1. Global Markets Fluctuate After US Home Sales Data, Inflation Concerns
The U.S Markets including Dow Jones and S&P 500 are trading flat after new U.S. home sales fell by more than forecast, with higher prices due to inflation reducing demand.
But the Chicago Fed President Charles Evans has said that the recent data does not look to be a move towards undesirably high levels of inflation.”
Dow Jones is up 0.07%
NASDAQ is up 0.30%
Stoxx Europe 600 is up 0.17%
2. A Failed Bitcoin Rescue Mission From Elon Musk
On Tuesday, Elon Musk tweeted about a meeting with North American bitcoin miners about “sustainability initiatives” which helped Bitcoin to regain some momentum. But the coin failed to sustain the movement and is last seen 4.3% down at $37,033.
3. Taiwan Under Pressure To Accept China Vaccines
As the Covid-19 situation intensifies, Taiwan is under pressure to accept vaccines from China as the island has vaccinated only 1% of the population. Taiwan has only received about 700,000 vaccine doses till date and is running out of stock. Many countries do not recognize Taiwan as a sovereign country to not strain ties with China. The Taiwanese Government will have to keep the political issues aside and vaccinate the people as fast as they can.
4. Australian Govt To Close Its Embassy In Afghanistan
Australia announced the closure of its embassy in Afghanistan this week, due to fears over the “increasingly uncertain security environment” in Kabul. The United States and allied forces are preparing to withdraw their remaining troops from Afghanistan and this forced the Australian Govt to take immediate action in the fear of security.
5. Pakistan’s Debt, Liabilities Reaches PKR 45.470 Trillion In March
As per a report by ‘The News International’, Pakistan’s total debt and liabilities has reached PKR 45.470 trillion at the end of March 2021. The debt and liabilities was at PKR 42.804 trillion in the period ended March 2020 and after a year it has increased by PKR 2.666 trillion or 6.2 percent.
1 PKR is approximately equal to 0.50 INR.
6. Germany – The largest economy of Europe shattered by Covid-19 hit
The Federal Statistical Office of Germany reported that the economy contracted by 1.8% quarter on quarter and by 3.1% on the year. Covid-19 restrictions put the country in a tough economic situation. Even though the exports increased by 1.8% in the quarter, the imports rose 3.8% which resulted in negative net trade.
7. Joe Biden looks abroad for electric vehicle metals — including Canada
U.S. President Joe Biden will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on processing them domestically into battery parts, part of a strategy designed to clam environmentalists, two administration officials with direct knowledge told Reuters.
8. 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.
Egyptian mediators have been shuttling between Israel and the Gaza Strip, which is ruled by Hamas, to try to sustain the ceasefire and have also met the Islamist group’s rival, Palestinian President Mahmoud Abbas, in the occupied West Bank.
9. Morgan Stanley CEO sees Fed Hiking Rates by Early 2022
Morgan Stanley CEO James Gorman expects the US Federal Reserve to begin slowing down bond buying toward the end of this year and start raising interest rates by early 2022. Interestingly, his personal statement expects it to happen faster than the Bank’s own official predictions.
If the US Fed is to increase rates, we may also see multiple central banks including the Reserve Bank of India follow suit.
10. The Iran Threat to Global Oil Prices
Iran is reported to have millions of barrels of oil ready to be shipped to buyers, if the US lifts sanctions on the country. Such a huge stockpile might actually bring down crude oil prices globally.
CitiGroup estimates that Iran could have a total of 119 million barrels in both on-land and floating storage combined. But experts suggest that if managed correctly, this stockpile will not cause any drastic effect in International prices.