U.S. Markets Near Record Highs; GDP Data Out

U.S. stocks gained along with other global markets, opening the week in green. The S&P 500, Dow Jones and NASDAQ touched all-time highs today, as The U.S Senate is ready to pass a $550 billion(~Rs 40.7 lakh crore) infrastructure package this week.

Stoxx Europe is up 0.50%
Dow Jones is up by 0.56%
NASDAQ is up by 0.46%

The UK Reports Slower Growth In July

The UK reports slower economic growth in July as the IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell to 60.4 from June’s 63.9. A survey shows that the fall is majorly contributed by the staff shortages and supply chain problems caused by the Covis-19 pandemic.

Japan’s MUFG Posts 10% Jump Quarterly Profits

The biggest bank of Japan MUFG reported on Monday a profit of 383.1 billion yen for the first quarter against 183.5 billion yen a year earlier. The net interest income increased 5.9% at 496.9 billion yen compared to last year and the bank currently expects a full-year profit forecast of 850 billion yen. 

HSBC Quarterly Results Beat Estimates

HSBC on Monday reported the pretax profit at $10.8 billion(Rs 80299 crores) against the $4.32 billion(Rs 80299 crores) a year earlier. Though the revenue fell 4% due to a low-interest rate, the profits beat the estimate of $9.45 billion. The company is looking for investment opportunities in Hong Kong and Asia.

UAE Starts Sinopharm Vaccination For Children Aged 3-17

The UAE government said on Monday the government will start giving China’s Sinopharm COVID-19 vaccine to children aged 3-17 soon. The government is already giving the Pfizer-BioNTech vaccine for children aged 12-15.  UAE is one of the countries with the highest vaccination rate.

Insurer Axa’s Net Income Rises Up In H1 Of 2021

Axa- Europe’s second-largest insurer after Allianz on Monday reported net profit more than doubled to 3.99 billion euros(Rs 35238 crores) in the first half against 1.43 billion euros a year earlier. Underlying income is at 619 million euros against a loss of 843 million euros last year.

Goldman Sachs Raises Pay for Junior Bankers

Goldman Sachs has raised the base pay for its junior investment bankers. This comes after analysts from the bank pointed out their intense workloads, and they are among the last of the big Wall Street banks to raise the pay. First-year analysts at the firm will earn at least $110,000(~Rs 76 lakh) per year.

WallStreet Journal Owner to Buy Oil Data Firm 

S&P Global and IHS Markit are getting ready to sell fuel price and commodities information services to News Corp. for $1.15 billion(~Rs 8,500 crores). News Corp is the owner of WallStreet Journal. 

Both S&P and Markit, who are looking for a merger, had said in May that they would look to sell many of their operations to ensure that their deal would be approved.