29 May

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Charting Global Economy: Confidence in European Recovery Grows By Bloomberg

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(Bloomberg) -- Confidence in Europe’s economy is building as governments gradually lift pandemic-related restrictions, while fresh data on business investment and consumer spending point to solid growth prospects for the U.S. At the same time, the firming of demand is generating faster inflation that includes higher commodity prices. An increase in risk appetite may also explain the recent pickup in input costs, according to Bloomberg Economics. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy: Confidence in the euro-area economy improved in May to...

29 May

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Amazon pressed for racial equity review after strong vote tally By Reuters

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By Ross Kerber (Reuters) - Amazon.com Inc (NASDAQ:AMZN) should review how it is addressing racial justice and equity after a shareholder proposal on the topic won strong backing, New York state's top pension official said on Friday. A filing on Friday showed 44% of votes cast supported a call for a review of the company's impact on equity, diversity and other areas proposed by New York State Comptroller Thomas DiNapoli at Amazon's annual meeting on May 26, a high total for such a measure. DiNapoli said the measure would have received a majority but for...

29 May

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Electric-vehicle firm Rivian could seek $70 billion valuation in IPO- Bloomberg News By Reuters

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(Reuters) - Electric-truck startup Rivian Automotive Inc could target a valuation of about $70 billion in its potential public listing later this year, Bloomberg news reported on Friday. Amazon.com Inc (NASDAQ:AMZN) and Ford Motor (NYSE:F) Co-backed Rivian had a valuation of $27.6 billion, Reuters reported in January, after a $2.65-billion investment round led by T. Rowe Price. Rivian is working with advisers including Goldman Sachs Group Inc (NYSE:GS), JPMorgan Chase & Co (NYSE:JPM)., and Morgan Stanley (NYSE:MS) on an initial public offering, Bloomberg news reported https://www.bloomberg.com/news/articles/2021-05-28/electric-truck-maker-rivian-is-said-to-select-ipo-underwriters, citing people familiar with the...

28 May

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S&P 500 Advances as Tech Takes Inflation Spike in Stride By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 climbed Friday as investors continued to clamour for technology stocks as falling U.S. bond yields suggests they may be starting to buy the Federal Reserve’s bet that the turn-up in in inflation will prove transitory. The S&P 500 rose 0.28%, the Dow Jones Industrial Average was down 0.33%, or 113 points, and the Nasdaq Composite slipped 0.37%. The personal consumption expenditures, or PCE, index, the Federal Reserve's preferred inflation measure rose 3.1% in the 12 months through April. The sharp uptick in inflation was driven by a boost...

28 May

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EMA logs more clotting cases after AstraZeneca shot, death rate lower By Reuters

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(Reuters) - A total of 316 cases of rare blood clots with low platelets have been recorded in adults who received AstraZeneca (NASDAQ:AZN)'s COVID-19 vaccine in the European Economic Area, an executive of the region's drug regulator said. The figure as of Thursday includes 174 new reports since the European Medicines Agency (EMA) provided an update in April, Georgy Genov, the chief of the watchdog's safety monitoring operations, said during a briefing on Friday. The EMA has been looking into cases of thrombosis with thrombocytopenia syndrome (TTS) since March and has found a possible link...

28 May

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Aer Lingus says it to burn cash for months despite Irish travel plan By Reuters

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DUBLIN (Reuters) - Ireland's Aer Lingus welcomed the government's plan to ease travel restrictions from July 19 as "a first step on the long road to rebuilding aviation" but it will continue to burn a significant amount of cash over the coming months. The Irish airline, which like British Airways and Iberia is owned by International Airlines Group (LON:ICAG), said schedules will be a fraction of normal levels for some time and it faced significant restructuring to rebuild network and financial strength. "While Aer Lingus welcomes the easing of travel restrictions, it will not facilitate...

28 May

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Biden’s defense budget gives troops 2.7% raise By Reuters

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By Mike Stone WASHINGTON (Reuters) - U.S. President Joe Biden's $715 billion Department of Defense budget includes a 2.7% pay raise for troops and shifts billions in spending from old systems to help pay to modernize the nuclear arsenal to deter China. The defense spending request for fiscal 2022, which was sent to Congress on Friday, invests in troop readiness, space, the Pacific Deterrence Initiative aimed at countering China's military build-up in Asia and nuclear weapons technology. The budget request would buy warships and jets, and pay for maintenance and salaries, and an additional $38 billion...

28 May

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Biden Tax Plan Is Forecast to Bring in $3.6 Trillion Over Decade By Bloomberg

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(Bloomberg) -- President Joe Biden’s proposed tax hikes are forecast to bring in $3.6 trillion over the next decade, the Treasury Department said Friday, a key funding source for the $4 trillion he hopes to spend remaking the American economy and social safety net. The figure, representing the sum of all tax increases if enacted by Congress, came as is part of the “Greenbook” report that accompanies the White House’s $6 trillion 2022 budget request, also released on Friday. It effectively serves as the revenue side of the ledger, against Biden’s spending priorities in the budget....

28 May

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BlackRock goes against BP board in climate resolution vote By Reuters

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By Simon Jessop and Ron Bousso LONDON (Reuters) -The world's biggest asset manager and top BP (LON:BP) investor BlackRock (NYSE:BLK) said on Friday it had backed a shareholder resolution calling for faster climate action which the energy company's board opposed. BlackRock's vote at BP's annual general meeting earlier this month points to growing pressure on both major oil companies and investors to accelerate efforts to slash greenhouse gas emissions. BlackRock holds a 6.8% stake in BP, according to Refinitiv data. "While recognizing the company's efforts to date and direction of travel, supporting the...

28 May

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Consumer Sentiment in U.S. Deteriorates on Inflation Concerns By Bloomberg

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(Bloomberg) -- U.S. consumer sentiment weakened in May from a month earlier as inflation concerns picked up. The University of Michigan’s final sentiment index dropped to 82.9 during the month from 88.3 in April, data released Friday showed. The figure was little changed from the preliminary reading and in line with the median estimate in a Bloomberg survey of economists. The subdued reading reflects expectations of rising prices in the coming year. Respondents said they expect inflation to average 4.6% in the next 12 months, the highest in a decade. As a result, consumers grew pessimistic...

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Charting Global Economy: Confidence in European Recovery Grows By Bloomberg

Amazon pressed for racial equity review after strong vote tally By Reuters

Electric-vehicle firm Rivian could seek $70 billion valuation in IPO- Bloomberg News By Reuters

S&P 500 Advances as Tech Takes Inflation Spike in Stride By Investing.com

EMA logs more clotting cases after AstraZeneca shot, death rate lower By Reuters

Aer Lingus says it to burn cash for months despite Irish travel plan By Reuters

Biden’s defense budget gives troops 2.7% raise By Reuters

Biden Tax Plan Is Forecast to Bring in $3.6 Trillion Over Decade By Bloomberg

BlackRock goes against BP board in climate resolution vote By Reuters

Consumer Sentiment in U.S. Deteriorates on Inflation Concerns By Bloomberg

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