Wall Street Today: Global growth boom may disappoint, Morgan Stanley warns
Global growth boom may disappoint, Morgan Stanley’s Sharma warns
Ruchir Sharma, head of emerging markets and chief global strategist at Morgan Stanley Investment Management, is the author of bestsellers including “Breakout Nations” in 2012 and “The Rise and Fall of Nations” in 2016, isn’t predicting a global bust.
What he’s warning is that the consensus for a robust boom may be overlooking downside risks that may cause momentum to fade sooner than expected.
Record steel prices inject life into long-suffering industry
There’s rarely been a better time to be in the steel business.
Prices have boomed worldwide this year, smashing record after record. Roaring industrial demand is propelling those rallies, with plants straining to boost supply after lying dormant during the pandemic.
Record stock rally ignores Wall Street’s phobia about optimism
The latest victim of the rampaging bull market in stocks is the Wall Street maxim that glowing investor sentiment is a sell signal.
Throughout 2021, a range of surveys, fund-flow figures and options activity have shown investors big and small to be exceptionally bullish. Yet major U.S. indexes continue to rally to records, putting the Dow Jones Industrial Average up a healthy 13% for 2021.
Recently, signs of waning sentiment have begun peeking through some indicators, though bullishness largely remains above or near long-term averages.
Paytm Parent plans $2.2 billion IPO in India
The company behind Indian mobile-payment app Paytm plans to raise up to $2.2 billion through one of India’s largest-ever initial public offerings, capitalizing on a boom in the country’s stock market.
The IPO has a maximum size of 166 billion rupees, the equivalent of $2.23 billion. According to research firm Prime Database Group, that would make it India’s largest-ever IPO in rupee terms—although not in dollar terms, since the rupee has depreciated over the last several years.
OPEC and allies target full end to oil production cuts by September 2022
The Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC allies reached a deal Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022 as prices of the commodity hit their highest levels in more than two years.
Coordinated increases in oil supply from the group, known as OPEC+, will begin in August, OPEC announced in a statement.
Top Wall Street analysts expect strong earnings results from these stocks
As second-quarter earnings season kicks into gear, Wall Street analysts are highlighting the stocks that are poised to deliver impressive quarterly performances.
Lawmakers drop plan to fund spending with increased tax enforcement
Republican Senators have rejected a plan to spend $40bn more on tax enforcement to help pay for a $1tn bipartisan infrastructure package, one of the party’s negotiators said.
Members of the bipartisan group continued to meet over the weekend to thrash out the details of their proposed bill, with Chuck Schumer, the Senate majority leader, having promised to hold a vote within days to test support for the package.
Blue Origin's New Shepard rocket is 'go' to launch Jeff Bezos (and crew) on 1st astronaut flight
Jeff Bezos has been cleared for liftoff.
The billionaire's spaceflight company, Blue Origin, has completed the flight readiness review for its first-ever crewed launch, which will send Bezos and three others to suborbital space on a vehicle called New Shepard.
The landmark mission is set to fly at 9:00 a.m. EDT (1300 GMT) on Tuesday (July 20) — the 52nd anniversary of the Apollo 11 moon landing — and the recent review revealed nothing that would alter that schedule.
$Amazon(AMZN.US$ $Dow Jones Industrial Average(.DJI.US$ $Nasdaq Composite Index(.IXIC.US$ $S&P 500 Index(.SPX.US$
Source: Bloomberg, WSJ, CNBC, Financial Times, Space
Source: Bloomberg, WSJ, CNBC, Financial Times, Space
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