1. U.S Markets Cool off; Fed Meeting Soon
The rally in U.S equity markets cooled down as investors prepare for announcements from a Federal Reserve meeting later in the week.
Investors are looking for a timetable from Fed on scaling back stimulus proceedings. The decision is expected by Wednesday.
Stoxx Europe is up 0.19%
Dow Jones is down 0.43%
NASDAQ is up 0.13%
2. Bitcoin Moves After Musk Tweets
A few weeks back, Elon Musk said Tesla would not accept bitcoin due to high energy usage for mining and climatic change concerns. Now he has come up with a new tweet saying Tesla may use Bitcoin again when the energy used by miners becomes reasonable. At the time of writing, Bitcoin is up by 13%
3. Q1 GDP Of Saudi Shrinks 3%
The Gross Domestic Product(GDP) of Saudi Arabia is down by 3% in the first quarter compared to a 1% contraction last year. The oil sector contributed most to the fall, as it declined by 11.7% which was a much sharper fall than the 4.6% contraction a year earlier.
4. US Trial Data Shows Novavax Vaccine Is 90% Plus Effective
Novavax Inc on Monday said a US-based clinical trial on 30000 volunteers shows the vaccine is more than 90% effective against COVID-19. The company said it is on track to produce 10 crore doses per month and will receive emergency authorization in the United States in the third quarter of 2021.
5. No Tax Hikes: New Israeli FM
Israeli Finance Minister Avigdor Lieberman said on Monday, the new government has no plan to raise tax and the budget impact will mostly be felt in 2022. Various coalition parties had agreed to draft a two-year budget within 140 days, he added.
6. Goldman Sachs Expects A Correction In Ferrari
Goldman Sachs on Monday turned its recommendation on the carmaker Ferrari from buy to sell. They said Ferrari’s plan to go green could adversely affect investors in the short term as the carmaker may reduce production volume in the existing models.
7. Crude Oil at Fresh Highs; Higher Petrol Prices Coming?
Crude oil hit a 32-month high with demand increases from Europe and U.S as vaccinations continue. American daily travelers on airlines crossed 20 lakh for the first time since March 2020.
Traders also now expect Iran’s crude supply to take more time to hit the global markets.
8. U.K set to beat Vaccination Targets by a month
U.K. authorities are hoping to offer all adults their first dose of Covid-19 vaccine by the end of June, beating Health Secretary Matt Hancock’s target of July end. According to sources, adults over the age of 18 will start getting vaccines from June 30, as currently those over 25 years are being vaccinated.
Virus cases in the country are still on a rise and Prime Minister Boris Johhnson is expected to delay the final stage of economic reopening.
9. Ferrari Electric Push to Pull Down Shares: Goldman
U.S. banker Goldman Sachs posted a sell call on Ferrari with a prediction of short-term negativity as the company pushes more on Electric Vehicles development. “While we would view any Ferrari push to be at the forefront of evolving technologies positively in the long-term, for investors today, the transition brings uncertainty around potential future capital expenditure requirements, and their implications for earnings and free cash flow,” analysts wrote on a note Monday.
The weaker volume expectations for existing models were also criticised.
10. World’s Richest Family Raises $2.1 Billion from Stock
The promoter group of Walmart Inc, the Walton Family has now sold nearly $2.1 Billion(Rs 14,500 crores) worth equity since January 1st. The family owns about half of Walmart’s total shares through their trust, Walton Enterprises. The recent rally in the shares has taken the family’s combined fortune to $216 billion. Just for perspective, Jeff Bezos is worth $177 billion.
Many other promoters of huge U.S companies have also been selling their shares recently including Jeff Bezos of Amazon and Google co-founder Sergey Brin.