Markets Consolidate; Waiting for Fed Remarks

Stocks in the U.S. market moved slightly higher on the third day of the week. The markets are mostly consolidating, awaiting for remarks from the Federal Reserve’s meeting at Jackson Hole. 

The S&P 500 and NASDAQ 100 are trading with small gains after both touching all-time highs yesterday. European markets are also cautious and consolidating.

Stoxx Europe is down by 0.085%

Dow Jones is up by 0.22%

NASDAQ is up by 0.004%

Xiaomi Reports Solid Revenue For The Second Quarter

Chinese electronics company Xiaomi on Wednesday reported a 64% rise in revenue at 87.8 billion yuan(Rs 1,00,646 crores) in the second quarter compared to last year. The net income jumped 87.4% year on year to 6.32 billion yuan(Rs 7,244 crores). The results are above analyst expectations and are powered by the growth in the global phone market.

Credit Suisse Asks Unvaccinated U.S. Staff To Work From Home

Investment and financial services firm Credit Suisse said on Wednesday it has asked all the non-vaccinated U.S staff to work from home and will be in effect from September 7. The decision is taken in favor of the staff because of concerns about the Covid-19 Delta variant. The new change is against the company’s ‘return to office’ plans and is expected to continue till October 18.

Johnson & Johnson Says Covid-19 Booster Dose Increases Antibodies

Johnson & Johnson said on Wednesday according to interim data from two early-stage trials, the levels of antibodies sharply increased after the booster dose of the J&J Covid-19 vaccine.  A single 2nd dose of the vaccine resulted in binding antibody levels nine times higher compared to the levels 28 days after people received their first dose.

Indonesian Politicians Get Boosters As Most People Remain Unvaccinated

Indonesian Military Chief Hadi Tjahjanto and East Kalimantan Governor Isran Noor said they have received the third shots of the Covid-vaccine and think that this is at a time when most of the people haven’t received even their first shots. Currently, the healthcare workers are the only ones getting booster shots and 78% of Indonesia’s 27 crore population remain unvaccinated.

National Bank Of Canada Beat Estimated Results

National Bank of Canada reported on Wednesday the net income excluding one-off items jumped to C$839 million (Rs 4,941 crores) for the second quarter ended July. The bank said they are witnessing a strong performance across business segments compared with a year earlier. The adjusted income before provisions for credit losses and income taxes rose to C$1.09 billion(Rs 6,300 crores) from C$947 million(Rs 5,473 crores) last year.

China Eyes Afghan’s Wealth in Deal with Taliban

Afghanistan has a mineral that the world needs desperately in its race towards a future filled with Electric Vehicles and what not. The country, now controlled by Taliban, is said to have  deposits worth $1 trillion(~Rs 74 lakh crores) or more of rare minerals including the world’s largest lithium reserves. 

Afghan has a small border crossing with China, and the world’s second largest economy is trying to capitalise on this. According to a former senior colonel at the People’s Liberation Army of China, “With the U.S. withdrawal, China can offer what Kabul needs most: political impartiality and economic investment”.

Ace Investor Cathy Woods Bullish on China

American investor and CEO of Ark Investments, Cathie Wood, said she’s optimistic about China in the long-run. In an interview with Bloomberg, she remarked that even though the government is maintaining a tight grip on companies, they will not continue to do the same forever if growth slows.

Ark Investments were among the many ‘big-fish’ which went on a hunting mood in the fall of tech stocks last week. A firm under Ark was revealed to have bought a good stake in on Monday in its fall.