Twitter racks up its second $1 billion quarter, sending shares toward a 52-week high (SPY +0.5%). Coca-Cola earnings top estimates and treasury yields tumble.
Here is the current market situation from CNN Money
European markets are mixed today. The FTSE 100 is up 0.12% while the CAC 40 gains 0.10%. The DAX is off 0.02%.
What Is Moving the Markets
Here are the headlines moving the markets.
Morgan Stanley: Gasoline Industry Is About to Become Totally Worthless The average energy investor is by now well aware of the sector s monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while wind and solar generation continue to gain the ascendancy. But nowhere has this change been as dramatic as the transport industry, with EV titans such as Tesla Inc. (NASDAQ:TSLA) and NIO Ltd. (NYSE:NIO) now commanding substantially higher valuations than t
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Home Saudi Arabia’s central bank faces biggest overhaul in decades
Saudi Arabia’s central bank faces biggest overhaul in decades
More of country’s petrodollar wealth likely to be used to back Mohammed bin Salman’s grandiose plans
World Economy News
9 Feb 2021 • 3 min read
Saudi Arabia’s central bank is set for its most significant changes in decades as a new law comes into force this month that analysts say will formalise Crown Prince Mohammed bin Salman’s efforts to divert more of the kingdom’s oil wealth to back his grandiose investment plans.
The reforms in which supporting economic growth will become part of the Saudi Arabian Monetary Authority’s mandate and the bank reports directly to the king could diminish its role of investing the nation’s hard currency surpluses in favour of the sovereign wealth fund chaired by the crown prince, analysts say.
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Fintech, Digital Commerce, Healthtech in Saudi Arabia are Expected to Attract Substantial VC Funding in 2021, Local Sources Reveal
February 7, 2021 @ 7:36 pm By Omar Faridi
Saudi Arabia’s venture capital funds are increasingly looking to tap into Fintech, digital commerce, and healthcare segments this year.
VC activity has increased considerably in the MENA region including Saudi Arabia during the past few years, with local startups recording a 55% year-over-year growth in funds raised in 2020, according to a report from Arab News which cited estimates from
MAGNiTT.
In a post-COVID world, there are a few sectors in Saudi Arabia that have emerged as good candidates for VC funding as the pandemic has accelerated the shift towards all-digital services and technologies.