Markets
Tesla shares soar past US$1000 after Musk seizes on Nikola hype
Its new electric truck, the Badger, has been described by the company's boss Trevor Milton as "the most bad a** zero emission truck". The news was broke by Reuters , but later Elon Musk confirmed it to be true on Twitter. "It's been in limited production so far, which has allowed us to improve many aspects of the design". The Semi was unveiled in November 2017 and Tesla has been assessing i... [Full Article...]
S&P 500 ends lower in volatile trade following Fed statement
Bond yields were broadly lower, reflecting caution among investors. The Fed's pledge to keep monetary policy loose until the US economy is back on track repeats a promise made early in the central bank's response to the coronavirus pandemic. [Full Article...]
Indian Economy may shrink by 7%: OECD
The global economy will contract at least six percent this year before bouncing back with 5.2 percent growth in 2021 if the coronavirus outbreak is kept under control, the Organization for Economic Cooperation and Development (OECD) said Wednesday, warning that recovery will be "slow and uncertain". [Full Article...]
Fed puts floor under bond buying, sees zero rates through 2022
Observers of the USA central bank expect Powell to drive home the message that the American economy remains in need of extraordinary help despite glimmers of a possible recovery, including a government report Friday that employers added jobs in May. [Full Article...]
U.S. stocks surge, erasing 2020 losses
The Nasdaq composite rose 29.01 points, or 0.3%, to 9,953.75. Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others. [Full Article...]
US Employment Up 2.5 Million in May, Unemployment Drops to 13.3 Percent
The department said the unemployment rate would be above 16 percent. The monthly report comes from a survey administered in one week in the middle of the month (in May, it was administered 10-16 May). Retail had the second-highest unemployment rate of any industry at 15.1%. But even if by some miracle the unemployment rate did go down, it should be seen as the proverbial 'dead cat bounce.' The... [Full Article...]
China's consumer inflation moderates to 2.4% in May
Consumer inflation rose 1.2% on the year in May, the smallest year-over-year increase since 2011, after gaining 1.4% in April. The Federal Reserve tracks the core personal consumption expenditures (PCE) price index for its 2% inflation target. [Full Article...]
Oil holds losses as Saudis call time on additional output cuts
Saudi Arabia will boost output in July to match its output OPEC quota while ending deeper, voluntary cuts amid signs of global demand recovering, the Saudi energy minister said on Monday. "As prices rise, USA production will continue to fall month on month due to steep base declines, but the pace of declines is set to ease markedly", Energy Aspects analysts said in a note. [Full Article...]