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Stock market news live updates: Stocks rebound, S&P 500 and Nasdaq set record highs – Yahoo Canada Finance

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Stocks gained on Monday, rising to fresh record levels after last week’s volatility as investors looked ahead to a key event from the Federal Reserve later this week.

The S&P 500 advanced and reached a fresh all-time intraday high. The positive sentiment extended into other risk assets, and oil prices also rebounded following recent declines. U.S. West Texas intermediate crude oil futures (CL=F) topped $64 a barrel, and Brent crude (BZ=F) jumped above $67 per barrel after suffering its longest losing streak since early 2018 as of last week. 

“It’s the return of risk appetite in the broader financial markets,” Vandana Insights CEO Vandana Hari told Yahoo Finance of the rebound on Monday. “The real blow last week was signals the Fed might start tapering towards the end of this year, and I think that was a real double whammy for oil.”

The Dow rose as shares of Chevron (CVX) and Caterpillar outperformed. Shares of Pfizer (PFE) jumped after the pharmaceutical company announced it will acquire the cancer drugmaker Trillium Therapeutics (TRIL) for $2.3 billion. Separately, the U.S. Food and Drug Administration fully approved Pfizer’s top-selling COVID-19 vaccine following months of use under emergency authorization. 

Stocks came under pressure late last week after the Federal Open Market Committee’s July meeting minutes signaled that “most” Fed participants believed the economy will have recovered enough to warrant the start of asset-purchase tapering by the end of this year. The S&P 500 posted its first weekly decline in three weeks, albeit while closing out Friday’s session to the upside. Central bank officials are set to hold their annual Jackson Hole Symposium this week starting on Thursday, which could serve as a forum for more remarks about the size and scope of the Fed’s tapering plans. 

A host of new earnings and economic data have also come in. On the whole, corporate profits have been exceptionally strong, with nearly 90% of S&P 500 companies having topped consensus earnings per share estimates, according to FactSet. That’s come even as concerns over the spread of the Delta variant have resurged and issues around supply chain and materials and labor shortages have remained. 

“I think we certainly are not going to get the kind of fiscal stimulus that we’ve had over the past year-and-a-half, nor the monetary stimulus. So I think overall, the market’s handling all this remarkably well,” Ed Yardeni, Yardeni Research president and chief investment officer, told Yahoo Finance. “The perception is that the Federal Reserve is now seriously moving in the direction of tapering because the economy is doing fine. But any way you slice it or dice it, it’s going to be slower growth, slower earnings growth, slower economic growth, and that’s probably keeping the bond yield down and giving some weakness to the oil patch.”

10:23 a.m. ET: U.S. service-sector activity cooled to an 8-month low in August amid Delta variant: IHS Markit

Activity in both the U.S. services and manufacturing sectors decelerated in August as the rapid spread of the Delta variant dampened overall growth.

IHS Markit’s flash August services business activity index fell to 55.2 from 59.9 in July. This was a steeper decrease than the dip to 59.2 expected, according to Bloomberg data, and brought the index down to the lowest level in eight months. Readings above the neutral level of 50.0 indicate expansion in a sector.

The manufacturing activity index also fell more than expected to 61.2 from 63.4 in July. This marked a four month low, and came in below the 62.0 economists were anticipating.

“The expansion slowed sharply again in August as the spread of the Delta variant led to a weakening of demand growth, especially for consumer-facing services, and further frustrated firms’ efforts to meet existing sales,” Chris Williamson, chief business economist at IHS Markit, said in a press statement.

“Not only have supply chain delays hit a new survey record high, but the August survey saw increasing frustrations in relation to hiring,” he added. “Jobs growth waned to the lowest since July of last year as companies either failed to find suitable staff or existing workers switched jobs.”

10:02 a.m. ET: Existing home sales unexpectedly rose in July, marking back-to-back monthly gain

Sales of previously owned homes gained 2.0% in July, according to the National Association of Realtors’ monthly report, marking a second consecutive monthly gain. Consensus economists were looking for existing home sales to dip by 0.5% on the month, according to Bloomberg estimates.

In June, existing home sales had increased by 1.6%. July’s advance brought existing home sales to a seasonally adjusted annual rate of 5.99 million, or the highest level since March.

