Apple to Raise U.S. Employees Starting Pay
Apple stated on Wednesday that it shall raise the starting pay for its American employees, citing a tight labor market and a surge in unionization efforts amid growing inflation. Starting pay for the company's U.S. team members will increase to $22 per hour or higher, depending on market conditions. This marks a 45% jump from 2018.
The Apple stock (NASDAQ: AAPL) inched 0.11% higher on Wednesday’s trading session, with the stock of the tech tycoon currently worth $140.52 apiece.
MACROECONOMIC DATA ANALYSIS
Shanghai, China's financial capital, presented further post-lockdown initiatives on Thursday as it approaches normalcy, but a nationwide economic recovery remains a long way off, emphasizing the need for extra support. Shanghai, which is poised to officially end its lockdown on June 1st, has been gradually lifting coronavirus restrictions, allowing more people to venture out and reintroducing more automobiles & trucks to the city's once-bustling streets.
According to a Reuters survey, German house prices will grow faster in 2022 than forecast just three months ago, as a supply bottleneck outweighs a deteriorating cost-of-living issue and the threat of higher interest rates. The consequent squeeze on disposable incomes, on the other hand, is likely to stall property price increases during the next two years.
On Thursday, the U.S. dollar remained near one-month lows after minutes from the Federal Reserve's May meeting highlighted the possibility of a rate hike halt, with more raises are expected in June and July. The dollar index, which compares the currency to six major peers, rose 0.15% to 102.225 as Asian shares fell, boosting demand for safe havens like the greenback.
Gold prices fell in Thursday’s early hours as Treasury yields rose, despite the attractiveness of the precious metal being driven by minutes from a U.S. Federal Reserve policy meeting, which underlined that the central bank is unlikely to hike interest rates more aggressively. The safe haven, weighed down by a bolstered dollar greenback, edged 0.13% lower to price at $1,844 per ounce.
Oil prices increased in Thursday’s early trading session, continuing a cautious advance this week on signals of constrained supply, as the European Union (EU) negotiates with Hungary over projects to disallow imports from Russia, the world's second-largest crude supplier. Brent futures climbed 0.12% to $111.27 a barrel, and WTI oil futures rose by 0.36% to $110.71 per barrel.
USA: S&P500 +0.95%, Dow Jones Industrial Average +0.60%, Nasdaq Composite +1.48%
Europe: FTSE 100 +0.50%, DAX +0.63%, CAC 40 +0.73%
Asia: Nikkei 225 -0.27%, Hang Seng -0.99%, CSI 300 -0.21%, Nifty 50 -0.67%
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.
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.