1. U.S. Futures Gain as China’s Stance Weighs on Metals: Markets Wrap
U.S markets opened in green as investors expect the Federal Reserve to maintain the monetary policy and keep interest rates unchanged in the coming months.
Dow Jones is up by 0.5%.
S&P 500 is up by 0.5%
NASDAQ is up 0.9%.
Stoxx Europe 600 Index increased by 0.5%.
2. Metal Prices Take a hit again – More Fall in Nifty Metal?
China’s restrictions on commodities trading, once again impacted the ore prices with steel dropping as much as 6% and iron ore falling.
Nifty Metal closed 0.6% down in the day. If raw material prices keep falling, we may see further fall in metal stocks.
3. Uncertainty in Oil Price: Be Cautious
Last week, Iran’s President Hassan Rouhani said that the United States was ready to lift sanctions on his country’s oil, banking and shipping sectors. Iran has been increasing production for the last few months expecting more exports. This resulted in a fall in oil prices last week.
The latest news is that Iran and the U.N. nuclear watchdog are extending the expired monitoring agreement by a month and the nuclear deal may get revived. Uncertainty still exists in oil prices so be cautious. After this uncertainity, the oil prices rose 3%.
4. Lifting Of Coronavirus Restrictions In England From June: UK Health Officials
British health officials are expecting to lift the coronavirus restrictions in England from June. This is after an official study found that the Pfizer and AstraZeneca vaccines offer effective protection against the Indian variant of Covid. Jenny Harries, chief executive of the UK Health Security Agency, said officials in England are preparing to unlock the country from June 21 if the public remains cautious.
5. Cyclone Fear In Gulf Of Mexico, Another Reason For Oil Price Increase
A weather system has been forming over the western Gulf of Mexico which has a 40% chance of becoming a cyclone. This may result in a shutdown of Oil production units.
The uncertainty in the Iran deal and cyclone fear resulted in the rise of Oil price.
6. UK Planning To Raise Tariffs On US Wines And Lobsters
The British government is preparing to raise the tariffs on wine, chocolate and lobster imports from the United States. The introduction of 25% and 10% tariffs on steel and aluminium imports by the Trump government affected goods such as motorcycles, whiskey and tobacco from the UK in 2019. The new proposal is expected to protect the UK economy and its industries.
7. Bitcoin Tries To Rebound, But With Weak Momentum
The world’s biggest digital currency is trying its best to bounce back on Monday, But the momentum remains weak.
The digital currency was last seen 10% higher at $38,300. But this is still down nearly 50% from its all-time high near $65,000.
You can read more about why the crypto markets have crashed here.
8. Banking Tech Provider Zeta becomes Unicorn
Bangalore-based Zeta, a banking tech start-up has turned into a unicorn with a valuation now reaching $1.45 Billion. The neo-banking startup which counts Sodexo and HDFC Bank as partners among its partners has raised $250 Million from Softbank’s Visio to reach this milestone.
9. U.N. to launch Gaza aid appeal as Israel-Hamas ceasefire holds for 3rd day
A ceasefire between Israel and Hamas held into a third day on Sunday as mediators spoke to all sides about extending the period of calm after the worst outbreak of fighting in years.
The ceasefire agreement has come after a bloody war with severe casualties which drew international attention.
10. China accuses US of Spreading Fake Coronavirus Theories
China accused the United States of promoting ‘fake theories’ regarding Covid-19. The story running around that coronavirus escaped from a Wuhan lab after a new report surfaced about sick workers at the facility.
“The report that you mentioned about three people getting sick, that is not true,” Foreign Ministry spokesman Zhao Lijian denied on Monday.