Home prices continued to creep higher in July as tight inventories and elevated demand continued to weigh on affordability. The median existing-home price came in at $359,900 for a jump of 17.8% compared to the same month last year. 

9:31 a.m. ET: Stocks gain, recovering from last week’s losses

Here’s where markets were trading just after the opening bell Monday morning: 

  • S&P 500 (^GSPC): +19.22 (+0.43%) to 4,460.89

  • Dow (^DJI): +172.05 (+0.49%) to 35,292.13

  • Nasdaq (^IXIC): +65.23 (+0.44%) to 14,782.66

  • Crude (CL=F): +$2.52 (+4.06%) to $64.66 a barrel

  • Gold (GC=F): +$22.50 (+1.26%) to $1,806.50 per ounce

  • 10-year Treasury (^TNX): -0.2 bps to yield 1.258%

7:23 a.m. ET Monday: Stock futures point to a higher open:

Here’s where markets were trading ahead of the opening bell:

  • S&P 500 futures (ES=F): +14.5 points (+0.33%) at 4,451.50

  • Dow futures (YM=F): +144.00 points (+0.41%) to 35,202.00

  • Nasdaq futures (NQ=F): +43.75 points (+0.29%) to 15,130.50

  • Crude (CL=F): +$1.75 (+2.82%) to $63.89 a barrel

  • Gold (GC=F): +$8.80 (+0.49%) to $1,792.80 per ounce

  • 10-year Treasury (^TNX): +1.2 bps to yield 1.272%

Traders work at the trading floor in the New York Stock Exchange in New York, the United States, Aug. 19, 2021. The S&P 500 Index closed at 4,405.80 points, up 5.53 points, or 0.13 percent. The Dow Jones Industrial Average closed at 34,894.12 points, down 66.57 points, or 0.19 percent.The Nasdaq Composite Index closed at 14,541.79 points, up 15.88 points, or 0.11 percent. (Photo by Wang Ying/Xinhua via Getty Images)Traders work at the trading floor in the New York Stock Exchange in New York, the United States, Aug. 19, 2021. The S&P 500 Index closed at 4,405.80 points, up 5.53 points, or 0.13 percent. The Dow Jones Industrial Average closed at 34,894.12 points, down 66.57 points, or 0.19 percent.The Nasdaq Composite Index closed at 14,541.79 points, up 15.88 points, or 0.11 percent. (Photo by Wang Ying/Xinhua via Getty Images)

Traders work at the trading floor in the New York Stock Exchange in New York, the United States, Aug. 19, 2021. The S&P 500 Index closed at 4,405.80 points, up 5.53 points, or 0.13 percent. The Dow Jones Industrial Average closed at 34,894.12 points, down 66.57 points, or 0.19 percent.The Nasdaq Composite Index closed at 14,541.79 points, up 15.88 points, or 0.11 percent. (Photo by Wang Ying/Xinhua via Getty Images)

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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China Evergrande debt crisis is worrying investors. Why, and what’s happening? – Global News

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China Evergrande Group has missed a dollar bond interest payment deadline, moving closer to a potential default and fuelling worries about a collapse that could send shockwaves through China’s economy and beyond.


WHAT IS EVERGRANDE?

Chairman Hui Ka Yan founded Evergrande in Guangzhou in 1996. It is China’s second-largest property developer with US$110 billion in sales last year, US$355 billion in assets, and over 1,300 developments nationwide. It listed in Hong Kong in 2009.

Read more:
China Evergrande investors left in dark after payment deadline passes

Evergrande grew rapidly through a loan-supported land-buying spree and selling apartments quickly at low margins. It has 200,000 staff and hires 3.8 million annually for developments.

Slowing growth has seen it branch into businesses such as insurance, bottled water, football and electric vehicles (EVs).


HOW DID CONCERNS ARISE OVER DEBT?

In September last year, a leaked letter showed Evergrande pleading for government support to approve a now-dropped backdoor stock market listing. Sources told Reuters the letter was authentic; Evergrande called it fake.

In June, Evergrande said it did not pay some commercial paper on time, and in July a court froze a US$20 million bank deposit held by the firm at the bank’s request.


