1. U.S. Markets at Fresh Highs; Tech Stocks Rally
Stocks stayed near the record highs on Monday after opening. The Federal Reserve Chair Jerome Powell in his speech on Friday said that the economic support in the U.S. will be withdrawn gradually and cautiously.
Technology shares are leading the rally in the S&P 500 on Monday. Insurance, energy and utility companies are underperforming with damages from Hurricane Ida expecting to cost these companies.Crude oil fell.
Stoxx Europe is down by 0.064%
Dow Jones is down by 0.048%
NASDAQ is up by 0.76%
Foxconn Founder Asks BioNTech To Reserve 3 Crore More Covid Vaccines For Taiwan
Terry Gou, the founder of Apple’s largest iPhone manufacturer- Foxconn, has asked BioNTech to reserve 3 crore doses of its Covid-19 vaccine for Taiwan. Taiwan is struggling to get vaccines because of the political interference from Beijing, which claims the island as Chinese territory. Taiwan government has allowed Gou, Foxconn, and Taiwan Semiconductor Manufacturing Company to negotiate on its behalf for the shot and the acquired vaccines will be donated to the government for distribution.
UAE To Allow Fully Vaccinated Tourists
The United Arab Emirates has started issuing visas to all fully vaccinated tourists from Monday. This is just a month before Dubai hosts the delayed Expo 2020 trade fair. The country has reported less than 1,000 cases per day during last week for the first time in months. UAE expects to achieve sustainable recovery and economic growth through the new decision.
China Pledges To Track Down Mismanaged And Fake Private Funds
China’s top securities regulator on Monday pledged to track down mismanaged and fake private funds and the government will be dealing with an industry worth $9.28 trillion(Rs 679 lakh crore). The Chairman of the China Securities Regulatory Commission asked the fund managers to align their interests more closely with investors, and refrain from hyping their products. He also said the country’s mutual fund industry has reached 23.5 trillion yuan(Rs 266 lakh crore), 1.6 times the size at 2016-end.
France To Send 1 Crore Covid Vaccines To Africa
French President Emmanuel Macron’s office announced on Monday the country has decided to send 1 crore doses of AstraZeneca and Pfizer vaccines for Africa in the next three months. The statement also said enough vaccines have been purchased through AVAT(African Vaccine Acquisition Trust) to vaccinate one-third of Africa by September 2022, for three billion dollars.
Pakistan Finance Ministry Warns Of Risks To Economy
According to a report in News International, the Finance Ministry of Pakistan has warned about the risks to the country’s economy due to the rising commodity inflation. Another report in the Dawn newspaper says that the country’s increase in costs of transportation, electricity, and indirect taxes could cause the risk of an increase in poverty, hunger, and malnutrition.
Veteran Investor Warns of Currency Devaluation; Gives Tip to Investors
Veteran investor Mark Mobius said that investors should hold a 10% weightage in their portfolio in gold at present. He advised this saying that currencies will be devalued soon as countries are printing notes at a never before rate. “10% should be put into physical gold,” Mobius advised.
The American Investor had discussed his portfolio earlier this month saying that “Right now we have four stocks – APL Apollo, Persistent Systems, Polycab and Metropolis”.
Crude Oil Falls with Hurricane Ida; OPEC+ in Focus
Crude Oil prices fell over 1.2% from intraday highs on Monday, giving up its morning rally. Hurricane Ida hit shore in the U.S. causing major damages in states including Louisiana.
All offshore Gulf oil production, nearing 1.74 Million barrels per day, was suspended near the storm. Fuel prices remain unchanged in India with the volatile nature of international crude prices.