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Amazon Invests in Italian Automated Packaging Machines

E-commerce leader Amazon, as part of its Climate Pledge Fund, has invested in the Italian CMC Machinery, which manufactures custom-sized packages which eliminate the necessity of single-use plastic packaging. The Climate Pledge Fund is a corporate venture capital fund, which invests in organizations driven to develop sustainable products, services and technologies.


The U.S. Senate Finance Committee unveiled a “billionaire’s tax” which can take effect by 2022 next year, as part of President Joe Biden’s social-policy and climate-change legislation. The strategy also includes a proposal to tax the most profitable U.S. corporations by 15%, to help the nation with Biden’s initiatives.

According to China’s cabinet, the Asian nation will postpone some taxes targeting manufacturing companies for three months starting from November, in efforts towards offsetting the impact of surging raw materials prices and increasing production costs.


The U.S. dollar edged lower from Tuesday’s figures ahead of the next meeting by the U.S. Federal Reserve, alongside declining American indices, with traders eagerly awaiting the Fed’s data and notes. The dollar index, compared to a basket of major currencies, dropped 0.20% to 93.757.


Gold futures decline once again, despite a weaker dollar greenback which typically moves against the safe haven, falling way behind the $1,800 target price as global stocks slip and rising geopolitical tensions. The precious metal decreased by 0.20% to value at $1,789 per ounce.


Crude oil prices back off multi-year highs in a downward trajectory, brought down by industry data which revealed that crude oil inventories rose more than expected and an unanticipated jump in fuel stockpiles in the United States. Brent oil futures collapsed 1.25% to $84.59 per barrel, while WTI oil declined 1.13% to $83.69 a barrel.


USA: S&P500 +0.04%, Dow Jones Industrial Average -0.20%, Nasdaq Composite +0.59%

Europe: FTSE 100 -0.33%, DAX -0.38%, CAC 40 -0.21%

Asia: Nikkei 225 -0.03%, Hang Seng -1.57 %, CSI 300 -0.21%, Nifty 50 -0.31%


Salesmen Threaten to Disrupt Reliance Supply

A letter seen by Reuters unveiled that salesmen from India have threatened to disrupt & derange supplies to stores which are partnered with the renowned Reliance giant. As per the Reuters report, Indian salesmen from companies such as Reckitt Benckiser, Uniliever and Colgate-Palmolive stated that their sales declined 20-25% in the last year as small, family-owned and independent businesses were increasingly in partnership with Reliance to provide lower prices, dominating the market.

Apple: Demand for iPhone 13 Has Weakened

According to people familiar with the matter, Apple has informed to its suppliers that the demand for the iPhone 13 has slowed down. The company has already cut iPhone 13 production by 10 million units due to global semiconductor chip shortages, as well as coronavirus-related manufacturing issues in Asia. The news of weaker iPhone 13 demand has pushed the Apple stock downwards by 2.92% in early trading sessions.

Risk Warning: Trading in leverage products carries a high level of risk and may not be suitable for all investors. Past performance of an investment is no guide to its performance in the future. Investments, or income from them, can go down as well as up. You may not necessarily get back the amount you invested. All opinions, news, analysis, prices or other information contained on this website are provided as general market commentary and does not constitute investment advice, nor a solicitation or recommendation to buy or sell any financial instruments or other financial products or services.

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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