Global markets higher…Robinhood offers IPO today
SINGAPORE (AP) – Global stock markets are higher today on expectations of positive economic data from the U.S. Analysts expect the advance data to show the world’s largest economy growing at an 8.5% annual pace in the second quarter. In early trading, France’s CAC 40 added 0.7%, Germany’s DAX gained 0.2% and Britain’s FTSE 100 rose 0.7%. In Asian trading, Tokyo’s Nikkei 225 closed 0.7% higher, the Kospi in South Korea advanced 0.2%, the Hang Seng in Hong Kong jumped 3.3% and the Shanghai Composite Index rebounded 1.5%. On Wall Street, S&P 500 futures are up 0.2% and Dow futures are up 0.4%.
LONDON (AP) – British-Swedish drugmaker AstraZeneca says it intends to seek U.S. authorization for its COVID-19 vaccine in the second half of this year. The company offered a new timetable for the much-delayed application today while releasing its second-quarter financial results. AstraZeneca reports that the company and its sub-licensees delivered more than 700 million doses of the coronavirus vaccine to more than 170 countries in the first half of this year. The U.K., European Union and World Health Organization have already authorized use of the AstraZeneca vaccine.
FRANKFURT, Germany (AP) – Luxury brands Audi and Porsche are fattening the bottom line at German automaker Volkswagen. The company’s premium brands saw record sales in the first half of the year. That helped the auto giant make more money than it did even before the pandemic. Volkswagen made 11.4 billion euros, or $13.5 billion, in the first half of the year. And it raised its profit outlook for the full year despite an ongoing shortage of key electronic parts that’s plaguing the auto industry as a whole.
FRANKFURT, Germany (AP) – European plane maker Airbus reports that it made 1.87 billion euros profit in the second quarter. That’s a relief after a loss in the same quarter a year ago during the depths of the pandemic shutdowns and travel restrictions. Plane deliveries have risen this year as the airline industry has steadied itself in difficult times. But things are still far from back to normal. Airbus only had 38 net orders for new planes in the first half due to massive cancellations.
NEW YORK (AP) – Robinhood will start selling its own stock today on Wall Street, the very place the online brokerage has rattled with its stated goal of democratizing finance. Through its app, Robinhood has introduced millions to investing and reshaped the brokerage industry. Robinhood Markets and three of its executives are selling up to 60.5 million shares of its stock in an initial public offering on the Nasdaq, under the ticker symbol “HOOD.” It was priced late Wednesday at $38 a share.