This archive report was first published on 1 July 2020.
Global Markets Update ¶
On July 1, 2020, US markets closed higher on hopes of a possible stimulus package in July, despite the rising number of Covid-19 cases worldwide.
The Dow Jones rose to its highest level since 1987, while the Nasdaq 100 and S&P 500 hit their highest numbers since 2001 and 1998, respectively.
Shares of Tesla reached a new all-time high of over $1,083 per share, pushing the company's market capitalization to more than $200 billion for the first time.
India Bans 59 Chinese Apps ¶
India's move to ban 59 Chinese-owned mobile apps has been slammed by China, which claims the decision violates World Trade Organisation rules and damages international trade and e-commerce.
The ban on TikTok and 59 other Chinese apps was announced by India, accusing the platforms of engaging in activities prejudicial to sovereignty and integrity of India, defence of India, the security of the state, and public order.
US Labels ZTE and Huawei as National Security Threats ¶
The United States' Federal Communications Commission (FCC) has labelled ZTE Corp. and Huawei Technologies as a national security threat.
In a statement, the FCC noted that the designation is the latest step to secure America's communications networks from the threats posed by Communist China and bad actors that might do its bidding.
FedEx Q4 2020 Results ¶
FedEx Q4 2020 revenue fell 2% year-over-year to $17.4 billion, while operating income fell 64% to $475 million.
Net loss fell 83% to $334 million, and for the full 2020, revenue fell 1% to $69.2 billion, with operating income declining 46% to $2.42 billion.
Deutsche Boerse Experiences Technical Issues ¶
Deutsche Boerse announced technical problems on the Xetra trading system, affecting all securities listed on Xetra, as well as the trading platforms used by Frankfurt-based Xetra and Eurex Group, and the Vienna Stock Exchange.
US Dollar Expected to Dominate Currency Markets ¶
Market strategist Gaurav Kashyap expects a stronger dollar to continue, with weaker currencies in favour of the dollar, as volatility continues for equities with a slight bearish bias.
