Markets Move Cautiously; Near All-Time Highs
General equities in the U.S. market stayed slightly in the green with money flowing into Chinese stocks in the market. Alibaba is up 5% and JD.com is up 10% in the New York Stock Exchange, after the stocks recovered in Hong Kong today.
Market participants, especially investors, are looking for more signals from the U.S. Federal Reserve on how they will begin to scale back their monetary support to the economy. European markets are in the red, but NASDAQ and S&P 500 are in the green
Stoxx Europe is down by 0.25%
Dow Jones is up by 0.22%
NASDAQ is up by 0.35%
Covid-19 Lab Leak Theory May Be Wrong, A Group Of Scientists Says
According to a group of global scientists, it is very unlikely that the Covid-19 originated from lab accidents. It’s more probable that the SARS-CoV-2 virus was passed from an infected animal to a human at a live animal market in Wuhan. Stephen Goldstein, an author of the paper also said the discussion over the origins of the pandemic has become politicized and heated. China has been under a lot of pressure due to the issue and this may dilute the situation.
Japan Adopts Interim Plan For Fukushima Nuclear Water Release
Japan’s government adopted an interim plan on Tuesday that is aimed for a planned release into the sea of treated but still radioactive water from the Fukushima nuclear plant. The government is expecting to receive supports from fishermen and other concerned groups on the plan. The government has decided to buy fisheries products and freeze them for temporary storage to tackle the negative rumors about the discharge.
Ukraine, Iran Denies Reports On Evacuation Plane Hijacking
According to the Jerusalem Post newspaper both Ukraine and Iran have denied the reports of hijacking the Ukrainian evacuation plane from Afghanistan. Earlier today, Ukraine’s deputy foreign minister Yevgeny Yenin said that a Ukrainian plane was hijacked in Afghanistan by unidentified people who flew it into Iran. It is now said that Yenin was only generally explaining the level of difficulties that diplomats had to face in evacuating Ukrainians.
68% Of Japan’s Small-Mid Firms Are Having Pre Covid Level Sales: Survey
According to a survey released by credit research firm Tokyo Shoko Research on Tuesday, the sales of around 68% of small and medium-sized Japanese companies in July are lower compared to the month of pre-pandemic 2019. Japan has been pumping trillions of yen into the private sector since the start of the pandemic, but 57% of the companies said they no longer needed emergency injections of cash.
Best Buy Revises Outlook Again
American consumer electronics retailer Bey Buy has revised its forecast again after posting better than expected second-quarter results. The firm is expecting enterprise comparable sales to grow in 9%-11% 2022 from the previous outlook of 3%-6%. The CEO Corie Barry said the customer demand for technology products and services are very strong as people are looking for solutions that help them work, learn, entertain, cook and connect at home
Samsung to hire 40,000 Workers over next 3 years
South Korea’s Samsung Group has unveiled a 240 Trillion Won(~$Rs 14.80 lakh crore) in their new projected expansion plan. The company plans on hiring 40,000 people over three years.
The largest company from the country is looking to cement its lead in the technology sector with these investments. Samsung Electronics and other subsidiaries including Samsung Biologics will spend their budgets to lead research and spending in areas from telecommunications and robotics to corporate acquisitions.
Crude Oil Jumps Again with Fires in Mexico
Oil prices continued its second day of bouncing back. The commodity is on its biggest two-day gains in many months, with hopes of increasing demands. China has brought down local coronavirus to zero. Also, a fire on a Mexican oil platform has created a supply shortage.
West Texas Intermediate(WTI) Crude prices in New York have reached $67/barrel, up 2.4% in the day. Fun fact, WTI Crude is still down 12% from the July price levels but petrol prices in India are still the same. What do you think about this? Let us know in the comments of the marketfeeed app.