Key Takeaways:
- Keir Starmer becomes the UK Prime Minister as Labour wins control of Parliament with at least 412 seats.
- Europe’s economic temperature is rising! A record travel year, rising wages, and a €300 billion EU fund are all contributing to a brighter economic outlook, despite lingering challenges.
- Turkey, a NATO member, wants to join the SCO.
IPOs in the week:
- EshallGo, Inc., founded in 2015 and based in Shanghai, China, specializes in office equipment sales and leasing, along with maintenance services. EshallGo successfully launched its IPO on July 2, 2024, on the Nasdaq, offering 1,250,000 shares at $4.00 per share, with an initial yield of 5.71%. However, the stock is now down more than 50%, at under $2.
- Eureka Acquisition Corp, a special purpose acquisition company (SPAC), launched its IPO on July 2, 2024, and priced it at $50 million, aiming to merge with or acquire one or more businesses. The company’s ticker symbol is EURKU, listed on the NASDAQ Capital exchange, with a price of $10.00 per share, offering 5,000,000 shares, and a total offer amount of $50,000,000.
Markets this week:
Europe’s summer sizzles not just with tourists, but with economic hope. The UN predicts a record travel year, boosting countries reliant on tourism. Rising wages and easing energy costs could see Europeans spending more too. Plus, a €300 billion EU fund is ready to inject cash. While challenges remain, Europe’s economic outlook is finally brightening.
South Korea is cracking down on fake cryptocurrency trading. The government is working with exchanges to identify suspicious trades. This comes as new rules are being put in place to better protect investors.
Politics weekly:
- Some people are again asking President Joe Biden to step down and let Vice President Kamala Harris run in the next presidential election. Putin says Trump genuinely wants to end the war in Ukraine. However, Putin is unsure of Trump’s specific plans. Russia is willing to consider Trump’s ideas to resolve the conflict.
- China and the UAE want to allow more flights between them to boost trade and tourism.
- Turkey, a NATO member, wants to join the SCO (Shanghai Cooperation Organization), led by China.
- Labour Party wins UK election in a landslide, with Keir Starmer as new Prime Minister. Rachel Reeves becomes first female Chancellor, a historic milestone. Pound rises and UK homebuilders rally, as Conservatives face significant defeat.