U.S. Markets Bounce Back; Europe Back in Green
Stocks in the U.S. market moved higher after many days of consolidation, with the unemployment benefits data showing a lower number of claims last week. European stocks moved to green even after the Central Bank decided to slow bond purchases.
All three indices in the U.S. market moved slightly up. Metal prices and cryptocurrencies also moved back up intraday.
Stoxx Europe is up by 0.31%
Dow Jones is up by 0.37%
NASDAQ is up by 0.42%
Residents of Thailand Island to get Third Dose of Vaccine
Residents on the Thai resort island of Phuket will get a third dose of vaccine ahead of an expected rush in tourists in the last quarter of the year.
Phuket was the first province in Thailand to waive off a mandatory quarantine for vaccinated foreign visitors in July. The province had earlier hit a target of vaccinating 70% of its residents but is now seeing an increase in the number of cases.
China’s Evergrande Falls to Lowest Level Since 2015
Shares of China Evergrande Group fell another 11% to its lowest since July 2015. The stock of the property developer company has been falling on concerns over the financial health and high debts.
The stock is trading below its 2009 IPO price, on the back of ratings downgrades by many including Fitch Ratings.
Macquarie Plans Hybrid Work Model for Its U.S. Staff
Australian investment banker Macquarie has told its staff in the U.S. that they can adopt a flexible schedule permanently. The company also mandated unvaccinated employees to wear masks in the office.
The investment bank currently hasn’t set a minimum for the number of days its U.S. employees have to be in the office. Currently, about 16% of Macquarie’s global workforce of around 16,500 are based in the U.S.
Solar Startup Beating China in Prices and Efficiency
SunDrive Solar, the company co-founded by Vince Allen in 2015 based on his research, proved this week that it has produced one of the most efficient solar cells of all time. The results were tested by a leading independent testing laboratory.
SunDrive did so with copper as the metal at the core. Allen’s idea was for making solar panels much cheaper: replace the expensive silver in the core and replace it with plentiful, cheap copper.
U.S Jobless Claims Fall To Near 18-Month Low
The U.S Labor Department said on Thursday the initial claims for state unemployment benefits fell 35,000 to a seasonally adjusted 310,000 for the week ended September 4. These numbers are near the lowest level since March 2020 and can be considered as a sign of economic recovery.
EasyJet Rejects Takeover Deal From Wizz
Swiss airline EasyJet has rejected a deal from Wizz Air to take over and make it a low-cost airline. Instead of this EasyJet decided to raise $1.7 billion(Rs 12500 crores) from shareholders. At the time of writing the stocks are down by more than 10%.
Aramex In Talks To Buy Turkey’s MNG Kargo
Dubai-listed courier Aramex is planning to buy Turkish delivery company MNG Kargo. Aramex is partly owned by Abu Dhabi state investor ADQ and the $500 million (Rs 3677 crores) deal is in advanced talks. Aramex and MNG Kargo declined to comment on this.
Nestle Expects Higher Input Cost Inflation In 2022
The Chief Financial Officer of Nestle Group, Francois-Xavier Roger said on Thursday they are expecting higher input cost inflation in 2022 than this year. He said the company was gaining market share in most categories and regions, but infant nutrition in China and frozen pizza are not back on track due to supply chain constraints.