U.S. Markets Break 5-Day Fall; NASDAQ Still in Red

Stocks in the U.S. mostly stayed in the green with energy companies leading the rally. Crude oil has hit a 6-week high and given a boost to energy stocks. Metal prices moved up, with Aluminum reaching $3,000/ton for the first time in 13 years with shortages.

The S&P 500 is trying to stay in the green with Dow Jones more than 0.7% up. Tech shares are struggling with the correction in NASDAQ continuing.

Stoxx Europe is up by 0.29%

Dow Jones is up by 0.72%

NASDAQ is down by 0.32%

Oil Rises On Higher Demand Forecast

Brent Crude Oil prices rose more than 1% on Monday after major producers raised their demand forecast for the next year. The Organization of the Petroleum Exporting Countries lifted its global oil demand forecast for 2022 by almost 1 million barrels a day. They are expecting 100.83 million barrels a day, up by 4.15 million barrels from this year, up from the 3.28 million barrels a day growth projection it made last month.

Coinbase Falls On Its Plans To Raise $1.5 Billion In Debt

The stocks of Coinbase fell more than 2.5% on Monday in NASDAQ after it decided to raise $1.5 billion(Rs 11,040 crores) in debt. They said the amount will be used for product development, acquisitions of other companies, products, or technologies that it may identify in the future.

Uber Drivers Are Employees, Not Contractors: Dutch Court

The Dutch court said on Monday that Uber drivers are employees of the company, not just people working on a contract basis. The Court said that the drivers are covered by the collective labour agreement for taxi transportation and should be granted benefits in line with the taxi sector. The stocks of the company fell more than 1.5% on Monday in NYSE.

Rolls-Royce, Babcock To Sell Stakes In AirTanker 

British companies Rolls-Royce and Babcock International have decided to sell their minority stakes in UK military refuelling jet-owner AirTanker Holdings to Equitix Investment Management. The decision is a part of debt reduction plans. Rolls-Royce and Babcock International have 23.1% 15.4% stakes respectively in AirTanker.

Brevan Howard To Expand Its Crypto Business

Hedge fund Brevan Howard said on Monday the company was increasing its exposure to the crypto world and will continue to do so. This indicates the increasing institutional interests in crypto. The company will launch a new unit, BH Digital, to manage cryptocurrency and digital assets.

Aluminium Hits $3,000/ton for first time in 13 years

Aluminium prices hit a fresh 13-year high of $3,000/ton in London. The rally in prices is led by supply shortages combined with an increase in demands from industries.

Prices of Aluminium has increased nearly 14% in the last 3 weeks with the political unrest we had discussed in Guinea, the country with the world’s largest bauxite reserves – pulling down supply. Aluminium smelters in China were also asked to cut down their output to decrease pollution.

Chinese Firm Buys Canadian Vaccine Tech for $500 Million

Chinese firm Everest Medicines Ltd. is licensing an m-RNA Covid-19 vaccine from Canada’s Providence Therapeutics for $500 Million(~Rs 3,700 crores). Chinese firms are trying to get access to advanced western tech with vaccines from the country proving less effective. 

Everest will gain rights to Providence’s vaccine in Greater China and other countries including Indonesia, Singapore, and Thailand. $100 Million(~Rs 740 crore) will be paid as cash upfront for access to the vaccines and the technology with the rest being paid in stocks.