1. U.S Markets at Record Highs ahead of Inflation Data
U.S. stocks traded sideways near record highs as investors get ready for Consumer Price Inflation data tomorrow. No matter the increase in inflation, the Federal Reserve is set to keep rates unchanged. But a high inflation data could show that Fed may soon be forced to push interest rates up.
Crude prices moved up with European countries including U.K set to re-open soon. An increase in demand for the fossil fuel is expected as more and more economies open back up.
Stoxx Europe is up 0.077%
Dow Jones is up 0.11%
NASDAQ is up 0.083%
2. Food Delivery Company DoorDash Enters Japan
DoorDash, a US food delivery company on Wednesday announced its entry into Japan and will start services soon. The firm is backed by SoftBank, which supports many other delivery services such as Uber Eats in Japan. It is a listed company on the New York Stock Exchange since December 2020, and is currently trading 20% down from the listing price after IPO.
3. Germany Plans To Extend Support For Sectors Hit By Pandemic
Germany is planning to extend the support for firms that are worst hit by the Covid-19 pandemic. Companies can claim the aid only if they can prove their revenues have collapsed due to the crisis. 21.9% of the population in Germany is fully vaccinated as updated 3 days ago compared to just 3.3% in India.
4. El Salvador Accepts Bitcoin As Legal Tender
Bitcoin, the world’s largest cryptocurrency, has been accepted as the legal tender in El Salvador. The Central American country is the first one to do so and the President Nayib Bukele announced that people who invest in Bitcoin in El Salvador will get the country citizenship,
5. Renault To Convert Three Plants In Northern France Into A New Legal Entity
French carmaker Renault said on Wednesday the plan to convert three of its plants in northern France into a new legal entity, called Renault ElectriCity. The company is aiming to produce 400,000 vehicles a year by 2025. We can see a global shift towards Electric Vehicles, with Tata Motors leading the charge in India.
6. Iran Is Ready To Speed Up Oil Output
Farokh Alikhani, production manager of the National Iranian Oil Company (NIOC) said on Wednesday, Iran is preparing to speed up oil output if US sanctions eased. Iran expects to restore oil output to pre-sanctions levels in intervals of one week, one month, and three months.
7. Credit Suisse offers Top Bankers Bonuses after Scandal
Credit Suisse is in damage control mode, offering payments to selected senior bankers after recent scams pulled down stock prices. Usually, top employees are paid in stocks that have now lost nearly 26% value in the last 3 months.
These scandals include the collapse of Archegos Capital, which caused the bank to lose nearly $5.5 Billion(~Rs 40,100 crores). You can read more about it here.
8. U.K Enters Re-Opening Phase with Vaccine Confidence
Eight out of 10 adults in England now have Covid-19 antibodies, according to official statistics from the country. This means that 8 out of 10 adults have recovered from the virus or been vaccinated. More than half the adult population of the U.K. has now received a second dose of a vaccine, according to government data.
The final phase of the re-opening of the England economy is expected to be announced on Monday. There are concerns regarding the highly transmissible strain of Covid first identified in India.
9. TikTok and WeChat Ban Lifted in the U.S by Biden
U.S President Joe Biden is reversing Trump’s attempted bans on Chinese apps TikTok and WeChat. A review of the apps from foreign enemies that could pose a risk to citizens sensitive data will be done. The executive order signed by Trump last year is no longer valid, even as it was being fought in court.
Interestingly, the popular social media app is still banned in India.
10. Bitcoin Fall to $20,000 Expected
With Bitcoin falling again to 1-month lows, many strategists are saying that the value will soon drop to $20,000(~Rs 14 lakh) from its current value of $34,000. According to Oanda Corp, Evercore and Tallbacken Advisors, further weakness in the crypto could pull price with $20,000 zone as a downside target. Are you invested in crypto? Let us know in the comments of marketfeed app down below.