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Global crash: what happened to the markets?

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Tech stocks lead US markets

It’s been a rough 24 hours for global stocks, which have finally declined on the news of rising coronavirus cases around the world, with Europe experiencing their worst session of the year

What’s happening around the world?

In New York, the Dow Jones Industrial Average tumbled more than 2%….major indexes in France and Germany also fell.

London fell 2.6% to below the 7,000 level, led by broadcaster ITV and British Airways-owner

In England, most remaining Covid restrictions have now been lifted.

However, new cases are continuing to rise in some countries fuelled by the Delta variant…

Two of Australia’s largest cities Sydney and Melbourne are still in lcokdown, while South Australia has also imposed tough new restrictions overnight.

So investors have finally started to pay attention and react to the Delta variant spread

James Whelan from VFS Group says its the correction that needed to happen, and it’s just a minor blip.

Christopher Uhl from 10 minute Trading says “we were due for a pull back”

“We finally got the pull back that we were calling for for the last couple of weeks. The market is well overdue with the S&P500 at one point up over 16% on the year,” Uhl told ticker.

The S&P closed near session lows with a 2 per cent selloff.

“There’s a good chance we will see a bounce this week as we saw the exact same thing happen almost a month to the day where the S&P dropped 1.7% on June 18 then rocketed up 5.5% over the next three weeks. As far as technicals go, this is a dangerous position for the market, if we don’t get a reversal tomorrow, there’s a chance that there’s a lot further this could drop.”

Big Markets spill

Big market spill, oil spilt a lot more after OPEC increases production.

This has more of a feel of beginning of Covid’s effect on markets in March 2020. A lot is being attributed to delta variant, but this is not new news over the weekend.

Oil biggest fall since March, Europe worst equity move of 2021. 

Oil now has certainty for its reduced cuts, but we were near 2 year highs, and again markets just don’t know what the delta variant will do to global demand . 

F45 already down 15 per cent from IPO price based on Covid fears after commencing trading on Thursday last week

Robinhood IPO announced, value will be close to $40Bn. Now all that needs to happen is a collaboration between them, Peleton and F45 and tradercise will be the next big thing.

Business

Rolls Royce CEO slams aviation for failing on climate targets

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Aviation needs to act on net-zero targets, that’s according to the CEO of Rolls Royce

Warren East says the sector needs to move towards bio-fuels like hydrogen and electric aircraft.

Travellers can even look forward to flying on planes that has a gas turbine that’s burning hydrogen.

Speaking at a conference in London, East says transitional technology is the answer that plane-makers are searching for.

Some companies are already looking at sustainable fuels that can offer 80 per cent off carbon emissions across their lifetime.

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Amazon halts hiring on all corporate roles

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E-commerce giant is the latest of many to close all corporate job openings due to economic concern

Amazon is pressing pause on corporate hiring for the rest of the year, as economic concerns continue to grow.

The tech giant has instructed all recruiters to close all current corporate job openings… worldwide.

This means more that ten thousand openings will be closed as of Monday evening.

The job postings that will affected include technology positions, in store and online retail businesses, and logistics operations.

However, Amazon spokesman, Brad Glasser, says the company will still continue to have a significant number of other roles open.

He says, “we have many different businesses at various stages of evolution, and we expect to keep adjusting our hiring strategies in each of these businesses at various junctures.”

The freeze sees Amazon joining Meta, Apple, and Google, who have also announced a reduction or temporary pause on hiring.

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What is Elon Musk’s “everything app”?

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elon musk twitter

Elon Musk’s Twitter deal is back on, and he says it’s the key to creating his much-anticipated ‘everything app’.

The billionaire entrepreneur had been in talks to take the social media platform private, but the deal fell through. However, after news of its reinstatement, Mr Musk said that buying Twitter is an essential part of his plans for X.

The idea behind X is a sort of super app, combining messaging, social media, payments-and lack of reliance on ad revenue, similar to the Chinese WeChat. That already has more than one billion users, but so far no equivalent exists in the West.

With Twitter under his belt, Musk believes he can make X a reality much sooner than originally planned. “It’s brought forward our X project by three to five years, but I could be wrong,” he said.

There are no further details on the X project at this time, but with Musk’s track record of visionary innovation, it’s sure to be something we’re all talking about in the near future.

Why does Elon Musk want to buy Twitter?

Elon Musk is known for his ambitious plans and big ideas, so it’s no surprise that he sees Twitter as a key piece of the puzzle for his next project, X.

The details of the deal have not been made public, but it is thought that Musk is paying a premium for Twitter.

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