▲ +148.15 / +0.54%
▲ +5.99 / +0.17%
0.00 / 0.00%
▲ +21.34 / +0.69%
0.00 / 0.00%
▼ -23.74 / -0.07%
0.00 / 0.00%
▲ +765.04 / +1.36%
▲ +23.03 / +0.32%
JSE Top 40
▼ -473.03 / -0.77%
The Nasdaq and the S&P indices start the week extending gains over the records set on Friday.
Last Week’s Highlights
S&P and Nasdaq indices close at record highs
All major US indices ended Friday on significant wins after declarations from Fed Chairman Jerome Powell gave a clearer picture of policy evolution from the Federal Reserve. Weighing in on risks for the economic recovery, Powell did not announce a timeframe for tapering the purchase of assets and was cautious about interest rates, making investors comfortable with the forecast. As Powell spoke, stocks kept going up to mark a spectacular trading session. The S&P rallied 0.88%, and the Nasdaq kept the 15k mark gaining more than 1%, both indices setting records, while the DJIA also gained a further 0.6%.
Afghanistan’s banks collapse after a takeover
It’s been two weeks since the Taliban regained control of Afghanistan, spurring a humanitarian and economic crisis of immense dimensions. Now Afghan banks are on the edge of total collapse, leaving thousands of citizens stranded for cash. The Afghan economy is heavily reliant on international aid and currency (75% of public spending), which have stopped since Kabul fell to Taliban control. Central Bank sources told CNN that, although the Taliban has ordered banks to reopen, the sector cannot keep up with demand as they have no available funds.
Coming Up This Week
The shipping crisis threatens Retail
Global shipping is going through hard times as staff shortages and port closures place the industry under pressure. The effects of this crisis are still to be seen in retailers, some of which have already announced that demand will hardly be met. As a result, the world supply chain is looking at tougher conditions and more expensive shipping, which increases consumer costs and makes keeping shelves full harder. The retail industry is already bracing for a difficult holiday season, with shortages and shipping up to three times more expensive than one year ago.
Amazon-backed Rivian files for an IPO
Electric vehicle startup Rivian has filed paperwork for an IPO with the SEC this week. The novel electric truck manufacturer, backed by Amazon and Ford, is looking for an initial public offering of more than $80 Billion. This amount surpasses the market value of big traditional auto manufacturers such as Ford. The company is set to be a competitor for Tesla and has thousands of deliveries due next month.
More Things to Sip On…
Tesla files to sell electricity in Texas.
UK staff shortage becomes more severe than ever.
Tim Cook gets a $750 million bonus from Apple.
The US inflation rate is at a 30-year high.
How to pay off debt (while prioritizing saving)
Bull and Bear Markets: How to tame these beasts
Understanding time value of money
“Successful investing is about managing risk, not avoiding it.”
– Benjamin Graham –
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