U.S. Markets Move up; Consumer Price Inflation Out

U.S. stocks moved up in the day with data showing that consumer price inflation increased only at a lower pace for July. The S&P 500 moved up to fresh all-time highs, showing CPI rose 0.5% in July, lower than the 0.9% in June.

Crude oil moved from gain to loss after a report that the U.S. will ask OPEC+ to increase production of the commodity back up fast.

Stoxx Europe is up 0.46%

Dow Jones is up by 0.52%

NASDAQ is down by 0.031%

Sputnik V Shows 83% Efficiency Against Delta Variant

Russia Health Minister Mikhail Murashko said on Wednesday Sputnik V is showing 83% effectiveness against the Covid Delta variant. In June the vaccine’s developers had said that Sputnik V was around 90% effective against the Delta variant. Currently, the vaccine is considered safe and effective against all strains of the coronavirus.

Dubai Airport Expects 56 Million Passengers In 2022

The CEO of Dubai International airport said on Wednesday, it is expecting to have 5.6 crore passengers in 2022 which is double the forecast for the year 2021. The airport handled 1 crore passengers in the first half of 2021 and it is very less compared to 2.95 crore passengers last year and 8.64 crores in 2019.

U.S Senate Approves $3.5 Trillion Budget Blueprint

The U.S. Senate on Wednesday approved a $3.5 trillion

(Rs 259 lakh crore) the budget blueprint which will be spending for investments in health, education, and dealing with climatic changes. In detail, the budget targets funding for climate measures, new investments in infrastructure, residency status for millions of migrant workers, and two years of paid tuition at public universities.

U.S. July CPI Rises In A Slower Rate

According to the U.S Labor Department, July Consumer Price Index(CPI), which indicates the prices paid by U.S consumers increased 0.5% against the 0.9% rise in June. Excluding the volatile food and energy components, that is the core CPI rose 4.3% on a year-on-year basis after increasing 4.5% in June.

Ford-SK Innovation Battery JV Will Extend To Europe

The Electric Vehicle battery joint venture formed by Ford Motors and South Korea’s SK Innovation has decided to extend beyond North America into Europe. The joint venture was formed in May to produce about 60 gigawatt-hours (GWh) annually in battery cells and array modules. The timing for when the joint venture would open a plant in Europe is currently not available.

Oil Falls after U.S. Calls on OPEC to Increase Production

Crude Oil futures dropped suddenly after the U.S. asked OPEC+ alliance to increase back production more quickly. As we know, higher supply usually means the prices move down.

Futures of West Texas Intermediate fell 2.4% in New York after the country’s National Security Adviser Jake Sullivan commented that OPEC’s current plans to boost oil output weren’t sufficient. You can read more about OPEC+ here.

Crypto Firm’s Value Jumps 5x in 5 months to $3.75 Billion

FalconX, a cryptocurrency trading platform led by Indian CEO Raghu Yarlagadda, has jumped its valuation in five months to $3.75 Billion(~Rs 27,750 crores). According to him, the company which has been profitable for a year, saw a revenue growth of 30x in the last year.

The California-based company raised $210 Million(~Rs 1,500 crores) in a funding round led by Altimeter, Sapphire Ventures and Tiger Global.