28 August

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Spotify says Apple’s deal to ease App Store curbs does not address core concerns By Reuters

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(Reuters) - Swedish music streaming platform Spotify Technology SA said on Friday Apple Inc (NASDAQ:AAPL)'s agreement to loosen App Store restrictions for small developers does not address the basic aspects of their "anticompetitive and unfair practices". "Apple's recent changes do not address any of the core concerns Spotify and many others have with Apple," the company said in a tweet https://twitter.com/SpotifyNews/status/1431324197691793410. Spotify in its 2019 complaint to the European Commission said Apple unfairly restricted rivals to its own music steaming service Apple Music and protested against the 30% fee levied on app developers to...

28 August

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S&P 500, Nasdaq End Week at Record Highs as Powell Signals Slow Tightening Ahead By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 and Nasdaq closed at record highs Friday, as Federal Reserve Chairman Jerome Powell signaled the taper is likely to be gradual, and rate hikes aren't likely to follow soon after as the economy still has a lot of ground to cover. The S&P 500 rose 0.9%, to remain close to its earlier intraday record of 4,512.03. The Dow Jones Industrial Average gained 0.69%, or 242 points, the Nasdaq climbed 1.2%, after hitting an intraday record of 15,136.8. The Fed chief said he had backed plans at the July...

27 August

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MARKET WRAP: Powell clears way for 2021 taper, FTSE higher, USD falls By Investing.com

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Key Points FTSE 100 closing price of 7,150, +0.35% Powell clears way for taper this year Powell attempts to distance rate hike timing with end of bond purchases Stocks higher after Powell, USD falls Oil rallies on Hurricane fears Bitcoin steadies near $48,000 By Samuel Indyk Investing.com – All eyes were on the Federal Reserve Chair Jerome Powell’s keynote speech at the Jackson Hole Symposium. With most Fed members appearing to favour tapering this year, focus was on whether that view was shared by the influential Chair and how it might look when it kicks off....

27 August

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Alphabet’s Waymo to stop selling lidar self-driving car sensors By Reuters

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SAN FRANCISCO (Reuters) -Alphabet Inc's self-driving unit Waymo said on Thursday that it has ended a two-year effort to sell light detection and ranging (lidar) sensors to other companies. This is a reversal from its earlier strategy to sell the lidars to non-automotive customers to bring down costs of a key and expensive component of self-driving cars. "We're winding down our commercial lidar business as we maintain our focus on developing and deploying our Waymo Driver across our Waymo One (ride-hailing) and Waymo Via (delivery) units," a Waymo spokesperson said in a statement. The spokesperson, however,...

27 August

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Biden Presents Congress With Rosier Growth and Budget Forecasts By Bloomberg

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(Bloomberg) -- The Biden administration revised its budget projections over the next decade, offering a more optimistic outlook for deficits than it did just three months ago based on rosier expectations for economic growth. The White House now forecasts the economy will expand 7.1% this year, compared to a May forecast of 5.2%, and will average 2.2% annual growth over the next decade, compared with 2% previously projected, according to figures released Friday. The Mid-Session review, a document prepared for Congress, reports realized and expected changes in federal government spending and revenue. The higher growth projections,...

27 August

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Miners, energy stocks lift FTSE 100; mid-cap index sets record closing high By Reuters

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By Shashank Nayar and Amal S (Reuters) - London's FTSE 100 rose on Friday as heavyweight energy and mining stocks tracked strong commodity prices, while investors were relieved after Federal Reserve Chair Jerome Powell signalled the U.S. central bank will remain patient on bond tapering. The FTSE 100 ended 0.3% higher with BP (LON:BP), Royal Dutch Shell (LON:RDSa), Anglo Amercian and Rio Tinto (LON:RIO) being the top boosts. The domestically focussed mid-cap index added 0.5% to mark its record closing high. Energy shares, industrial miners and heathcare stocks have been the top...

27 August

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European shares end higher on dovish Fed, Entra leads gains By Reuters

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By Ambar Warrick and Sruthi Shankar (Reuters) -European stocks rose on Friday after Federal Reserve Chair Jerome Powell showed no signs the U.S. central bank will reduce a massive stimulus program, while real estate stocks were led higher by Norway's Entra after a major peer took a stake in the firm. The pan-European STOXX 600 index closed 0.4% higher, with mining stocks up 1.9%, while real estate stocks added 1.5%. The day's gains helped the STOXX 600 close 0.8% higher for the week, after trading flat for several days. Commodity-linked stocks were the best...

27 August

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Cells in GM, Hyundai EV battery fires linked to several LG plants By Reuters

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By Paul Lienert and Heekyong Yang (Reuters) - Shares of Korean battery maker LG Chem slid to a nine-month low on Friday as investors digested reports linking fires in General Motors Co (NYSE:GM) and Hyundai Motor Co vehicles to LG batteries from at least two Asia plants. Documents filed by GM and Hyundai with the U.S. safety regulator show how the two automakers separately identified the same cause of battery fires in their newest electric vehicles, tracing them to similar manufacturing defects in battery cells made at at least two plants operated by a unit of...

27 August

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China plans to ban overseas IPOs for tech firms with data security risks -source By Reuters

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(Reuters) -China is framing rules to ban internet companies whose data poses potential security risks from listing outside the country, including in the United States, according to a person familiar with the matter. The ban is also expected to be imposed on companies involved in ideology issues, said the person, declining to be identified as the matter is private. Beijing said last month it planned to strengthen supervision of all firms listed offshore, a sweeping regulatory shift that came after a cybersecurity investigation into ride-hailing giant Didi Global Inc just days after its U.S. listing. Under...

27 August

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Exit game: Central banks’ shift from crisis policies gathers momentum By Reuters

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(Makes clear in paragraph 11 the Hungarian central bank has raised rates three times this summer, not twice) By Dan Burns (Reuters) -While the financial world waits for the Federal Reserve to start reversing its ultra-loose policy stance, recent moves by a clutch of other central banks signal the days of pandemic-era accommodation are already numbered even as COVID-19 continues to impede smooth economic recoveries around the world. South Korea's central bank on Thursday raised its benchmark interest rate by a quarter of a percentage point to blunt rising financial stability risks posed by a...

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Spotify says Apple’s deal to ease App Store curbs does not address core concerns By Reuters

S&P 500, Nasdaq End Week at Record Highs as Powell Signals Slow Tightening Ahead By Investing.com

MARKET WRAP: Powell clears way for 2021 taper, FTSE higher, USD falls By Investing.com

Alphabet’s Waymo to stop selling lidar self-driving car sensors By Reuters

Biden Presents Congress With Rosier Growth and Budget Forecasts By Bloomberg

Miners, energy stocks lift FTSE 100; mid-cap index sets record closing high By Reuters

European shares end higher on dovish Fed, Entra leads gains By Reuters

Cells in GM, Hyundai EV battery fires linked to several LG plants By Reuters

China plans to ban overseas IPOs for tech firms with data security risks -source By Reuters

Exit game: Central banks’ shift from crisis policies gathers momentum By Reuters

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