1. U.S. Markets Trading Up; Tech Rally Slows

Major indices in the U.S. market are trading with gains, as energy, financials stocks gained while tech consolidated.

Manufacturing data in June continued to show expansion at a solid but slower pace. Applications for state unemployment insurances fell more than expected this previous week.

Jobs data is expected to be out tomorrow.

Stoxx Europe is up by 0.62%

Dow Jones is up by 0.22%

NASDAQ is down by 0.12%

 2. Oil Prices Gain Ahead of OPEC+ Meeting

Prices of Brent Crude hit $75.63/barrel as Russia and Saudi Arabia have reportedly entered into an agreement to gradually increase output in the coming months. 

At its meeting today OPEC+ is moving towards adding about 2 million barrels per day (bpd) of oil to the market between August and December, an OPEC+ source told Reuters. Prices touched their 52-week highs today.

3. Singapore Reviewing Binance following Global Crackdown

Popular cryptocurrency exchange, Binance, which got banned in the U.K. earlier in the week is now under scrutiny from other countries.

Binance Asia has been given a grace period of operation while the Singapore authorities review their licenses for dealing with digital token services(cryptocurrencies). The entire sector is in the midst of a regulatory crackdown from China to the U.S.

4. Malaysia Tightens Restrictions as Virus Spikes

Malaysia said it will impose tight movement restrictions in Selangor, its richest state, and several localities in Kuala Lumpur beginning Saturday. The Covid-19 pandemic in the country is worsening and spiralling out of control even as they try to bring in more restrictions.

Only 17.2% of the population has been given only 1-dose of the vaccine even behind India’s 20% rate.

5. Tesla Delivery Record Number of Cars in Q2 Expected 

Analysts in Wall Street expect carmaker Tesla to report record deliveries in the April-June quarter. Deliveries are expected to cross 2 lakh from the all-electric car manufacturer led by CEO Elon Musk.

There were concerns of global chip shortages and delays in major ports, but Tesla is likely to have managed inventories intelligently to realise the records.

6. Electric Airplane Alice Ready for First Flight

Eviation Aircraft, an electric-plane startup, unveiled the production version of its aircraft. The inaugural flight of the commuter aircraft named Alice is expected in the coming months with a commercial launch expected in 2024.

The Alice can carry nine passengers for 650 miles (1,046 km), making it suited for replacements in the Private Jet market for the ultra-wealthy in the U.S.

7. Goldman to Move to Tokyo Headquarters

Investment bank Goldman Sachs is preparing to move its operation in Japan into its Tokyo building. Construction on the 49-story building is expected to finish by 2023.

This comes even as rivals of the company are shutting offices to change into a work-from-home future. CEO David Solomon had expressed his strong opposing feelings on the work-from-home culture along with Morgan Stanley. European and Asian banks have committed to hybrid models of work in the future. 

8. DNA Covid Vaccine 67% in Clinical Trials

India’s Cadila Healthcare is seeking approval for the world’s first DNA-based Covid-19 vaccine. Efficacy of 67% is being shown for the vaccine in a Phase-3 trial with more than 28,000 volunteers. This number is still lower than RNA based vaccines from Moderna and Pfizer-BioNTech.

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

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