Vietnamese EV maker VinFast is now worth more than Ford and GM after Nasdaq debut - CNBC article
VinFast’s shares jumped some 270% after its U.S. trading debut, vaulting its total market value past some of the world’s largest automakers. On Tuesday, the Vietnamese #electricvehicle maker listed on Nasdaq following the completion of its merger with the U.S.-listed #SPAC (special purpose acquisition company) Black Spade Acquisition. Shares of VinFast closed at $37.06 on Tuesday — 270% higher than Black Spade Acquisition’s IPO price of $10. Following the market debut, VinFast is now currently worth $85 billion, according to CNBC calculations. The SPAC merger previously valued VinFast at approximately $23 billion, according to a June filing with U.S. securities regulator. Source: CNBC
UK headline inflation cooled sharply in July to an annual 6.8%, but the core consumer price index remained unchanged, posing a potential headache for the Bank of England
The headline CPI reading was in line with a consensus forecast among economists polled by Reuters, and follows the cooler-than-expected 7.9% figure of June. Despite the decline, UK inflation is still the highest among "advanced" economies (see upper chart below). On a monthly basis, the headline CPI decreased by 0.4% versus a consensus forecast of -0.5%. However, core inflation — which excludes volatile energy, food, alcohol and tobacco prices — stayed 6.9%, unchanged from June and slightly above a consensus forecast of 6.8%.
Global Wealth declined by $11.3 trillion last year, the first annual drop since the Global Financial Crisis
Here are the biggest winners and losers Source: Barchart, Fortune
China asks some Funds to avoid net equity sales as Markets sink
Chinese authorities asked some investment funds this week to avoid being net sellers of equities, as a rout in the nation’s financial markets deepened. Stock exchanges issued the so-called window guidance to several large mutual fund houses, telling them to refrain for a day from selling more onshore shares.
Industrial Sector retesting recent breakout
Industrial Sector (XLI US) is retesting July's breakout level. Keep an if it can hold. Next major support level is 103-104 zone. Source : Bloomberg
Coinbase Lands Regulatory Approval to Offer Crypto Futures Trading in US
Coinbase Financial Markets, Inc. announced this Wednesday that it has secured approvals from both the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). That means that the firm can now operate as a Futures Commission Merchant (FCM), and will therefore be able to offer investments in crypto futures to eligible customers in the United States.
Coinbase is now poised to be the pioneer in offering U.S. clients both traditional spot crypto trading and regulated crypto futures.
Source: Decrypt
Health Care Sector pennant weekly pattern
Health Care Sector (XLV US) is in a consolidation pennant pattern since April 2022 ! Since 5 weeks, it's trying to breakout on the upside. Keep an eye on this level. Source : Bloomberg
Materials sector retesting important level
Materials sector (XLB US) is retesting April 2022 resistance downtrend level. Keep an eye at this level for breakout confirmation. Source : Bloomberg
