1. U.S. Markets Gain after Fed Chair Comments
Stocks in the U.S. general market rallied up and bond yields moved down after Jerome Powell, Chair of the Federal Reserve said that there is no plan to change the ultra-low interest rates.
He added that the U.S. economic recovery still hasn’t progressed enough to begin slowing down stimulus measures. Big tech shares once again pushed the S&P 500 to another record high.
Stoxx Europe is down by 0.072%
Dow Jones is up by 0.20%
NASDAQ is up by 0.51%
2. Australia Extends Sydney Lockdown As Covid Infections Rise.
Australia on Monday extended the lockdown in Sydney by a minimum period of 14 days as the initial restrictions couldn’t control the rise in Covid cases. Even after the restrictions from June 26, cases were rising and a day before 97 new cases are reported taking the total count near 900.
3. Apple Has Committed $1 Billion From $2.5 Billion California Housing Fund
Apple said on Wednesday the company has deployed more than $1 billion(Rs 7,448 crores) out of a $2.5 billion(Rs 18,620crores) California housing fund. The fund was expected to address California’s affordable housing crisis and as per the company’s new statement, the funding helped the creation of affordable housing in 25 of California’s 58 counties.
4.Producer Price In The U.S Jumps Above Expectations
According to the latest data from Labor Department on Wednesday, the price given to the US producers increased 1% in June from May and 7.3% from the previous June. The core PPI also increased 1% and was up 5.6% from a year ago.
5. BlackRock’s Quarterly Earnings Beat Estimates
The world’s largest asset manager – BlackRock announced better than expected Q2 results power by asset growth. The assets under management rose to a record $9.49 trillion(Rs 700 lakh crores) in the second quarter against $7.32 trillion(Rs 545 lakh crores) a year earlier. The company’s adjusted net income increased to $1.55 billion(Rs 11,544 crores), or $10.03 per share, against $1.21 billion(Rs 9,012crores), or $7.85 per share, a year earlier.
6. China To Launch National Carbon Emissions Trading Scheme Soon
The Environment Ministry of China said the National Carbon Emissions Trading Scheme (ETS) will begin towards the end of this month. The new ETS aligns along with China’s plans to make use of “market mechanisms” to reduce carbon emissions, aiming to net-zero by 2060. China expects its ETS to be the largest carbon market in terms of volume, in the world.
7. Reports Say, Samsung And Tesla Signs A Deal For Cybertruck Cameras
Reports say that electric car maker Tesla signed a deal worth $ 436 million(Rs 3,248 crores) for using Samsung’s camera modules in its cyber trucks. Tesla expects the Cybertruck that was unveiled in November 2019, will have nearly 1 million reservations.
8. Bank Of America’s Q2 Profit Doubles, Tops Estimates
Bank of America on Wednesday reported the Q2 net income rose 163% to $ 9.22 billion(Rs 68,694 crores) from $ 3.53 billion(Rs 26300 crores) a year ago. The Bank says it has earnings of $1.03 per share for the quarter ended June against 37 cents in the year-ago quarter The revenue was reported at $22.62 billion compared to $22.33 billion a year ago.
9. Vaccine-maker Moderna’s Market Cap Reaching $100 Billion
From an unprofitable company last year to a Pharma sector miracle, Moderna brought in $19 billion(Rs 1.4 lakh crore) in revenue in the year. The company’s mRNA-based Covid-19 vaccine proved effective, beating out other established vaccine making technologies.
As the company reaches a valuation of $100 Billion(Rs 7.4 lakh crore) in just 11 years of inception, there is still a long way to go. The company now hopes to treat everything from cancer to heart diseases with mRNA technology.