Global Stocks Hit Record Highs On Strong Economic Data

Global stocks are at record highs after strong U.S. and Chinese economic data bolstered expectations of a solid global economic recovery from the COVID-19 pandemic.

Government stimulus, a string of strong corporate earnings and signs of economic recovery in countries ahead in COVID-19 vaccinations have helped push stock markets around the world to new highs.

MSCI’s broadest gauge of world stocks edged higher in European trading Friday, up 0.2% to a record high. Europe’s top indexes all opened higher, led by Britain’s FTSE 100, up 0.5% and passing 7,000 points for the first time since February 2020.

U.S. stock futures pointed to a mixed open on Wall Street, with the S&P 500 up 0.1% and NASDAQ futures down 0.1%

Asian markets tracked a path similar to Europe’s. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5%, with Shanghai shares adding 0.8% and Japan’s Nikkei up 0.1%.

Driving the … Read more

The Story Behind The World’s Longest Electrically Heated Oil Pipeline

Uganda has signed a landmark deal with Tanzania for the construction of the world’s longest electrically heated crude oil pipeline, working in partnership with French oil supermajor Total.

The 1440km export pipeline, expected to be completed within three years, has an anticipated cost of $3.5 billion. It will run from western Uganda to the Indian Ocean port of Tanga in Tanzania.

The deal between Uganda and Tanzania on Sunday marks the start of greater economic partnerships between the two countries in the energy sector and beyond. The governments of the two states hope the deal will encourage upwards of $15 billion in investments.

The long-anticipated project is expected to tap over one billion barrels of crude oil from Uganda, to transport them from a landlocked position to a key sea port. In order to transport the oil effectively, the pipeline will be heated to manage the high viscosity of the … Read more

Strong Bank Earnings Drive Futures Up

U.S. stock futures edged up in early morning trading on Wednesday as investors digested the first batch of corporate earnings.

Futures for the Dow Jones Industrials recovered 16 points, or 0.1%, to 33,586.

Futures for the S&P 500 added 5.75 points, or 0.1%, to 4,138.50.

Futures for the NASDAQ Composite index picked up 46.25 points, or 0.3%, to 14,022.

Shares of Goldman Sachs climbed 1.7% in pre-market trading after the bank blew past analysts’ expectations with record first-quarter net profits and revenues on strong performance from the firm’s equities traders and investment bankers.

JPMorgan Chase, the first major bank to report first-quarter earnings, beat analysts’ estimates on top and bottom lines, helped by a $5.2 billion benefit from releasing money it had previously set aside for loan losses that didn’t develop. Shares of JPMorgan dipped 0.8% in pre-market trading.

After the bell on Tuesday, Pfizer CEO Albert Bourla said the … Read more