U.S. Markets Shoot Up; Energy Fears Subside
Equities in the U.S. market moved up sharply as fears of an energy crisis eased. Yesterday, Russian President Vladimir Putin had offered to increase supplies to Europe and gas prices cooled down.
The S&P 500 and NASDAQ 100 both gained more than 1%, with the rally led by tech Apple and Facebook. European equities also moved up, the Central Bank of Europe looking to bring in new liquidity programmes. The debt ceiling issue between the Democrats and Republicans in the U.S. is also expected to be resolved soon.
Stoxx Europe is up by 1.61%
Dow Jones is up by 1.50%
NASDAQ is up by 1.67%
U.S. Weekly Jobless Claims Drop Once Again
The U.S Labor Department said on Thursday the initial jobless claims dropped by 38,000 to a seasonally adjusted 326,000 for the week ended Oct. 2 and this is the biggest drop in three months. This indicates the economic recovery after the Covid lockdown. California led the drop in claims followed by Michigan, Ohio, Washington DC, and Missouri.
IMF Asks Governments To Make Fiscal Plans To Tackle Pandemic Debt
The International Monetary Fund(IMF) said on Thursday that governments should plan a more sustainable budget with policies that win the trust of investors. But each country can decide the timing and pace of the policies based on its circumstances. IMF also said that fiscal plans should be flexible to allow economies to stabilize and avoid cuts in key public investments.
Venezuela Blames IMF On Covid Fund Delay
Venezuelan Vice President Delcy Rodriguez said on Wednesday that the country has not received funds from International Monetary Fund (IMF) to fight the COVID-19 pandemic. The country is expecting around $5 billion(RS 37,422 crores) in Special Drawing Rights (SDR) as part of a $650 billion(Rs 48 lakh crores) global effort to boost liquidity for the world’s most vulnerable countries. Venezuela’s central bank a few days back reported an increase in reserves of $5.1 billion but did not specify the origin of the funds
Tilray Gains On Higher Cannabis Demand
The shares of Canadian pharmaceutical and cannabis company Tilray rose more than 4% on Tuesday in NASDAQ after reporting a higher revenue from the Cannabis business. From June to August revenue jumped to $168 million(Rs 1257 crores) from $117.5 million(Rs 875 crores) a year earlier and the net cannabis revenue jumped 38%. Legal acceptance of cannabis in more states in the U.S also helped the business. But the net loss increased to $34.6 million in the first quarter from $21.74 million, caused by the 175% jump in total operating expenses.
UAE To Be Net Zero Emissions By 2050
The United Arab Emirates on Thursday launched a plan to be net-zero emissions by 2050 and would invest 600 billion dirhams (Rs 12 lakh crores) in renewable energy. UAE has already invested $40 billion(Rs 2 lakh crores) in the past 15 years in clean energy. Its first nuclear power plant, Barakah, is expected to produce 14 GW of clean energy by 2030, up from about 100 MW in 2015.