1. U.S. Markets in the red, Financial Stocks Fall
U.S. stocks continued to fall from record highs with markets around the world seeing profit booking. Concerns of a new Lambda variant of Covid-19, deadlier than the delta variant has also caused some worries.
Bond yields being volatile is also not helping, with money being pumped into U.S. bonds from the equity markets.
Stoxx Europe is down by 1.76%
Dow Jones is down by 0.82%
NASDAQ is down by 1.06%
2. Global Covid Death Number Reaches 4 Million
The Official data shows the world has witnessed a total of 4 million or 40 lakhs Covid deaths in one and a half years. The U.S has the highest Covid death number of more than 6 lakhs, followed by Brazil and India. The actual death count is higher than the official data because of unreported or missed deaths worldwide.
3. Deliveroo Posts 88% Rise In Orders, Hikes Forecasts
The UK-based ‘Deliveroo’ on Thursday posted an 88% rise in food orders for the quarter and hikes annual order value growth to be in the range of 50%-60% against the previous expectations of 30%-40%. The share price of the company which connects 115,000 restaurants in the U.K, is still 14% below its listing price.
4. LG Chem And LGES To Invest $13 Billion In Battery Business By 2030
Korea’s LG Chem Ltd and its wholly-owned battery subsidiary LG Energy Solution on Thursday announced the new decision to invest $13.17 billion(Rs 97,235 crores) in the battery business by 2030. LGES currently has battery orders worth $160 billion(RS 11,96,744 crores) and already supplies batteries to automakers including Tesla, General Motors, and Volkswagen
5. U.S. Jobless Claims Rise Up
U.S Initial Jobless Claims indicates the number of Americans filing for unemployment insurance. According to the Labor Department, the numbers have reached 373,000 for the week ended July 3, up by 2000 from the week before. The data is worse than expectations, as businesses in the country have reopened at a rapid pace boosted by more than 155 million Americans getting vaccinated
6. BMW And Volkswagen Shares Fall Over $1 Billion Fine
The share prices of German automakers BMW and Volkswagen moved down after the European Union fined a total of $1 billion (Rs 7,479 crores) on the two companies for restricting competition in emission cleaning for new diesel passenger vehicles. At the time of writing BMW and Volkswagen are trading in the red, down by 2.7% and 3.3% respectively.
7. Tencent’s Alcohol Delivery Startup Raising $200 Million
Jiuxiaoer, an alcohol delivery company in China, is seeking to raise about $200 million(~Rs 1,500 crores) in fresh funding that will take its valuation above $1 Billion(~Rs 7,400 crores). The company has an app-based platform that sells and delivers alcoholic drinks and claims to deliver within 25 minutes. The firm is backed by Tencent Holdings and Sequoia China.
8. Tech Sell-Off Dragging China to a Bear Market
Heavy dumping of Chinese tech stocks due to the country’s recent crackdown on companies like Didi is inviting bears to the market. The Hang Seng China Enterprises Index fell by 3.2% today, with a 20% fall from February.
Also today, there was a surprise shift in policy from China’s central bank signalling that the country’s economy may be in worse shape than many expected.
9. Tokyo Olympics to Ban Spectators as Covid-19 Continues
The Tokyo Olympics said it will ban domestic spectators in events held in the capital city of Japan. This is a change from the earlier decision to allow some fans.
The government has declared a state of emergency in Tokya from July 12 till August 22. The return to emergency represents a political setback for PM Yoshihide Suga, who said no to cancelling the games despite opposition from Japanese public.
10. Crude Oil Moving Back with Demand Increase
Crude oil prices are now trying to rebound after this week’s fall from a 6-year high. A report from the U.S. Government has shown that inventories are falling and that there is a ‘record-high’ fuel demand in the summer travel season.
Western Texas Intermediate(WTI) crude is currently trading at $73/barrel, a recovery of nearly 3% from yesterday’s low.