Greetings! Thank you for joining us today. Let’s begin with some news from the CEO of Shell, Wael Sawan. He strongly opposes the idea of cutting oil and gas production, deeming it “dangerous and irresponsible.” According to Sawan, the world still has a desperate need for oil and gas to prevent a surge in energy costs, especially when households are already grappling with the high cost of living.
Kickstart your day with these 5 highlights:
1) Retail chief claims Britain is engaged in ‘fantasyland economics’: As wage pressures rise, companies are finding it challenging to lower their prices to previous levels.
2) Transition away from glass skyscrapers in pursuit of net zero goals: To meet energy efficiency targets, new office buildings might feature smaller windows, gradually phasing out the iconic glass skyscrapers.
3) SNP’s taxpayer bill reaches £148,000 at Cop 27 climate conference: Nicola Sturgeon and other officials spent lavish amounts on luxury hotels, flights, and food during the conference.
4) TalkTV to remain on air despite low viewership, asserts Murdoch: Despite trailing behind rival channels in terms of viewers, TalkTV will not be shut down, according to company statements.
5) Met officer criticized for remarks to head of Serious Fraud Office: Following a rigorous search, Whitehall defends the appointment of a Met officer accused of inappropriate comments regarding Sarah Everard.
Here’s what unfolded overnight:
Meta, owned by billionaire Elon Musk, has officially unveiled its rival to Twitter called Threads, providing users with an alternative social media platform.
Shares in Asia slipped as Wall Street experienced a slight decline after a strong rally that had propelled it 16% higher for the year thus far.
Hong Kong’s Hang Seng index plummeted by 3% due to extensive selling of Chinese bank shares. Goldman Sachs’ downgrade of these shares was influenced by concerns surrounding the sluggish economy and the banks’ exposure to debt. Meanwhile, Japan’s Nikkei 225 experienced a 1.7% decrease.
Wall Street’s main indexes saw a marginal decline on Wednesday due to lackluster economic data from the US and China, raising concerns about a global slowdown. The S&P 500 dropped by 0.2%, equivalent to 8.77 points, settling at 4,446.82. Similarly, the Dow Jones Industrial Average declined by 0.4%, or 129.83 points, reaching 34,288.46. The Nasdaq composite fell by 0.2%, amounting to 25.12 points, and finishing at 13,791.65.
Yields in the bond market demonstrated mixed movement as the Federal Reserve’s latest meeting minutes fueled expectations of further interest rate hikes. The 10-year Treasury yield rose to 3.94% from 3.86% on Monday, when bond trading concluded early due to the US Independence Day holiday. Conversely, the two-year Treasury yield remained stable at 4.94%, being more responsive to expectations surrounding the actions of the Fed.
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