Global Markets Trade Strong as Oil Recovers
Global markets registered strong start for the week with oil prices recovering and Italian banks supporting European indices. Italian authorities said that they are ready to spend 17 billion Euros to deal with closure of two big banks in Italy. In Italy, Intesa Sanpaolo SpA jumped 3.5% and UniCredit SpA gained 2.3%, supporting Italian markets.
Activist investor Daniel Loeb's Third Point LLC hedge fund has invested $3.5 billion for a sizable stake in Nestle SA. The news led to 4 percent increase in Nestle stock and other beverage stocks registered smart gains.
Oil prices have been declining over the last two weeks. Finally, oil has witnessed a rebound and investors expect range-bound movement in oil for the next two weeks.
Indian Prime Minister Narendra Modi will be meeting the U.S. President Donald Trump today. This will be the first face-to-face meeting between Modi and Trump. Trump has raised the issue of H1B visas many times in the past and Indian information technology sector is concerned about protectionism. Indian companies offer services worth billions of dollars to the U.S. companies and mainly depend on H1B visas for hiring talent from India.
Royal Bank of Scotland has announced its plan to cut 443 jobs in the United Kingdom. Most of these jobs will be shifted to India, a spokesperson for RBS said. Last year, RBS shifted 400 jobs to India and 300 of them were in investment banking division.
The International Monetary Fund (IMF) has predicted US and UK economies will experience weaker-than-expected activity and expand more slowly this year than previously predicted.
The European Commission has confirmed that EU antitrust regulators are probing allegations of a cartel among a group of German carmakers, in an action that could result in bulky penalties for the companies.
Tesla Motors’ long-awaited Model 3 will be a “major test” for the Palo Alto-based electric car giant, according to industry analysts.
Hitting a potential milestone in the ongoing cleanup of one of the world’s worst atomic disasters, Japan has captured images of melted nuclear fuel inside the reactor 3 at the Fukushima No. 1 power plant.
Verizon Wireless has announced that it has been “optimizing” video apps on its mobile network, an admission made after several subscribers complained that their mobile data speeds were being throttled whenever they streamed videos on YouTube or Ne
The Federal Trade Commission (FTC) has confirmed that it has launched an investigation into allegations of tech giant Amazon’s misleading pricing discounts.