1. U.S Stocks Continue To Move Up; Markets Awaiting Key Data
U.S. equities are trying to gain back losses after new economic data. There are also reports that President Joe Biden may back a minimum 15% corporate tax from the current 28%. The dollar is getting stronger while gold fell.
Stoxx Europe is down 0.086%
Dow Jones is up 0.088%
NASDAQ is down 0.90%
2. Huawei Launches New ‘Harmony’ OS
Chinese company Huawei Technologies on Wednesday launched a new operating system for its smartphones, named Harmony, and will be considered also as an IoT platform. The new OS is a lifesaver for the company as the US has already banned Google from providing services and other assistance to Huawei.
3. Qatar’s Commercial Bank Offers To Raise Stake In National Bank Of Oman
Qatar’s Commercial Bank said on Thursday they would like to buy an additional stake of 15.2% stake in the National Bank of Oman for Rs 934 crores. This will take the Commercial Bank’s total stake to 50.1% and make it the biggest shareholder of the National Bank of Oman.
4. World Food Price Index Reaches Highest Level Since 2011: FAO
As per the Food and Agriculture Organization(FAO), food prices are rising across the world and the world food price index has reached the highest level since September 2011. The FAO Food Price Index averaged 127.1 points in May, 4.8 percent higher than in April, or only 7.6 percent below its all-time high.
5. America’s Jobless Claims Fall Again
As per the latest report, America’s jobless claims fell to 3,85,000, for a fifth straight week. The Labour Department said Thursday that jobless claims dropped 20,000 from the week before and the US job market is regaining its power as the economy recovers from the Covid-19 situation
6. Situation Worsening At China’s Yantian Port: Shipping Companies
Many shipping Firms said the congestion situation is worsening at Yantian International Container Terminal (YICT) in southern China after the implementation of new Covid restrictions. More than 40 container ships are already anchored in open water outside the terminal and the reports of infections among port staff bring uncertainty to the situation.
7. China will struggle to open up Economy Despite Vaccination
A top health official has said that China can’t begin to ease restrictions like the U.S even after vaccinating a high level of its population. Currently, China has no way of analyzing how well its vaccines will work in its mostly Covid-free population.
More than 40% of its citizens have been given at least one dose. China may have some “unique difficulties” and is unable to match the U.S.’s ability to examine the effectiveness of the vaccine by tracking real-time as cases and deaths reduced.
8. U.S. Increases Spending on Research to fight against China
Just like how the U.S started spending on their space programme when Soviet Russia launched Sputnik, the country is now spending more on technology. Congress is moving toward a plan to pump in about $190 billion into various tech-backed programs. Areas like artificial intelligence are in focus, with China being the main competition.
9. AMC Exploits Rally to Sell Stock
AMC Entertainment Holdings short squeeze rally came to a halt on Thursday after the company said it wanted to sell more shares and raise hundreds of millions of dollars to support a cinema chain that was staring at potential bankruptcy only a few months ago. The shares have gone up from $9 on May 3rd to $63 yesterday.
10. Twitter unveils new paid subscription service in Canada for $3.49 a month
Canadians will be among the first Twitter users with access to a host of new features, but for the first time the offerings will come with a fee. The San Francisco-based tech giant unveiled Twitter Blue — its first paid subscription product — on Thursday. The long-rumoured offering will cost $3.49 a month and be available to iOS users in the country and Australia first before reaching the U.S. and international destinations later this year.