1. U.S Stocks Nearing All-Time Highs; Global Markets Move Up
U.S stocks are pushing through to an all-time high, with oil prices also jumping up. The S&P 500 moved up as manufacturing data for May rose from the Covid-lows, along with positive data from Asia and Europe. U.K’s manufacturing PMI has hit a record high and housing prices are surging.
Stoxx Europe is up 0.79%
Dow Jones is up 0.33%
NASDAQ is down -0.19%
2. Top Glove’s Hong Kong Listing Delayed
Top Glove Corporation – Malaysia’s rubber glove manufacturer, was planning to get listed in Hong Kong to raise Rs 7,280 crores in its IPO. Now it’s delayed due to the ban imposed for its products in July by the U.S Customs and Border Protection (CBP) for forced labor practices. The Malaysian firm is already listed in Kuala Lumpur and Singapore and is waiting for a hopeful decision from CBP.
3. Monday.com Prepares For US Market Entry
Monday.com is a work management company from Israel, preparing to enter into US markets through an Initial Public Offering (IPO) of Rs 4,373 crores. The company is active in project management and tracking tasks to projecting sales and event coordination from 2014 and it is seeking a valuation of Rs 43,691 crores in the IPO.
4. CNN+: A New Streaming Service From CNN
As per the Wall Street Journal report on Tuesday, WarnerMedia’s Cable News Network – CNN is planning to launch a new streaming service which will be called CNN+. CNN is owned by AT&T which also owns HBO, Warner Bros Studios, and Discovery.
Competitors from streaming services include Amazon Prime, Netflix but also the parent companies Discovery+ and HBO’s streaming solution as well.
5. Electric Mustang Mach-E – Norway’s Top Selling Model In May
Ford Motor’s Electric Mustang Mach-E is the top seller in Norway in May 2021 with 1,384 registrations. Out of all new cars sold in May, 60.4% are EVs, up from 43% a year ago and this is in line with the country’s aim to be the first to end the sale of petrol and diesel engines by 2025. Norway is known for its pro EV policies. Electric-vehicle stocks across the globe are moving up on the positivity surrounding the industry.
6. Krispy Kreme Posts 23% Revenue Rise Before U.S Market Reentry
Krispy Kreme reported a 23% rise in revenue for the first quarter of 2021 at Rs 2,345 crores compared to Rs 1,903 crores last year. The company entered the US market in 2000, but its unit filed a Chapter 11 bankruptcy in 2005. In 2016, JAB Holding Company bought the company for Rs 9,838 crores, and now it’s preparing for the return to the US market through an IPO.
7. Crude Oil Hits Two-Year High With OPEC+ Remaining Confident
U.S. crude futures climbed to the highest in more than two years after the OPEC+ alliance gave a bullish tone. International efforts for a peace deal with Iran and the U.S continue to lag on.
MCX Crude is up more than 2.7% today. Expect more price hikes in India too!
8. Hong Kong Calls on Banks to Push Staff to Get Vaccinated
Hong Kong urged all banks to “strongly encourage” staff in client-facing roles or support functions to get vaccinated as the city struggles with local resistance to its free rollout. Banks should “identify and draw up a list of designated staff expected to receive inoculation,” Hong Kong Monetary Authority Deputy Chief Executive Arthur Yuen said in a circular to financial institutions on Tuesday.
9. EU to Raise Rs 7.2 Lakh Crores in Debt to Finance Stimulus
The European Union is planning to raise $100 Billion(Rs 7.23 lakh crore) in long-term debt this year. Also, more from short-term debt starting September to finance a stimulus package for the bloc. Member countries of the Union have also agreed to allow the European Commission to raise more money, nearly $978 billion(Rs 68 lakh crore) per year till 2026 to pull economies out of recession by investing in green and digital policies.
10. Vaccine-maker Moderna Seeks Full Approval
Moderna is seeking full approval for its vaccine, which if approved will be a major stable revenue source for the company for years to come. The World Health Organization has also announced a plan to name variants using the Greek alphabet, so that the general public can easily identify and discuss different variants of the coronavirus. 3.78 lakh cases have been reported worldwide with 1.27 lakh cases of those being reported from India.
Interestingly, more than 1.91 billion doses of vaccine have been given worldwide.