Ahead of their upcoming earnings reports, Deutsche Bank’s chart reveals that all seven ‘Magnificent 7’ tech stocks are below their 2024 highs, despite most remaining positive year-to-date. Nvidia leads the way with a 54% YTD gain but has dipped nearly 20% from its peak. Meta and Alphabet have also seen gains this year, while Tesla remains the worst performer in the S&P 500 since July 2023.
Independent repair shops and consumers face challenges due to restrictions on repair parts and information imposed by tech companies. The right-to-repair movement aims to give owners and shops access to documentation, tools, and parts to extend the lifespan of devices, reduce e-waste, and empower communities.
A report from Anglicare Australia paints a bleak picture of the Australian rental market, revealing that the national vacancy rate has plummeted to an all-time low of 0.7 percent, while average rents are $200 per week higher than pre-pandemic levels. The report highlights the growing gap between incomes and housing affordability, with only 289 of the 45,000 homes listed being affordable for a person earning a full-time minimum wage. The report emphasizes the need for increased support for low-income earners and calls for reforms to the private rental market to address the widening affordability crisis.
Archer Daniels Midland (ADM) announced that its CFO, Vikram Luthar, has resigned after the company launched an internal accounting probe. Luthar was placed on administrative leave in January and will receive a cash performance incentive award and shares earned for his past performance.
Sainsbury’s has announced the closure of its convenience store in Chester City Centre, leaving shoppers devastated. The store, which has been open for a decade, will close its doors on September 14, 2023, affecting 14 staff members.
M88 has added actor, environmental advocate, and social entrepreneur Stephanie Suganami to its client portfolio, further expanding its representation of multi-hyphenate talent. With the acquisition of UNCMMN in 2023, M88 has enhanced its ability to cater to the evolving needs of clients in traditional and new media landscapes.
LG CNS, a renowned DX (Digital Transformation) company, has once again emerged as a leader in digital innovation. For the second year in a row, LG CNS has been bestowed with the prestigious ‘Google Cloud Services Partner of the Year’ award at the ‘Google Cloud Partner Awards 2024.’ This accolade recognizes the company’s exceptional achievements in leveraging Google Cloud to empower clients with transformative solutions.
The Industrial Sensors Market is experiencing significant growth due to the integration of Internet of Things (IIoT) technology in factories. Real-time data collection from various sensors, including level sensors, pressure sensors, image sensors, and condition monitoring sensors, is crucial for transparency, efficiency, and profitability in industrial operations. Legacy machinery is being upgraded with advanced sensors to enhance performance and ensure machine uptime. Wireless autonomous sensors enable real-time data collection on manufacturing floors preventing facility stoppages and false detection.
Suriname is poised to benefit from its vast offshore oil resources, but time is running out as the global push towards net zero emissions intensifies. Despite delays, TotalEnergies and APA Corporation are moving towards a final investment decision for Block 58, which holds an estimated 700 million barrels of recoverable resources. With low breakeven prices and attractive oil characteristics, Suriname’s oil is highly profitable, but the country faces pressure to develop its resources sustainably.
Asian markets are expected to extend gains on Tuesday after a positive start to the week, supported by a rebound in tech shares, calm in bond markets, and cooling geopolitical tensions. Economic data releases for Japan, Australia, India, Singapore, Hong Kong, South Korea, and Taiwan will be closely watched. Currency traders remain cautious about possible yen intervention, while China’s yuan continues to weaken. Investors await earnings results from tech giants this week for guidance on the outlook for global stocks.
