Overseas Headlines – July 5, 2021

United States:

U.S. Stock Futures Steady; OPEC+ Spat Boosts Oil: Markets Wrap

“U.S. equity-index futures were steady, and crude oil traded above $75 per barrel, as investors weighed the potential for a more hawkish tilt at the Federal Reserve and OPEC+ tensions over oil production. Contracts on the S&P 500 Index slipped marginally after the benchmark index notched up another record on Friday. West Texas Intermediate crude rose for a fourth time in five days as the United Arab Emirates held out against an extension of output increase by the OPEC+ alliance.”



ECB’s Knot Warns Central Bank Could Be Underestimating Inflation

“European Central Bank policy maker Klaas Knot warned that policy makers may be underestimating the potential for accelerating inflation to become entrenched, and that emergency monetary stimulus should end around March 2022. “We should not overestimate our capacity to determine in advance what is temporary inflation and what is not,” he said in an interview with Dutch newspaper NRC. “There are other scenarios conceivable than our base case of persistently low inflation. Inflation is not dead.”



China Blocks Didi From App Stores Days After Mega U.S. IPO

“China’s cyberspace regulator ordered app stores to remove Didi Chuxing, dealing a major blow to a ride-hailing giant that just days ago pulled off one of the largest U.S. initial public offerings of the past decade. The Cyberspace Administration of China announced the ban Sunday, citing serious violations on Didi Global Inc.’s collection and usage of personal information, without elaborating. That unusually swift decision came two days after the regulator said it was starting a cybersecurity review of the company.”




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