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21st-july-2022-markets-review

21st July 2022: Yesterday closed orders given -0.534%; Elon Musk sells cryptocurrency; Impact of geopolitical danger in Europe on markets; Gas export from Russia and impact on the economy

Yesterday closed orders given -0.534%

Symbol: HK50; Type: BUY; Open Price: 21160.5; Close Price: 21047.4; Profit: -0.534%.

Elon Musk sells cryptocurrency

To improve the firm’s liquidity, Tesla decided to sell most of its Bitcoin holdings, which resulted in an increase in cash on the company’s balance sheet of $936 million. Elon Musk, the firm’s Chief Executive Officer, stated on a call with investors that the sale of the company occurred owing to uncertainties around the timing of the lifting of the Covid shutdowns in China. During the course of the previous year, Musk established himself as a big influencer in the cryptocurrency industry by tweeting positive comments about Dogecoin and uploading pictures of his dog Floki. Shares of MicroStrategy Inc., another significant corporation that has been buying Bitcoin, trading in the early hours of Thursday’s trading session down more than 4 percent. Tesla allowed customers to make transactions using digital currency for a limited period.

After some time, however, the corporation decided to remove the payment option, citing worries about the environment. During the period referred to as the “crypto winter,” the additional decline signals a hawkish move from one of the most famous bulls in the cryptocurrency business.

Impact of geopolitical danger in Europe on markets

After a 10-day maintenance break, the Nord Stream pipeline is back online, and gas flows through it. The restarting of flows is anticipated to bring some respite to the continent, which is in a race against time to stockpile the gasoline before winter sets in. The Italian government is on the verge of falling apart, which leaves little other option than early elections and several months of political anarchy. When the European Central Bank (ECB) introduces a new bond-purchase program, the particulars of the program will be very important. As investors sift through the signals provided by company results and the geopolitical dangers in Europe, European markets will likely follow Asian equities to lower levels.

The European Central Bank (ECB) is widely anticipated to implement a rate hike for the first time in over a decade, with a 25-basis point increase in financial markets. US bulls are arguing that a feared wave of profit warnings did not before the scheduled programming and that thus far, profits relative to projections are on pace with those of the previous season. This is because the wave of profit warnings did not precede the scheduled programming.

Gas export from Russia and its impact on the economy

Futures contracts for equities in the United States and Europe showed minimal movement as investors prepared for the European Central Bank to raise interest rates for the first time in 11 years. After Mario Draghi announced his retirement as prime minister of Italy, the Stoxx Europe 600 Index and the euro began to recover from their previous losses. The most significant worries of investors were put to rest when Russia started exporting gas to Europe through a crucial pipeline again. The yield on Italy’s 10-year note reached a high of 3.6 percent, having risen as much as 21 basis points and reaching a level not seen since June. Russian President Vladimir Putin warned that flows would be severely restricted if a dispute about sanctioned sections of the Nord Stream pipeline is not addressed. Joe Biden, the United States Vice President, stated that he anticipates speaking with Xi Jinping, the President of China, “within the next 10 days.”

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