U.S. Markets Fall Sharply following Europe

Stocks in the U.S. market fell in the first hour of trading, re-opening after yesterday’s Labor Day holiday. 

All the three major indices in the U.S. – The S&P 500, NASDAQ 100 and Dow Jones all moved down. European markets were also in the red earlier, with traders fearing that the economic stimulus would be rolled back soon. The dollar gained strength as bond yields moved up and commodity prices cooled down.

Stoxx Europe is down by 0.52%

Dow Jones is down by 0.75%

NASDAQ is down by 0.025%

Germany Launches Investigation Against Allianz

German regulators have opened an investigation into Allianz, regarding some of its U.S. investment funds last year. Multiple investigations and lawsuits are already revolving around the country’s biggest financial company over its Structured Alpha Funds issue. In India, Allianz is tied up with Bajaj Finserv for selling insurance products.

British PM To Raise Taxes To Fix Health And Social Care Funding 

U.K Prime Minister Boris Johnson on Tuesday explained the plans to raise taxes on workers, employers, and some investors to tackle the health and social care funding issue. There will be a 1.5% increase in the rate of National Insurance payroll taxes paid by both workers and employers and the rise will apply to the tax on shareholder dividends also, expecting to raise 36 billion pounds (Rs 3,67,313 crores) over three years.

El Salvador-First Country To Accept Bitcoin As Currency

El Salvador on Monday became the first country to adopt Bitcoin as legal tender after buying the first 400 bitcoins, in two tranches of 200 each. According to the cryptocurrency exchange app Gemini, the 400 bitcoins were bought at around $21 million(Rs 154 crores). President Nayib Bukele said that the country is planning to buy more of them.

Marvel Movies Take AMC Stocks Up

The stocks of AMC Entertainment moved up on Tuesday after Marvel’s ‘Shang-Chi and the Legend of the Ten Rings’ movie made an estimated $90 million(Rs 660 crores) on its debut weekend in North American cinemas, a record for a Labor Day weekend debut. At the time of writing the stock is nearly 7% up.

Afghans With Valid Visas And Passports Can Leave: Taliban Official

A Taliban official at the city’s international airport said on Tuesday Afghans with valid visas and passports waiting in the northern city of Mazar-e-Sharif to take chartered evacuation flights out of the country will be allowed to leave.  There is no clarity in the numbers of those with valid documents and those without.

Chinese Tech stocks Jump After Tencent Buys Back Shares

Tech stocks from China rallied once again to their highest level in more than a month. Hong Kong’s Hang Seng Tech Index moved up 1.6% today, now gaining more than 17% from last month’s low.

Bullish sentiments are returning with tech giant Tencent buying back their shares from the market. Last month, tech stocks had crashed with the Chinese government tightening its grip on various sectors in the country.