1. U.S. Markets Rebound; Financial Stocks Move Up
Buyers kicked in the dip with last week’s worst-performing stocks now moving back up. S&P 500 found support near its 50-day moving average.
Industrial, financial and small-cap firms are leading the rally. Tech shares underperformed as they had not fallen anyway. We will have to watch if this is just a bounce back, or if it is a trend reversal.
Stoxx Europe is up by 0.47%
Dow Jones is up by 1.51%
NASDAQ is up by 0.74%
2. Amazon Shuts Down Pegasus Connections
After the rise of the Pegasus spyware controversy, the Cloud arm of Amazon, Amazon Web Services dropped the infrastructure and accounts linked to the NSO Group who owns Pegasus. Latest reports say that Pegasus spyware is used by many governments to snoop on more than 50,000 people in 50 countries including India.
3. U.S June House Building Rises Above Expectations
The U.S Commerce Department said on Tuesday U.S housing in June increased 6.3% to a seasonally adjusted annual rate of 1.643 million units. Revised data for May is at a rate of 1.546 million units from the previously reported 1.572 million units. Permits for future homebuilding dropped 5.1% to a rate of 1.598 million units in June.
4. Covid Scares Tokyo Olympics, 71 Reported Positive
The total number of Covid positive people related to the Tokyo Olympics reaches 71 after an American gymnast and a Czech beach volleyball player tested positive. Czech beach volleyball coach Simon Nausch has been reported as the fifth resident of the Olympic Village to get infected by Covid-19. The event starts on July 23 and will be held without spectators
5. Three Largest U.S Drug Distributors Ready To Pay $1.1 Billion To Settle Opioid Case
The three largest drug distributors of the U.S.- McKesson, Cardinal Health, and AmerisourceBergen, have agreed to pay $1.1 billion(Rs 8211 crores) to settle the claims by New York state and two of its biggest counties over the role of three firms in the nationwide opioid epidemic. No more details are available on this.
6. China Denies Hack on Microsoft Hack, Hits Back Against the U.S.
China has rejected the accusations by the U.S, U.K. and others that they were behind the hack of Microsoft Exchange and other malicious cyber activities. The hack had shaken the world’s largest countries, who were questioning whether their cybersecurity systems are safe enough.
“It is purely a smear and suppression out of political motives. China will never accept this”, China’s Foreign Ministry spokesperson said.
7. Jeff Bezos Returns After Historic Space Flight
World’s wealthiest man, Jeff Bezos, has returned back to earth safely after Blue Origin’s effort to make space tourism popular. The company’s capsule touched down in West Texas just 10 minutes after it launched from the New Shepard rocket. Bezos and team flew at an altitude of 100 km above the Earth. The capsule then parachuted back.
“Best day ever,” Bezos said shortly before landing.
8. Oxford Economics Feel Housing is Overpriced
British research firm, Oxford Economics has identified Netherlands, Canada, Sweden, Germany and France as high-risk property markets. Prices may be overvalued by about 10% after a 10-year boom strongest since the year 1900.
The firm has estimated that house values across 14 rich economies have risen 43% in 10 years, and may see a correction soon after the bubble.
9. Singapore Increasing Restrictions; Pushes more Economic Assistance
The Singapore Government has said it will increase restrictions on social gatherings again from Thursday, as the country sees a record number of new Covid-19 cases. Australia is also seeing an increase in restrictions on travel and gatherings.