1. U.S. Markets Continue Rally
U.S. stocks moved toward closing their best week since April as trader’s pumped money into the fast unlocking economy.
After last week’s sudden fall following the Fed Policy meeting, markets have recovered with tech stocks outperforming. These stocks are underperforming today as Financial, retail and commodity shares led gains in the S&P 500.
Stoxx Europe is up by 0.13%
Dow Jones is up 0.73%
NASDAQ is down by 0.034%
2. China To Lower Payment Fees For Small Firms
People’s Bank of China(PBOC) said on Friday, China will lower the payment fees for small firms including bank account services, Yuan settlement, and electronic banking from September 30. The total fee reductions are estimated to be worth 3.72 billion dollars per year
3. Nike Posts Strong Quarterly Earnings
Multinational company Nike reported a net income of 1.5 billion dollars for the quarter ended May 31 against a net loss of 790 million dollars for the fourth quarter of 2020. Revenue rose 96% to $12.30 billion and was 21% higher compared to Q4 of 2019, the last quarter before the start of the pandemic. The company expects fiscal 2022 revenue at 50 billion dollars.
4. Geely Automobile Holdings Drops The Plan Of STAR Market Listing
China’s Geely Automobile Holdings on Friday dropped its plans to get listed for $3.1 billion in Nasdaq-like STAR Market. The company will reconsider the listing when relevant conditions are met. The company didn’t provide any more details on the withdrawal of the application.
5. Used-Car Retailer CarMax Reports Strong Q1 Results
Used-car retailer CarMax on Friday reported a strong 138% jump in revenue to $7.7 billion for the first quarter. This is due to the rise in dependency on personal vehicles over public transport. Net income rose to $ 436 million compared to $4.9 million a year ago.
6. Panasonic Sells $3.6 Billion Worth Stake In Tesla
Panasonic sold a $3.6 billion worth stake in electric car maker Tesla in the year ended March. Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. That stake was worth $730 million at the end of March 2020. The company is preparing to reduce its dependence on Tesla and raise cash for investments.
7. Natural Gas Continues Rally as Supply Lags
Natural gas markets around the globe are rallying as the world’s importers understand there is not enough supply. Unforeseen circumstances and faster than expected economic reopening is causing the rally in prices. Even in India’s MCX, prices of Natural Gas are rallying.