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June US CPI inflation jumps 5.4% – Top International News




1. US markets volatile after high inflation data

US stocks remain volatile at record highs as data released today showed that consumer inflation rose sharply for June. Dollars and forcua.

The S&P 500 remains flat with rising IT stocks and falling finances. Apple and Microsoft are leading the tech sector higher and financial stocks are falling as results from JPMorgan and Goldman Sachs reported mixed results for the April-June quarter.

Stoxx Europe increased by 0.043%
Dow Jones is down 0.20%
NASDAQ increased by 0.09%

2. Covid Pandemic Increases Productivity In The US: Goldman Sachs

Goldman Sachs on Monday said the pandemic situation helped the US economy become more productive. Since the pandemic, annual output growth per hour has increased 3.1%, compared to the previous 1.4%. This growth is driven by sectors including IT, professional services and wholesale.

3 US June CPI inflation jumps 5.4%

U.S. Department of Labor said Tuesday, June CPI (Consumer)
Price Index) Inflation increased 0.9% compared to 0.6% increase in May. CPI rose 5.4% from the same month last year, the largest gain since August 2008. CPI core inflation rose 4.5% compared to last year, the largest increase since November 1991.

4 Boeing cuts production 787 due to structural defect

Boeing said on Tuesday that the company will cut production of the 787 models while a new structural defect related to production has been revealed. The company will only deliver half of the models to inventory. New production rates are not available right now and at the time of writing the stock is down 3%.

5 Temasek reports 25% increase in portfolio value

Temasek- a Singaporean Holding company, owned by the Government of Singapore reported on Tuesday that the portfolio value jumped 25% to $ 282 billion (Rs 21,03,636 Rs) in the year ended March 2021. This is the highest in 10 years , after 2% decrease in the last year. Airbnb and the Doordash food distribution business were some of the Temasek portfolio companies that were listed.

6 Goldman Sachs reports better than expected Q2 earnings

Goldman Sachss on Tuesday reported its earnings in Q2 as $ 15.02 per share versus $ 6.26 per share last year. Revenue rose to $ 15.39 billion (Rs 1,14,804) against the estimate of $ 12.43 billion (Rs 92,724). 24% of total quarterly income comes from banking investments. At the time of writing the stock is trading 1.7% lower on the NYSE.

7. VW removes profit target with batteries and software increase sales

German manufacturer Volkswagen has increased its profit target for 2025 as it plans to become the leader of electric cars and expects a massive flow of new revenue from software. The potential revenue from the software is why Tesla’s rating is so high compared to other vehicle manufacturers.

The company owned by Audi, KODA, Bentley, Bugatti, Lamborghini, Porsche, among others, will aim for an operating return of 8% to 9% on sales in 2025, from a previous target of 7% to 8% previously.

8. The Secretary of the Treasury expects corporate support for the global tax agreement

U.S. Treasury Secretary Janet Yellen has said companies in the country are likely to offer support for a worldwide change in corporate taxation of a deal approved by a Group of 20 nations over the weekend. Domestic political pressure in the US is slowing down the postponement of the agreement at the G20 summit over the weekend.

The agreement is backed by 132 nations in talks led by the Organization for Economic Co-operation and Development.

9. Philippine markets fall with lower Fitch rating

Philippine Currency – Peso fell along with the overall market after Fitch Ratings revised the company outlook. Fitch downgraded the Philippine sovereign rating from negative to stable. The peso fell 0.4% to 50.30 per dollar, a 13-month low. The Philippine Stock Exchange index fell 1.2%.

Fitch said it believes there are downside risks to medium-term growth prospects as a result of the health crisis and the restoration of sound public finances as the pandemic recedes.

10. Demand for chocolate Moves to Europe

Demand for chocolate is rising sharply in Europe as congestion is rising and consumers are turning to buy more chocolate again. New York cocoa futures trading slightly lower is still 17% lower than February 2020 levels.

Cocoa processing increased by 14% in April-June, compared to the blocking months of recent years. This is the largest Q2 volume in more than a decade.




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