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Amazon Investor Plastic-use Review Proposal Fails

A shareholder-led motion to investigate Amazon's use of plastic had 49% support, despite shareholders voting down all 15 resolutions at the e-commerce giant's annual general meeting on Friday, according to a regulatory filing.

It was the only plan that came close to achieving the required 51% approval rating. Investors were opposed to motions that questioned the firm’s policy on multiple topics, including worker treatment and the usage of non-disclosure agreements.

MACROECONOMIC DATA ANALYSIS

According to Reuters, Russia's National Settlement Depository (NSD) successfully paid foreign currency coupons on two Eurobonds on Friday, indicating that the country may have avoided default once more. Russia is on the verge of a unique debt crisis, according to investors, marking the first instance where a major emerging market economy has been forced into a bond default by geopolitics rather than empty coffers.

Bulgaria's cabinet adopted a plan to join the eurozone on January 1st, 2024, despite reservations among the ruling coalition about the unavailability of an extensive examination of the initiative’s consequences. In 2021, political uncertainty and three elections delayed the plan, which was prepared after Bulgaria and Croatia were admitted to the ERM-2 system, a prerequisite for joining the eurozone in 2020.

CURRENCIES

The U.S. dollar fell for the second week in a row on Friday as investors & traders lowered their expectations for interest rate hikes by the U.S. Federal Reserve, with growing inflation and consumer expenditure data cooling recession fears. The dollar index, which compares the currency to six major peers, dropped 0.20% to 101.653.

GOLD

Gold prices rose on Friday and were on track for their second weekly gain after the U.S. dollar fell from 20-year highs. The dollar, which normally moves inversely to safe haven, traded lower on Friday, continuing a drop from the previous session and recording a second weekly stumble. Gold futures prices increased by 0.22% to $1,852 per ounce.

OIL

Oil prices were higher on Friday, securing their fifth weekly gain, as investors & traders internalize the possibility of further supply constrictions, just as demand is expected to soar as the Memorial Day holiday weekend kicks off the start of the summer driving season in the United States. Brent futures jump 1.01% to $115.32 a barrel, and WTI oil futures settled 0.86% higher to $115.07 per barrel.

INDICES  

USA: S&P500 +2.47%, Dow Jones Industrial Average +1.76%, Nasdaq Composite +3.30%

Europe: FTSE 100 +0.27%, DAX +1.62%, CAC 40 +1.64%

Asia: Nikkei 225 +0.66%, Hang Seng +2.89%, CSI 300 +0.21%, Nifty 50 +1.13%

Newest

Dubai Airport Expects Travel Surge, Hikes Annual Forecast

The operator of Dubai International Airport said on Wednesday that over 14 million passengers passed through the airport in the second quarter, raising its forecast for the year to 62.4 million. The number of passengers increased for the seventh consecutive quarter as demand for international travel rises as pandemic restrictions around the world loosen.

According to a statement from Dubai Airports, the airport in Dubai processed 14.2 million passengers from April to June, more than tripling the 4.9 million that passed through security during the same period last year.

Jewelry Maker Pandora Goes Big on Lab Diamonds

Pandora, the globe’s largest jewelry manufacturer, announced on Tuesday that it shall proceed with its bet on lab-created diamonds, following its statement last year to stop selling mined diamonds.

In an effort to attract younger customers with less expensive, more sustainable stones that are guaranteed not to have come from war zones, the Copenhagen-based jewelry giant will introduce a collection which utilizes unmined diamonds in North America this month.

Following a smaller experimental launch in Britain last year, 269 locations are now open across the United States, Canada, and via the web.

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Legal: GULF BROKERS DMCC is a limited liability company incorporated and licensed under the laws of the Dubai Multi Commodities Centre (“DMCC”)to carry out certain categories of financial investment business as permitted under Licence No. DMCC- 30636, broker member of the Dubai Gold & Commodities Exchange (“DGCX”) under Member No 554 and regulated broker by the Securities & Commodities Authority (“SCA”) Licence No. 607110.

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