Click to play video: 'Stocks find some footing after Evergrande relief as Beijing residents say company’s woes won’t hurt wider economy'



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Stocks find some footing after Evergrande relief as Beijing residents say company’s woes won’t hurt wider economy


Stocks find some footing after Evergrande relief as Beijing residents say company’s woes won’t hurt wider economy

The firm in late August said construction at some of its developments had halted due to missed payments to contractors and suppliers. Sources have told Reuters that it also missed payments to bank and trust loans in the past few weeks.

Liabilities, including payables, total 1.97 trillion yuan (US$306.3 billion) – about two per cent of China’s gross domestic product.


HOW HAS EVERGRANDE REDUCED DEBT?

Evergrande accelerated efforts to cut debt last year after regulators introduced caps on three debt ratios, dubbed the “three red lines”. It aims to meet requirements by 2022-end.

Read more:
China Evergrande inches closer to default as interest deadline quietly expires

It offered steep discounts on residential developments to spur sales and sold the bulk of its commercial properties. Since the second half of 2020, it has had a US$555 million secondary share sale, raised US$1.8 billion by listing its property management unit, and saw its EV unit sell a US$3.4 billion stake.

On Sept. 14, it said asset and equity disposal plans had failed to make material progress.


WHAT’S THE RISK?

The central bank in 2018 said companies including Evergrande might pose systemic risk to China’s financial system.

The firm’s liabilities involved as many as 128 banks and over 121 non-banking institutions, the leaked letter showed.


Click to play video: 'Evergrande sell-off putting pressure on Chinese developers: analyst'



1:07
Evergrande sell-off putting pressure on Chinese developers: analyst


Evergrande sell-off putting pressure on Chinese developers: analyst

Late repayments could trigger cross-defaults as many financial institutions are exposed via direct loans and indirect holdings through different financial instruments.

In the U.S. dollar bond market, Evergrande accounts for four per cent of Chinese real estate high-yielding debt, data from Singapore bank DBS showed. A default could further trigger a sell-off across high-yield credit markets.


WHAT ABOUT OPERATIONS OUTSIDE MAINLAND CHINA?

In Hong Kong, Evergrande owns an office tower and residential development as well as two nearly completed residential developments, plus a vast undeveloped land parcel.

It has spent billions of dollars acquiring stakes in automobile technology developers, including Sweden’s NEVS, the Netherlands’ e-Traction and Britain’s Protean. It also has joint ventures with Germany’s Hofer and Sweden’s Koenigsegg.


WHAT HAVE REGULATORS SAID?

The central bank and banking regulator in August ordered Evergrande to reduce debt risk.

Regulators have approved an Evergrande proposal to renegotiate payment deadlines with banks and other creditors, media reported. Guangzhou government is also seeking major lenders’ opinions about establishing a creditor committee.

Reporting by Clare Jim; Editing by Sumeet Chatterjee, Stephen Coates, Christopher Cushing and Jane Merriman

© 2021 Reuters

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Some gasoline stations in U.K. run out of fuel as pandemic supply chain crisis deepens – CBC.ca

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Britain’s retail industry warned the government on Friday that unless it moves to alleviate an acute shortage of truckers in the next 10 days then significant disruption was inevitable in the run-up to Christmas.

As the world’s fifth-largest economy emerges from COVID-19 lockdowns, a spike in European natural gas prices and a post-Brexit shortage of truck drivers have left Britain grappling with soaring energy prices and a potential food supply crunch.

BP had to close some of its gas stations due to the driver shortages while queues formed at some Shell stations as pumps ran dry in some places. 

“We are seeing an increased demand today for fuel at some of our stations, which may in some instances result in larger queues. We are adapting our delivery schedules to ensure sufficient supplies for our customers,” a spokesperson for Shell said.

ExxonMobil’s Esso said a small number of its 200 Tesco Alliance retail sites had also been impacted in some way.

In a rush to fill up, drivers also queued at some gas stations in London and the southern English county of Kent. Diesel ran out at one station visited by Reuters.

For months supermarkets, processors and farmers have warned that a shortage of heavy goods vehicle (HGV) drivers was straining supply chains to breaking point — making it harder to get goods on to shelves.

“Unless new drivers are found in the next 10 days, it is inevitable that we will see significant disruption in the run-up to Christmas,” said Andrew Opie, director of food & sustainability at the British Retail Consortium, the retail industry’s lobby group.

“HGV drivers are the glue which hold our supply chains together,” Opie said. “Without them, we are unable to move goods from farms to warehouses to shops.”

