U.S. Markets Fall after Concerns on Stimulus Slowing

Stocks in the U.S. markets moved lower mixed with the major indices slightly down.Commodity prices including that of Gold and Oil also fell with investors concerned about the Delta variant of Covid-19 spreading strongly across the world.

In S&P 500, energy and industrial shares fell the most. The NASDAQ 100 consolidated as tech stocks moved sideways.

Stoxx Europe is up 0.083%

Dow Jones is up by 0.30%
NASDAQ is up 0.01%

UN Climate Change Report Says, It’s Code Red For Humanity And It Will Get Worse

 UN climate change report says that the world will cross the 1.5 degrees Celsius warming mark in the 2030s, earlier than some past predictions. The report co-author Linda Mearns, a senior climate scientist said it’s sure that it’s going to get worse. This is a serious concern and in about a decade the temperature will reach a level of warming that world leaders have sought to prevent.

Saudi Arabia Grows For The First Time Since The Covid Pandemic

 As per the Government data, Saudi Arabia reported economic growth of 1.5% for the second quarter compared to last year. The seasonally-adjusted real gross domestic product grew 1.1% in the second quarter from the first quarter. The growth is majorly powered by a 10.1% growth in the non-oil sector.

Tesla Rises After Jefferies Upgraded The Target To $850

American financial services company, Jefferies upgraded the target of Tesla at $850 after setting a ‘buy’ status on the stock. The stock was earlier rated as ‘neutral’ by the brokerage and the new target price is 21.6% above Friday close of $699.10. At the time of writing the stock is trading nearly 2% up.

China Punishes 30 Officials For Covid Delta Spread

China has punished 30 officials for the Covid-19 outbreak that resulted in nearly 900 cases across the country in less than a month. The list includes mayors, local health directors, heads of hospitals and airports, etc.  Nanjing in China is considered as the biggest hotspot of Delta variant in the country with 308 confirmed cases reported as of Monday

Uber Falls After The Plan To Raise $1.5 Billion Debt

Uber in NYSE fell 2% just after Monday’s opening as the company decided to raise $1.5 billion(Rs 11140 crores) in debt via an issue of senior notes due 2029. At the end of June Uber had long-term debt of $7.79 billion (Rs 57,858 crores).

Crude Oil Falls to 11-week low on Covid Fears

Oil prices fell to an 11-week low, in the commodities worst week since October, with fears that new waves of Covid-19 will threaten fuel demand.

Futures of West Texas Intermediate fell below $66/barrel in New York. Prices are down more than 15% from July’s high. This also comes just when major oil companies are announcing record profits. Goldman Sachs downgraded China’s economic growth forecast after the Delta virus breakout in the country.

Saudi Aramco Posts Bumper Profits on Higher Oil Prices

Saudi Aramco, the world’s biggest energy company posted a net income of 95.5 Billion riyals(~Rs 1.88 lakh crore) in April-June quarter, its highest level since the end of 2018. Free cash flow(FCF) for the company rose to $22.6 billion(~Rs 1.67 lakh crores).

The company also declared its first quarterly dividend since the pandemic started of $18.8 billion(~Rs 1.39 lakh crore). The announcement coincided with a drop in crude oil prices.