Switch from tech companies to banks?

The year 2022 is expected to see a major shift from tech companies to banks. According to many analysts, technology companies will not be favoured anymore by investors, while stocks of companies in financial industry, mainly banks, will be seeing the inflow of capital.

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European stock indices tumble

The sell-off on major European markets continues on Friday as investors fear the tightening wave of monetary policy would harm global growth. After dropping below 400 points on Thursday for the first time since January 2021, the STOXX 600 is down approximately 0.7%. DAX 40 is down 0.8%, setting a new two-month low.

MOEX tumbles after Putin’s news

The MOEX Russia Index fell as much as 10% before reducing its losses to 3% at 2,150. The index continued its 9% decline from the previous session as President Putin proclaimed the nation’s first mobilization since World War II.

Nasdaq to offer crypto custody services

Several sources claim that Nasdaq has been preparing an entry into cryptocurrency custody services. The action is consistent with its ultimate aim of being a service provider in the crypto industry rather than a platform for cryptocurrency trading.

Samsung trying to tame emissions with huge investment

Samsung Electronics will invest about 5 billion dollars (7 trillion won) in green initiatives. The main goal of this should be to tackle the high costs of clean energy, but also eliminating the Scope 1 and Scope 2 carbon emissions. The following step would be the development of a plan to reduce Scope 3 emissions, which has not happened yet.

Starbucks and Polygon with NFT program

Starbucks partnered with Polygon to start offering an NFT-based loyalty program. Customers can buy the Starbucks Odyssey NFTs to claim benefits and an immersive experience provided by the company. From now on, customers can join the waitlist to receive access to Starbucks Odyssey.

O’Leary highlighted sectors to invest

Kevin O’Leary, a well known shark tank multimillionaire and entrepreneur, recommended investors to focus their attention to stocks due to high inflation. He stated that fixed income is now more dangerous and less appealing. Moreover, he highlighted the potential of healthcare and consumer cyclical stocks amid the rampant inflation numbers.

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Russia is about to legalize crypto

Russia took the first step toward legalizing crypto, and it benefits everyone. Kommersant reported that the country’s Deputy Finance Minister Alexei Moiseev and the Bank of Russia have settled on using cryptocurrency for cross-border payments. Locals are permitted to process international payments using crypto.

Bearish sentiment rules markets

Rate hikes from all central banks worldwide are pushing markets lower. In the last week, DAX 40 fell by 4%, S&P 500 by 6%, and Dow Jones by 5%. Commodities followed, with WTI Crude Oil down 8% and natural gas down 11% for the week.

Vitalik Buterin expects others to use PoS

All blockchains, including Dogecoin and Zcash, according to Ethereum co-founder Vitalik Buterin, should switch to proof of stake. Vitalik believes that now that the Ethereum merge is complete, other blockchains should follow.  “As proof of stake matures, I expect it to just increase in legitimacy more and more over time,” said Vitalik.

European stock indices tumble

The sell-off on major European markets continues on Friday as investors fear the tightening wave of monetary policy would harm global growth. After dropping below 400 points on Thursday for the first time since January 2021, the STOXX 600 is down approximately 0.7%. DAX 40 is down 0.8%, setting a new two-month low.

PMI falls in several countries

Eurozone Purchasing Managers’ Index (PMI) fell to 48.9 in September of 2022 from 49.8 in August, and Germany Services PMI also dropped to 45.4 from 47.7. UK Services PMI also falls from 50.9 to 49.2, but France surprises with a rebound from 51.2 to 53.

Lumber is down 70% in 6 months

The housing sector is witnessing a dramatic slowdown and rising rates. As a result, lumber futures fell by 7% to $450, a level last seen in September 2021 and down nearly 70% from their March peak. In addition, August saw the seventh straight month of existing house sales declines, reaching their lowest level since May 2020.

News

Did MIT invent a new type of cheap battery?

Have MIT engineers invented a replacement for the lithium-ion battery? These are used in conjunction with, for example, electric cars.

Honda has to cut production due to chip shortage

Honda has to cut production by 40% at one factory and 30% at another. This is primarily due to a shortage of chips.

Poland has enough gas and coal for the winter

Poland has secured supplies of natural gas and coal for the upcoming winter heating season. It managed to do so without Russian supplies.

Mercedes is making parts to stock up – afraid of gas

Mercedes-Benz is worried about possible gas rationing in the winter. It is therefore manufacturing parts for inventory.