Morning Briefing: Square agrees to acquire Afterpay for $29 billion

Moomoo Breakfast US wrote a column · Aug 2, 2021 19:08

Morning Briefing: Square agrees to acquire Afterpay for $29 billion

Hey, moomooers! Here are things you need to know before the opening bell:
-U.S. stock futures rose on Monday as investors geared up for the first trading day of August.
-The $1 trillion measure's fate in the House will be tied to that of a much larger package of Democratic climate and anti-poverty priorities that Republicans oppose.

Market Snapshot

U.S. stock futures rose on Monday as investors geared up for the first trading day of August.

$Dow Jones Industrial Average (.DJI.US)$futures rose 164 points. $S&P 500 Index (.SPX.US)$futures gained 25.5 points and $Nasdaq Composite Index (.IXIC.US)$futures added 81.25 points. The S&P 500 and the Dow sit less than 1% from new all-time highs.

Source: Bloomberg

Crypto

$Bitcoin(BTC.CC)$is still the most trading cryptocurrency. It was trading at $3,9641 at the time of writing, dipping 3.47% and following by$Ethereum(ETH.CC)$was trading at 2,596, losing 2.15%.

Source: moomoo

Top news

China Caixin Manufacturing PMI drops to 16-month low

A private gauge of China's manufacturing activity in July fell to a 2020 low as heavy floods, a resurgence in Covid cases and power shortages in some cities weighed on output and new orders.

Senators push to wrap up bipartisan infrastructure bill this week

The $1 trillion measure's fate in the House will be tied to that of a much larger package of Democratic climate and anti-poverty priorities that Republicans oppose.

Germany retail sales beat expectations

Retail sales in Germany increased in June beating forecasts thanks to the easing of coronavirus-related lockdown restrictions.

Heavyweight companies enjoy outsize rewards as economy rebounds

Corporate titans raced ahead during the pandemic, and they are extending that lead over smaller rivals as the rich world bounces back.

Investors bet price pressures will ease
Inflation has vexed money managers this year, yet markets are starting to signal that investors may be growing less fearful of price trends.

Reduction in Fed's asset purchases might not spark 'taper tantrum'

Research suggests the pace of asset purchases matters less than the ultimate size of Fed's bond portfolio.

Square agrees to acquire Afterpay for $29 billion

The acquisition of the Australian installment-payment company illustrates how financial technology firms are seeking scale to challenge banks for a bigger slice of the payments industry.

Key events this week