1. Markets Mixed Ahead of Quarterly Results
U.S. stocks remained mixed as market particpants look forward to quarterly earnings from top companies, and to measure if the recent rally in the market can be justified with good profits. Both S&P 500 and NASDAQ remained flat, cooling down after hitting all-time highs on Friday.
Even in the European market, Realty stocks moved up like we are seeing in our market.
Stoxx Europe is up by 0.56%
Dow Jones is up by 0.28%
NASDAQ is down by 0.076%
2. Russia Looking To Grab Mining Profits Once Export Tax Ends
Russia is looking for measures to grab profits from mining companies as the temporary export tax finishes at the end of this year. Last month, the Government announced duties of at least 15% on Steel, Nickel, Aluminum, and Copper exports effective from August 1
3. Plus500 Posts 32% Drop In Customer Income During H1
London-listed online trading platform – Plus500 on Monday reported a sharp fall in income during the first half of 2021. The income for the first half of 2021 fell 32 to $379.2 million. The numbers are looking not that bad as pre-pandemic income was at $175 million. They have added 1,36,980 new customers from Jan-to-June of 2021, against 1,98,176 in last year and 47,540 in 2019.
4. The Central Bank Of Indonesia Cuts 2021 GDP Outlook To 3.8%
The Governor on Monday said the Central Bank of Indonesia has cut the 2021 GDP forecast of the country to 3.8% from the previous target of 4.6%, based on the rise in Covid cases. Fitch Solutions also slashed the growth forecast of the country to 4.4% from 5.1%.
5. VinFast Starts Operations In North America And Europe
The first domestic car manufacturer of Vietnam – Vinfast said on Monday the company has opened representative offices in North America and Europe. The company targets to sell 15,000 electric vehicles in 2022, hugely down from the previous target of 56,000. The company will be launching two electric car models, the VF e35 and VF e36 in March next year.
6. ByteDance In Talks With Regulators Over Data Security Concerns
The owner of TikTok- ByteDance is trying to ensure it complies with data security requirements after the meetings with government officials over the issue this year. The company has been preparing for its IPO, but now raising some concerns as China and the US are fighting over overseas listed companies.
7. Billionaire Richard Branson Completes Space Flight
Space tourism is real and it is happening. Billionaire Richard Branson has completed his test flight to space, taken alongside five of his Virgin Galactic employees. This gives validation to the company’s plan to start space tourism trips next year. Within an hour of taking off, the space plane went up 83 kilometres above the earth and returned back safely.
Jeff Bezos plans to fly on a rocket made by his company Blue Origin after nine days. Both companies aim to give wealthy tourists an unforgettable experience for a high price.
8. China’s Slowing Economic Recovery Sends Warning
On Friday, the People’s Bank of China took an unexpected move to increase lending in the country – it reduced the amount of cash that banks need to hold in reserve. Also, estimates from analysts show only an 8% growth in the economy for the last quarter, much down from the 18.3% gain in the Jan-March quarter,
This slowing economic rebound is sending a clear message to other nations on how recovery won’t be an easy task. Important data regarding retail sales also came out to be disappointing.
9. Oil Dips after 2 Days; Break before More?
With the above data that China’s economic recovery is slowing earlier than expected, crude oil prices remained volatile. The rally in oil prices was broken last week with the fight between UAE and Saudi which you can read here.
WTI Crude is now trading at $73.55/barrel, losing gains that it made on Friday. Concerns about the new Covid variant is also putting some pressure on the price. But if OPEC+ does not increase production drastically, prices will continue to move up.
10. GE Vows to be Net-Zero Emissions by 2050
General Electric Co has set a new goal on Monday to achieve net-zero emissions by the year 2050. Even though there have been no details or plans on how this will be achieved, at least for now it looks like just a plan to make investors and lenders happy.
GE is a top supplier in wind turbines but also involved in jet engines and gas power plants.