinational company Philips on Monday posted a 36% rise in profits for the second quarter at 532 million euros(Rs 4,672 cores) compared to 390 million euros(Rs 3,425 crores) of last year. The firm also announced a 1.5 billion euro(Rs 13174 crores) share buyback starting in the third quarter for three years.
3. Food-Tech Company NotCo Raises $235 Mln Funds
Chilean food-tech company- NotCo said on Monday it has raised $235 million(Rs 1,747 crores) in a funding round. Jeff Bozos backed company has a wide range of products including plant-based milk, burger patties, meat, and ice creams, and plans to utilize the new funds to expand the business to more countries.
4. Ryanair Interested In Buying Boeing MAX 10 This Year
Irish ultra-low-cost carrier Ryanair said on Monday the company has plans to buy MAX 10 from Boeing this year. The largest European customer for the MAX also said there is no pressure currently and the deal will be considered at the right price. They are looking for the larger 230-seat MAX 10, which took off on its maiden flight in June. At the time of writing the stock is trading 1% up in NYSE.
5. Goldman Sachs Cuts U.S. Growth Outlook For The Rest Of The Year
Goldman Sachs on Monday revised U.S economic growth for the upcoming third and fourth quarters to 8.5% and 5.0% respectively, a drop of 1%. This is because of the slower recovery rate in the service sector and the full-year forecast is still at 6.6%.
6. China Stocks Crash with Panic Selling
On Friday we had discussed the sell-off in Chinese Ed-tech companies. A selloff in these private education companies have started a sell-off in the entire Asian markets. The crackdown by Beijing on some of the nation’s industries including Education, Realty and Tech have caused panic.
Hang Seng Index fell 4.1%, most since May last year. China’s CSI 300 Index dropped 3.2%.
7. Crude Oil Falls with Hopes of Demand Falling
Crude Oil Futures in New York fell as investors struggled to find the right balance between future demand and current
outlook for demand and scares that it will not recover with the spread of Delta variant of Covid-19.
The impact of the virus on the developing world is still not known, although there is demand, excluding jet fuel, coming back in the developed world in a really strong way.
8. Chipmaker TSMC planning plants in Germany and Japan
Taiwan Semiconductor Manufacturing Company is looking into a new chipmaking plant in Germany and Japan, according to the company’s Chairman.
The company said its planned global supply chain will be based on free-trade principles, except for national security needs. Germany is home to the company’s customers including chip designer Infineon and carmakers like Volkswagen and Daimler.