Aug 24 2021 1
A vaccine boost in America really helped ease a chaotic market. Stocks price went up. The USD went down. Bitcoin hit new heights. It is a high time for us to trade.
- US August services PMI was lower than expected (55.2 vs. 59.5)
- USD fell sharply in the first session of the week as stock market gains boosted market sentiment, sending currency traders back to risk currencies ahead of the Jackson Hole meeting later in the week. .
- A Bloomberg report over the weekend said Treasury Secretary Janet Yellen (also a former Fed chair) told White House advisers that she supported a second term for Mr. Powell.
- The Eurozone economy weakened more than expected but continued to expand at a brisk pace in August, IHSMarkit purchasing managers index data showed.
- Bitcoin traded above $50k for the first time since May 15 on Monday.
Vaccine helps boost economy
Asian stocks are likely to open higher on Tuesday, after the US boosted the pace of vaccinations. This alleviated concerns about the impact of the Delta mutation on the economy, which supported the US stock market last night. The dollar fell and oil rose. Futures markets rose in Japan, Australia and Hong Kong. US stocks extended their recovery from last week's sell-off on the prospect of more vaccine directives to underpin the reopening economy, after a Pfizer Inc. and BioNTech SE are fully approved. The tech-biased Nasdaq 100 hit a record, US stock futures rose.
Pressure on Biden
US President Joe Biden is facing calls from his closest allies to extend the evacuation deadline in Kabul. Airlift will be the main theme of Tuesday's online G-7 summit, convened by British Prime Minister Boris Johnson. The meeting took place a week before the US withdrawal, August 31. The US military is negotiating with the Taliban several times a day, as the group warns of "consequences" if the US delays the move. withdraw all troops. Qatar-based Taliban spokesman and negotiator, Suhail Shaheen, said if the US or UK wanted to seek more time to resume evacuations, "the answer is no." Meanwhile, the Taliban have appointed a little-known official, Mohammad Idris, as acting governor of Afghanistan's central bank, even as they face the risk of a financial crisis.
In the latest Covid news, Pfizer-BioNTech's vaccine has been fully approved by the US FDA, in a move that will help boost the nation's immunization process. Singapore has issued a warning, saying employers could require employees who choose not to be vaccinated to pay for routine testing bills and could exclude them from health-related benefits. Covid-19. A new study warns India could record an unprecedented 600,000 new infections a day if it doesn't speed up vaccinations. New Zealand has defended its Covid-19 elimination strategy after extending a strict nationwide lockdown. And vaccine passports are helping Europe operate a stable flight route, while US and Chinese airlines are being affected.
China ceases plans
Didi halted its European expansion in part because of concerns about how the Chinese ride-hailing company handles passenger data. Plans to challenge Uber in Europe, including several UK cities, are up for discussion and some jobs will be cut. The expansion will be paused for at least a year. Meanwhile, China is investigating Hangzhou's top government official for serious disciplinary violations, bringing attention to the city that is home to Ant and Jack Ma's Alibaba. And the Chinese government's crackdown on the tutoring industry, which is supposed to help create a more harmonious society by leveling the educational playing field, is having the opposite effect in some places.
Hard times in Malaysia
A surge in Covid-19 cases in Malaysia is threatening to exacerbate shortages of semiconductors and other components that have plagued carmakers for months. In recent years, Malaysia has emerged as a major center for chip testing and packaging. and now the increasing cases of the virus are jeopardizing plans to lift the blockade and restore full production capacity. The seven-day average for reported daily infections has surpassed 20,000, up from just over 5,000 at the end of June. Last week, Ford said it would suspend production of its popular F-150 pickup truck at a plant in the US because of "semiconductor-related parts shortages as a result of the Covid-19 pandemic." in Malaysia”.