Saudi Arabia Targets Net Zero Emissions by 2060
Top oil exporting nation Saudi Arabia aims to reach net zero emissions of greenhouse gases, mostly emitted by burning fossil fuels, by 2060. Saudi Arabia’s Crown Prince Mohammed bin Salman, alongside his energy minister, also mentioned that the Arabic nation is stressing the importance of tackling climate change, while continuing to focus on oil market stability.
MACROECONOMIC DATA ANALYSIS
The Group of Seven wealthy countries (G7) agreed on several principles focused on governing cross-border data use and digital trade, setting a middle ground between strictly regulated data protection regimes prominent in Europe and more relaxed approaches used in the United States.
China’s cabinet presented measures to achieve its aim of reaching peak carbon emissions by 2030, and carbon neutrality by 2060, 10 years after that of the United States. However, the Asian nation stressed that food and energy security must be taken account of while achieving such goals.
The U.S. dollar declines after the Federal Reserve Chairman Jerome Powell stated that the American central bank must begin reducing asset purchases soon, but should not hike interest rates yet. The dollar index, compared to a basket of major currencies, dropped 0.18% to 93.588.
Gold prices witnessed another increase on Friday, driven by a weaker dollar greenback amid the statement of Fed Chairman Jerome Powell which indicated that the U.S. central bank should initiate less asset purchases, without raising interest rates yet. The safe haven futures jumped 0.42% higher to value at $1,792 per ounce.
Crude oil prices recorded the ninth straight winning week as investors shifted their attention towards the three-year low U.S. crude oil inventories, despite decreasing prices for coal and natural gas. Brent oil futures remain unchanged on Friday at $84.64 a barrel, while WTI oil recorded an impressive 1.79% escalation to $83.98 per barrel.
USA: S&P500 -0.11%, Dow Jones Industrial Average +0.21%, Nasdaq Composite -0.87%
Europe: FTSE 100 +0.20%, DAX +0.46%, CAC 40 +0.71%
Asia: Nikkei 225 +0.34%, Hang Seng +0.42%, CSI 300 +0.64%, Nifty 50 -0.35%
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.
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.