U.S. Markets Near Record Highs; GDP Data Out
U.S. stocks moved down as the week of big company results closed. Growth was seen slowing down for mega-cap tech companies that have so far led the rally, with Amazon shares falling 7%.
Stoxx Europe is down by 0.45%
Dow Jones is down by 0.37%
NASDAQ is down by 0.68%
Saudi Arabia to allow fully vaccinated foreign tourists
Saudi Arabia on Friday said it has decided to open the borders to fully vaccinated foreign tourists. The travelers fully vaccinated with Saudi-approved jabs such as Pfizer, AstraZeneca Moderna, or Johnson & Johnson will be able to enter the kingdom without the need for an institutional quarantine period.
Fire Breaks Out In Tesla Megapack Battery Unit
Reports say that a fire broke out in a Tesla’s Megapack battery unit in Australia on Friday during an initial trial of the high-profile energy project known as the Victorian Big Battery. This is considered one of the world’s biggest energy storage projects. Authorities said that nobody was injured and the facility was evacuated.
Malaysia Takes Enforcement Action Against Binance
The Securities Commission of Malaysia said on Friday it has issued a public reprimand against cryptocurrency trading platform Binance, to stop its operations in the country. It has already been added to the regulator’s investor alert list a year ago and now the regulator has asked the company to disable its website and mobile applications, cease media and marketing activities and also restrict Malaysian investors from accessing its Telegram group.
U.S. Labor Costs Rises Sharply In The Second Quarter
The U.S Labor Department said on Friday the Employment Cost Index which is used to measure the labor costs, increased 0.7% in the second quarter. The year-on-year rate of increase is at 2.9% against 2.6% in the first quarter. The rise is because many companies are giving higher wages and benefits to attract workers
Amazon Falls 7% As Results Missing Estimates
Amazon on Friday fell 7% in NASDAQ as it reported lower than expected quarterly results. Amazon’s revenue rose 27% year over year to $113.08 billion in the second quarter. But the numbers are weaker because in the Q2 of 2020 the revenue jumped 41% year over year.
Drugmaker AbbVie Raises 2021 profit outlook
We have been seeing multiple companies raising 2021 outlooks and drugmaker AbbVie is the latest one on the list. The company expects better business for the year 2021 backed by higher sales of its Botox anti-wrinkle injection. The sales of Botox were at $584 million in the second quarter against the estimates of $483 million and the company expects the trend to continue as more people step out of the houses due to the ease of lockdown restrictions.
Australia will reopen when 70% vaccination target completes
The Australian Prime Minister Scott Morrison said on Friday the country will reopen the borders and avoid lockdowns once 70% of the entire adult population has been fully vaccinated. He also said an exact time cannot be set as Delta cases are rising, but expects all eligible Australians to be vaccinated by the end of the year.