1. U.S. Stocks Bounce Back to the Green; Crude Oil Breaks Out
Energy stocks led the rally in the U.S. market as the market bounced back from yesterday’s fall. European markets closed flat and in the red after a volatile Wednesday. The NASDAQ 100 index, with tech majors fell for the sixth consecutive trading session.
The price of crude oil jumped up along with other commodities. S&P 500 is also slightly in the green. One thing is certain, we can expect higher petrol prices!
Stoxx Europe is down by 0.68%
Dow Jones is up by 0.29%
NASDAQ is down by 0.016%
China Tells Banks Evergrande Won’t Pay Interest Next Week
Chinese authorities have told major lenders to China Evergrande Group not to expect interest payments due next week on bank loans, according to people familiar with the matter, taking the cash-strapped developer a step closer to one of the nation’s biggest debt restructurings.
India Seeks $109 Billion Valuation In Insurer’s Mega IPO
India is seeking a valuation of between 8 trillion rupees ($109 billion) and 10 trillion rupees for state-backed Life Insurance Corp. in what’s slated to be the nation’s biggest initial public offering. The government is considering selling a 5%-10% stake in the company, which could raise between 400 billion rupees and 1 trillion rupees, according to people with knowledge of the matter, who asked not to be identified as the matter is private.
Goldman Warns of Blackout Risk for European Industry This Winter
Europe’s soaring energy markets are exposing the risk of power blackouts this winter, especially if freezing weather worsens the region’s already exceptionally low natural gas inventories, according to Goldman Sachs Group Inc.
China Says U.S. Has No Reason to Freeze Afghan Reserves Overseas
China said the Biden administration should respond to the Taliban government’s request to release about $9.5 billion of reserves held in the U.S. accounts, wading into a debate on how to support Afghanistan from sinking into an economic and humanitarian crisis.
Global Warming Set to Pass 1.5° C as Pollution Plans Fall Short
A new report on Wednesday has pointed out that governments around the world aren’t doing enough to cut greenhouse gas emissions, making it likely global temperatures will rise beyond the tipping point of 1.5 degrees Celsius in coming years.
Scientists are saying that keeping the level 1.5°C is the major point in fighting off the worst effects of climate change. Global emissions should now be cut in half by 2030 to stay in sight, but governments are nowhere near that reduction, according to the nonprofit group Climate Action Tracker.
Hedge Funds Are Shorting Bonds Again in Ill-Timed Inflation Bet
Hedge funds are once again betting that inflation will finally lead to a painful selloff in Treasuries. And once again, they’re turning out to be wrong. Treasury yields ticked lower Tuesday after a report showed the pace of consumer price growth was less than forecast in August. The rate on the 10-year benchmark note has declined 9 basis points in the past week to 1.28% Wednesday — defying expectations that rebounding growth and inflation are set to push yields higher.
Walmart Teams With Ford, Argo to Launch Driverless Delivery Service
Walmart Inc. is teaming up with Ford Motor Co. and self-driving startup Argo AI to launch a driverless delivery service in three U.S. cities. Testing will begin in three cities later this year — Miami; Austin, Texas; and Washington, Argo said Wednesday in a statement. Ford is providing Escape hybrids outfitted with Argo’s self-driving technology to deliver groceries and other merchandise in what’s billed as Walmart’s first multicity self-driving service.