US markets continue to move upwards; Earnings in Focus
Momentum slowed once again in the market, after two days of a reversal move. The S&P 500 and other indices are softly red as the government released lower-than-expected unemployment data.
Companies associated with a wider reopening of the economy lagged behind the big tech firms.
Stoxx Europe grows 0.57%
Dow Jones is down 0.20%
NASDAQ is down 0.03%
Weekly U.S. unemployment claims rise
The U.S. Department of Labor said Thursday unemployment claims rose 51,000 to a seasonally adjusted 4,19,000 for the week ended July 17th. Analysts were expecting better numbers as the Covid situation cools in the US
Visa Agrees to Buy Valutacloud Cross-Border Payment Provider
The US financial services firm on Thursday agreed to buy British cross-border payment provider Currencycloud at a valuation of $ 962.01 million (Rs 7,160 kora). The currency allows cross-border payments for nearly 500 banking and technology companies and Visa has been a shareholder in the company since 2020.
Mercedes-Benz maker Daimler announced plans to invest more than $ 47 billion (Rs 3,49,841) to develop battery power for electric vehicles between 2022 and 2030. The company aims to be fully ready for a car electric market by 2030.
China’s Deputy Prime Minister Says Property Market Will Not Be A Tool For Short-Term Economic Stimulation
China’s Deputy Prime Minister Han Zheng said on Thursday that the country would not consider the property market as a means of short-term economic stimulation. He added that local governments should strictly follow the conditions for financing property developers, including bank loans, and improve land pricing mechanisms.
Chip makers now worry about oversupply
In a major concern for chipmakers around the world, there are now oversupply concerns in the industry. The sudden rise in demand is now raising fears that the industry will add so much capacity in the coming years as demand falls, so much so that profits will hit.
Consumers were in a panic buying chips during the pandemic, which could have created an artificial sales bubble that encouraged these companies to produce more.
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