U.S. Markets Move Down ahead of Results

U.S. markets moved down with corporate earnings in focus, just like our market. Tech stocks including Apple and Microsoft fell ahead of their earnings reports.

Chinese and Hong Kong markets continued their crash. U.S. markets were at all-time highs yesterday and are moving down with the fall in international markets.

Stoxx Europe is down by 0.58%
Dow Jones is down by 0.43%
NASDAQ is down by 1.40%

UN Pays $600 Mln To Kuwait Oil Company For Iraq Invasion

A United Nations panel on Tuesday paid out $600 million(Rs 4,466 crores) to Kuwait’s National Oil Company as compensation for Iraq’s invasion of Kuwait that happened thirty years ago. UN has been settling multiple claims related to the invasion by governments and international organizations and the firm can expect to receive a further $1.1 billion(Rs 8,188 crores) as it is the sole remaining claimant.

Tokyo Reports Highest Number Of Covid Cases Since Jan 7

The Japanese capital Tokyo on Tuesday reported 2,848 Covid positive cases, above the previous high of 2,520 cases on Jan 7. Though Japan has fully vaccinated 25.5% of the people, the rising cases due to the Delta variant is a concern during the Olympic period.

General Electric Opens 4% Up After Good Results

General Electric on Tuesday opened with a gap up of 4% in NYSE after the results tops analyst estimates. The total revenue for the second quarter was reported at $18.28 billion against the estimated $18.08 billion(Rs 1,36,074 crores). The company raised the free cash flow outlook to be $3.5 billion-$5 billion, up from its previous forecast of $2.5 billion to $4.5 billion. At the time of writing the stock is 0.9% up.

GDV Expects $6.5 Billion In Claims From Storms

German insurance industry association GDV is expecting up to 5.5 billion euros (Rs 48364 crores) in claims from storms that affected the country this month. The new estimate is higher against the initial estimate of 4 billion to 5 billion euros last week.

Hong Kong’s Hang Seng Index Falls More Than 4%

Hong Kong’s Hang Seng index on Tuesday closed in deep red, down by a frightening 4.4%. The fall is led majorly by Tech stocks. The index has already erased the gains of 2021. The tech war has dragged the index by 10% in 3 days.

Amazon Denies Report Claiming Imminent Crypto Plans

After breaking the $40,000 mark, Bitcoin couldn’t continue the momentum as Amazon denied immediate crypto plans. The company said they have no imminent plans to accept Bitcoin payments and after this, the crypto king moved down to $36,500. At the time of writing Bitcoin is now back above $38,000, 2.5% up.

Visa-Backed Paymate Picks Banks for $400 Million IPO

Paymate India Pvt, a business-to-business payment solution provider, has selected banks for its Mumbai initial public offering that could raise about $400 million, according to people familiar with the matter. Paymate plans to file a draft prospectus for the IPO as early as September, they added.

Singapore Fintech Startup Nium Tops $1 Billion Valuation

Singapore’s Nium Pte, a payments startup serving businesses, became a rare fintech unicorn in the city-state after raising more than $200 million in fresh funding. The company said Tuesday its value topped $1 billion after a Series D round led by Menlo Park, California-based Riverwood Capital LLC.