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.
European Commission President Jean-Claude Juncker’s proposal to expand Eurozone by bringing more countries into it has triggered controversy, mainly in Germany, where Chancellor Angela Merkel is seeking re-election.
Wall Street soared to record highs on Friday, thanks to robust trading in telecommunication shares as well as bouncing back of technology shares after a couple of days of declines.
The European Union’s effort to increase tax on turnover of technology multinationals like Google and Amazon gained momentum as nearly one third of EU states are now in support of the plan, French Finance Minister Bruno Le Maire said on Friday.
Stock price of electric vehicle maker Tesla gained more than 3 per cent on Thursday, after the company’s founder and CEO Elon Musk confirmed plans to introduce an electric semi-truck.
Bitcoin suffered its steepest decline since January 2015 on Friday after a senior executive of China’s state-backed internet finance body said the controversial digital currency could pose risks because Bitcoins and other cryptocurrencies could be
Cupertino, California-based Apple Incorporated has quietly increased prices for the 256GB and 512GB models of its iPad Pro by $50, MacRumors reported.