1. U.S. Markets Fall from Record Highs

Stocks in the U.S. market fell with the indices falling from their all-time highs. Energy stocks are leading the fall with the market re-opening after a 3-day weekend. Bond yields have also fallen. There are concerns about Crude Oil crashing as OPEC+ talks between Saudi and UAE failed again on Monday.

Amazon and Apple are trying to push up the tech-heavy NASDAQ index while Tesla and Facebook pull it down. In Europe, carmakers fell after the monthly and quarterly sales data updates.

Stoxx Europe is down by 0.60%
Dow Jones Futures is down by 1.10%
NASDAQ is down by 0.12%

2. Saudi Arabia To Restructure Its Pension Fund System

Saudi Arabia is planning to restructure the pension fund system, aiming to make the citizens work longer and contribute more. The process will include raising the retirement age and workers contributing more of their salaries to the General Organization for Social Insurance(GOSI). A final decision hasn’t been taken on this. 

3. Orders For German-Made Goods Fall Sharply In May

According to the Federal Statistics Office, the orders for German industrial goods fell by 3.7% in May due to lower demand and fewer contracts for machinery and intermediate goods. Demand for capital goods dropped 4.6% while orders for intermediate goods contracted by 3.6%.

4. China To Supervise Offshore Listed Companies

China’s Cabinet on Tuesday decided to supervise overseas-listed companies from the country. Beijing has already launched an investigation on ride-hailing giant Didi Global, related to its Mega U.S. IPO. China aims to regulate data transfer and security, and illegal activities and manipulation in the market. Didi has fallen below IPO price after the Chinese crackdown and is down 21% today.

5. Norway’s $1.4 Trillion Fund warns of Climate Change Effect

Norway’s sovereign wealth fund worth more than Rs 100 lakh crores has sounded its  caution that its investments might take a hit as climate change targets hit. “We should be careful about making major changes to the principles underlying the fund’s investment strategy,” Norges Bank Governor Oystein Olsen and wealth fund’s Deputy CEO Trond Grande said in a letter to the Finance Ministry.

Norway, which is western Europe’s biggest oil and gas producer, has transferred most profits to this wealth fund and reinvested it overseas.

6. Saudi Arabia Raises August Oil Prices For Asia

Major oil exporter Saudi Arabia on Tuesday decided to raise August Official Selling Prices (OSP) of Arab light crude to $2.70 a barrel 80 cents up from July. Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average and the new price is above this level.

7. The Number of Short-Time German Workers Falls Sharply In June 

According to the Ifo institute, the number of German people working on short-time fell to 1.5 million in June. This is the lowest level since February 2020, as more and more people look for jobs. Short-time works are meant to prevent adverse effects of situations like the Covid pandemic, in a way that employers can switch staff onto shorter working hours to keep them on the payroll.

8. Oil Prices Fall from 6-year highs with concerns of Oversupply

WTI Crude oil prices fell from 6-year highs of $77/barrel after OPEC+ fails to reach an agreement in today’s meeting. We had talked yesterday about the inside fighting between Saudi and UAE. 

The fall was also from a technical resistance zone in Crude’s 1-day charts. WTI Crude is currently trading at $73.5/barrel.

9. Nintendo Releases New Gaming Console for $350

Japanese gaming giant Nintendo has announced a new Switch gaming console for $350. The plan is to release it on October 8th, ahead of the Christmas holiday season. It will be an addition to the highly popular Switch console series which has sold 85 lakh units worldwide as of March 2021.

10. Tesla Boosts Electric Vehicle Sales in England

Tesla has delivered 7,304 EVs in the U.K., more than any other European country for Q1.

And this has resulted in record electric vehicle sales in the market with EVs now reaching 11% market share of the overall auto market in the country. That’s a new record and the same market share as diesel-powered cars for the first time ever.

So electric is indeed becoming the future.

11. U.K. to Lift Most Covid-19 Restrictions from July 19

U.K. Prime Minister Boris Johnson has announced he aims to lift Covid-19 restrictions in the country from July 19 including social distancing rules and Work from Home mandates. All businesses will be allowed to re-open including nightclubs and there will be no more legal requirements to wear face coverings.

A legal requirement to self-isolate if you test positive for Covid will stay in place as the cases in the country are expected to top 1 lakh/day soon.