1. U.S. Markets Moving Up Again; Jobs Data Soon
S&P 500 headed to fresh all-time highs with commodity, industrial leading gains today. Financial stocks are lagging behind with Tuesday, with financials lagging behind. Markets around the world are hitting fresh highs as the quarter ending June is about to close. U.S. Jobs report is due this Friday.
BlackRock Investment strategists are toning down expectations from the U.S. market in the short term saying that other developed countries can show faster economic growth. Will this include more investor confidence in India?
Stoxx Europe is up by 0.35%
Dow Jones is up by 0.35%
NASDAQ is down by 0.057%
2. JPMorgan Opens New Trading Hub In Paris
French President Emmanuel Macron on Tuesday inaugurated JPMorgan’s new trading hub in Paris. The trading base is focused on European debt trading and is expected to give jobs to 800 people in Paris by 2022. The new Paris trading hub is a seven-story building, near the Louvre museum.
3. Bridgepoint Prepares For London Listing
Private equity firm Bridgepoint plans to get listed on the London Stock Exchange, and to raise $416 million(~Rs 3,000 crores), the company said on Tuesday. Bridgepoint, which focuses on mid-sized deals, will use the amount for growth plans and pay down debt.
4.SoftBank Stops Pepper Robot Production, Slashing Its Robotic Business
Reports say SoftBank Group has stopped the production of its humanoid robot named Pepper last year, dropping many jobs at its global robotics business. Funnily, Pepper was meant to help labor shortages, but the company will have to drop about 160 jobs in France in September as the model couldn’t find enough demand.
5. JPMorgan To Buy OpenInvest Startup
JPMorgan Chase & Co on Tuesday revealed the plans to buy OpenInvest, a fintech startup. The startup, which is backed by Andreessen Horowitz and Y Combinator, helps financial advisers to build, manage and report on their Environmental, Social, and Governance (ESG) portfolios. More details are not available right now
6. Walmart Will Start Selling Private-Label Insulin Soon
Walmart will start selling low-priced private-label analog insulin named ReliOn NovoLog this week. The company hopes to develop its healthcare business through this and to be in line with its competitors. ReliOn NovoLog is rapid-acting analog insulin used to control high blood sugar in adults and children with diabetes
7. Moderna’s Covid Vaccine Effective Against Delta Variant
Moderna researchers in data produced today have claimed that their vaccine produced antibodies against the Delta variant of Covid-19. This variant has been spreading rapidly across the world, causing more shutdowns.
The vaccine from Moderna was approved for use by India today, and will be imported by Cipla.
Shares of Moderna are up by more than 6% in the New York Stock Exchange(NYSE) today.
8. Gold Prices Drop to Two-Month Low; Dollar Strong
Gold prices have fallen to their lowest since mid-April as the dollar continues to gain strength. The dollar gaining strength indicates many players are holding it as a ‘safe-haven’ and thus putting pressure on Gold prices.
There are increasing concerns about the Delta variant of Covid-19 spreading in Europe. The asset is headed for its biggest monthly fall since 2017 after the U.S. Federal Reserve talked about its forecasts for interest rate increases.
9. Crude oil prices bounce back; UAE Warns of Slowing Supply
Crude oil prices in the international market jumped 1% with Brent reaching $74.77/barrel. This comes after yesterday’s steep fall ahead of the OPEC+ meeting later this week.
According to reports, Abu Dhabi National Oil Company(ADNOC) has said it will be cutting crude supply by 15%, even as Russia and Saudi plan to support increasing output in this week’s meeting.
10. U.K. House Prices Jump Sharply. Bubble Forming?
House prices in U.K. have grown at its fastest rate since 2004, as buyers eat up supplies ahead of stamp-duty rollback. A 13.4% year-on-year growth was seen since last June.
A nearly £15,000(~$21,000) stamp-duty cut on housing is set to expire this week in the country. But what causes concerns of a bubble is that it is not a regional phenomenon. Home prices in the U.S. today have jumped the most in more than 30 years in April, according to Bloomberg.
Is this the starting of a bubble? Let us know in the comments section of the marketfeed app!