August 16, 2022

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5 things to know before the stock market opens on Monday, June 27

5 things to know before the stock market opens on Monday, June 27

Here are the most important news that investors need to start their trading day:

1. Stocks look to build on last week’s recovery

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 22, 2022.

Brendan McDermid | Reuters

US stock futures rose Ahead of the opening Monday morning, stock markets are looking to continue the momentum from last week’s positive performance. Since entering a bear market earlier this month, the S&P 500 is up about 7.5%. It remains unclear whether markets bottomed out after this year’s big dip, however, investors will be watching economic indicators closely — including the monthly reading of durable goods orders at 8:30 a.m. ET on Monday and pending home sales. at 10 am

2. Russia is on the verge of default

Russian President Vladimir Putin participates in the opening ceremony of new health care facilities in several regions of Russia, via video link in Saint Petersburg, Russia on June 18, 2022. Sputnik/Mikhail Metzl/Kremlin via Reuters Attention Editors – This photo is provided by a third party.

Michael Metzel | Sputnik | Reuters

The Russian government had About $100 million in debt payments due SundayThe grace period that began on May 27 has expired. There have been reports that bondholders have not received payments, as sanctions from Western countries have restricted Russia’s ability to use the ruble, its sovereign currency, to make payments. This would be Russia’s first default since 1918, the year after the Russian Revolution.

3. The Group of Seven aims to confront Russia and China

US President Joe Biden attends the first day of the G7 Leaders Summit at the Bavarian castle Schloss Elmau, near Garmisch-Partenkirchen, Germany, June 26, 2022.

Lucas Barth | Reuters

G7 leaders are seeking multiple new sanctions against Russia, including banning its imports Russian gold, with the strengthening of military and humanitarian support to Ukraine. Reportedly, the Group of Seven was also aiming To determine purchase prices Russian oil. Confronting China remains a priority for the G7 countries as well. The leaders pledged on Sunday 600 billion dollars in private and public funds Over five years to finance infrastructure in developing countries, China continues the Belt and Road Initiative, the nation’s attempt to create a new version of the ancient Silk Road trade route linking Europe and Asia.

4. Tencent strives to be the technology source for foreign automakers in China’s electric car market

BMW’s iX electric SUV in China was the first global auto brand to include an automotive version of Tencent’s WeChat messaging app, according to the Chinese tech company.

Tencent

Tencent, a huge Chinese internet and technology company, was recently revealed New Cloud Computing Product For automakers, it is pushing to become the main technical supplier in the electric vehicle market in its home country. Tencent already works with about 40 car brands, including Germany’s BMW and China’s Nio, according to Liu Shuquan, vice president of Tencent Intelligent Mobility. He also said his company works with some US automakers, but declined to say which ones.

5. Exxon Mobil CEO warns of sudden power shift

Darren Woods, CEO of ExxonMobil

Michael Newberg | CNBC

Gas prices are already high, but they could rise if society makes a quick transition away from fossil fuels, according to the CEO of oil giant ExxonMobil. In an interview with CNBC’s David Faber, Darren Woods said The government should instead create market-based incentives to help reduce emissions. President Joe Biden and his administration have criticized Exxon Mobil and other oil companies for taking profits as fuel prices soar, while activists have cited Russia’s war in Ukraine, which has upended the global energy supply chain, as a major reason for countries to move away from oil and gas. in favor of renewable energy sources. Watch the full documentary featuring Faber, “ExxonMobil at the Crossroads,” on YouTube, Peacock, and CNBC.com.

CNBC’s Sarah Min, Matt Clinch, Elliot Smith, Evelyn Cheng, and Reuters contributed to this report.

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