U.S. Stocks Move Down after Inflation Data
After opening with a gap-up, indices in the U.S. market have fallen to the red. Earlier in the day, data showed that consumer prices inflation was lower than expected in August. Treasuries gained and the dollar weakened.
Consumer Services and industrial stocks pulled the S&P 500 index down. This lower than expected inflation data is expected to give Federal Reserve officials more time to slow down economic stimulus measures.
Stoxx Europe is up by 0.06%
Dow Jones is down by 0.50%
NASDAQ is down by 0.075%
Japan to start easing Covid Restrictions
The Japanese government’s top spokesman has said the country will lift its Covid-19 restrictions gradually, requiring the cooperation of businesses and the understanding of the public.
This was said by Chief Cabinet Secretary Katsunobu Kato, in an interview today. He also said that efforts to restart the economy would start from low-risk areas, with a low number of active cases.
U.S. CPI Rises In A Slower Pace
The U.S Labor Department reported on Tuesday the August Consumer Price Index increased 0.3% from July. Compared to August of last year it increased 5.3%. Excluding the volatile food and energy components, the so-called core CPI is 0.1% up from July, the smallest gain since February
Amazon Hikes Hourly Pay To Over $18
Amazon on Tuesday raised its average starting wage to $18(Rs 1325 ) per hour and this is a part of its plans to hire more than 125,000 warehouse and transportation workers in the U.S. The company also said it would pay a sign-on bonus of $3,000(RS 2,20,893) in some locations and the hourly wage could go up to $22.
Solving Supply Chain Issues Is The Key Tom Recovery: Airbus
The head of the European planemaker Airbus said on Tuesday problems with the aerospace supply chain are not cooling down and solving these will lead to a recovery phase. Chief Executive Guillaume Faury also said that business travel is unlikely to be back to 2019 levels for many years.
Wynn Falls 10% On Fears Of Casino Restrictions
The share of Wynn Resorts on Tuesday fell more than 11% in NASDAQ on fear of authorities will restrict casinos operating on the Peninsula. Wynn owns two properties in Macau, Wynn Palace, and Wynn Macau. China has been supervising betting places in Macau which takes place in convertible Hong Kong dollars. The local authorities suggest reviewing the number of gaming licenses and their terms.
Remitly Aims $7 Billion In U.S. IPO
According to a regulatory filing showed on Tuesday Remittance processor Remitly is looking for a valuation of nearly $7 billion(Rs 51,541 crores) in its U.S. initial public offering (IPO). Remittance processors are cheaper and more convenient compared to bigger rivals. The company had hired investment banks to prepare for the IPO this year