1. U.S. Markets Move Sideways; Manufacturing Data Positive
U.S. markets are trading flat with little change as stocks related to economic reopening moved up. Data published today show that U.S. manufacturing activity for June has grown at the fastest pace since 2007. Higher prices of homes have pushed down home sales.
Yesterday, Federal Reserve Chair Jerome Powell had once again said they will be patient in increasing interest rates even with inflation pressures.
Stoxx Europe is down 0.57%
Dow Jones is down by 0.080%
NASDAQ is up by 0.19%
2. Tesla Launches First Charging Station In China
American Electric Vehicle maker Tesla on Wednesday announced the opening of its first charging station in China. The charging station in Lhasa city is supported by Tesla’s facilities for generating and storing power. The station has a Solar Roof for power generation and a Powerwall for energy storage.
3. EV Maker Xpeng To Be Listed In Hong Kong
Chinese Electric Vehicle maker Xpeng received approval for a dual primary listing on Hong Kong Stock Exchange. A dual primary listing will allow qualified Chinese investors to invest in the company. It has a market capitalization of Rs 2,59,816 crores
4. Mazda To Stop Production Temporarily Due To Chip Shortage
Mazda Motor is the latest company to be hit by the chip shortage. The automaker said on Wednesday, production is temporarily suspended at a factory in Japan for a total of ten days in July, between July 5 and 9 as well as July 12 and 16. due to the shortage of chips
5. Pernod Ricard Shares Hit Record Levels On Higher Profit Forecasts
Shares of French alcoholic beverage producer Pernod Ricard, hit record highs on Wednesday after they raised the forecast annual profit. The company forecasts organic profit growth of about 16% for its 2020/2021 fiscal year, up from a previous April forecast of 10%.
6. Aircall Crosses New Milestone Of One-Billion-Dollar Valuation
Aircall- cloud-based call center software company passed one billion dollar or Rs 7425 crores valuation, after raising another 891 crore rupees in funding from investors including Goldman Sachs Asset Management. The company said the latest fundraising would strengthen its position in the sector ahead of a planned IPO (Initial Public Offering)
7. Hong Kong NewsPaper Shutting Down after Arrests
Apple Daily newspaper, a pro-democracy newspaper from Hong Kong, is shutting down after top editors were arrested under a national security law.
The company’s assets have been frozen by the government. This is undoubtedly China trying to suppress voices in the former British colony. China has recently been under strong international pressure for its internal policies and trade policies. Will this make it worse? Let us know what you think in the comments down below.
8. Oil Producers to Make Record Profits: Rystad Energy
Energy research company, Rystad Energy, has said that oil producers will be making record amounts of profits this year.
Higher oil prices along with reduced capital spending by executives will push Free Cash Flow of the industry to $348 Billion, even above the previous high of $311 Billion in 2008.
Expecting such a trend for our local oil producers as well!
9. Rising interest rates will be Biggest Issue for Canada’s housing market, economists say
As Canada’s housing market shows signs of homebuyers’ fatigue, some economists are looking ahead at another factor that’s widely expected to put a damper on the real estate frenzy: rising interest rates. With economic activity revving up again amid soaring vaccination rates and signs of inflation, several analysts believe the Bank of Canada will start raising its trend-setting interest rate sometime in the second half of 2022. This interest rate hike may become a big slap to home sales figures, economists predict.
10. Europe Union Issues Fresh Virus Warnings
With the delta variant of Covid-19 spreading fastly in Europe, the bloc has issued fresh warnings for residents to not rush reopenings.
The variant of the virus, first identified in India, is considered highly infectious. 20% of all new cases in Ireland have been confirmed with the Delta variant. Even with the variant being highly prevalent in the U.K., reports show that there is no rise in the number of confirmed deaths, even as cases rise. This is indeed good news, and an indication that mass vaccination is showing its effect.