A lorry pulls a Hanjin Shipping Co. shipping container along the dockside at the Port of Felixstowe, England. Experts have warned for months that a shortage of heavy goods vehicle (HGV) drivers was straining supply chains to breaking point – making it harder to get goods on to shelves. (Chris Ratcliffe/Bloomberg)

The next 10 days are crucial because retailers ramp up supplies in October to ensure there are enough goods for the peak Christmas season.

Hauliers and logistics companies cautioned that there were no quick fixes and that any change to testing or visas would likely be too late to alleviate the pre-Christmas shortages as retailers stockpile months ahead.

Prime Minister Boris Johnson’s government has insisted that there will be no return to the 1970s when Britain was cast by allies as the “sick man of Europe” with three-day weeks, energy shortages and rampant inflation.

‘Don’t panic’

As ministers urged the public not to panic buy, some of Britain’s biggest supermarkets have warned that the shortage of truck drivers could lead to just that ahead of Christmas.

Brazilian President Jair Bolsonaro said that Johnson, whom he met in New York, had asked him for an “emergency” agreement to supply a food product that is lacking in Britain, though the British embassy disputed Bolsonaro’s account.

Transport Secretary Grant Shapps said there was a global shortage of truckers after COVID halted lorry driver testing so Britain was doubling the number of tests. Asked if the government would ease visa rules, he said the government would look at all options.

“We’ll do whatever it takes,” Shapps told Sky News. “We’ll move heaven and earth to do whatever we can to make sure that shortages are alleviated with HGV drivers.

“We should see it smooth out fairly quickly,” he said.

British ministers are due to meet later on Friday in an attempt to hash out a fix.

The trucking industry body, the Road Haulage Association (RHA), has called on the government to allow short-term visas for international drivers to enter Britain and fill the gap, while British drivers are being trained for the future.

“It’s an enormous challenge,” Rod McKenzie, head of policy at the RHA, told Reuters. In the short-term, he said, international drivers could help, even if it may be too late to help Christmas, and in the longer term the industry needed better pay and conditions to attract workers.

“It’s a tough job. We the British do not help truckers in the way that Europeans and Americans do by giving them decent facilities,” he said.

The British haulage industry says it needs around 100,000 more drivers after 25,000 returned to Europe before Brexit and the pandemic halted the qualification process for new workers.

Shapps, who said the driver shortage was not due to Brexit, said COVID-19 exacerbated the problem given that Britain was unable to test 40,000 drivers during lockdowns.

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How to unwind after a long day at the office

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Whether you are returning to the office after working from home or starting a new job. Being among other hardworking people and maybe even having a boss breathing down your neck can be nerve-wracking. You might even experience that you’re more tired than usual when you climb into bed at the end of the day.

 

That’s why it is important to find the right way for you to unwind and clear your mind after a long day of hard work.

 

Stay active

A quick run is great for clearing the mind. A trip to the gym can help you relieve some aggressions you might have developed throughout the day. Kicking a ball around with your friends can help you calm down. The possibilities are endless, but the results can be great.

 

Exercise is wonderful for your mind as well as your body. If you even bring along a couple of friends, you are sure to have a great time and forget what was bothering you to begin with.

 

Forget the world with online gaming

Sometimes, what you need is a distraction. A great book can help you forget the world but maybe you are too wound up to focus. In that case, a great alternative is trying an online casino in Canada. You do not even need to stay focused to have fun and forget your troubles.

 

The best part is that you can enjoy online casinos anywhere. On the couch in front of the TV, on the train ride home, or in bed before you go to sleep. Playing on your phone is convenient and easy. Before you realize it, you completely forgot about your stressful day.

 

Cook a nutritious meal

You might not feel like cooking if you are agitated after a long day. But something about creating beautiful, delicious food can be almost therapeutic. Eating meals that you love can help shift your mood without you even realizing it. At the same time, you might be able to get rid of some irritations by taking your frustrations out on the vegetables that need to be chopped. Just remember to protect your fingers.

 

Spend time with a loved one

Being able to vent about your day or simply get a hug can be all you need. If you live with your significant other, try to let them be there for you when you need some extra love and understanding. If you live alone, try to make time to get a cup of coffee with a friend or family member. Do not underestimate the effects of human contact. Soon, you will feel recharged and ready to take on a new day.

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