Weekly news summary for July 9 to July 15, 2021

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Friday, July 9, 2021: Pfizer/BioNTech to Seek Booster Shot Authorization

Pfizer Inc. and BioNTech SE will seek approval in August for emergency use of a booster shot to their coronavirus vaccine, which was developed to strengthen patients’ immunity against new variants of the virus.

The companies also expect to start creating a newer version of their COVID-19 vaccine that can provide the same level of defense against the delta variant, which is challenging the US’s economic reopening process and hitting the less immunized countries like Indonesia.

Monday, July 12, 2021: Sir Richard Branson Takes Himself to Space

Virgin Galactic founder Sir Richard Branson successfully flew to the edge of space onboard the VSS Unity, the spacecraft that the company has been building for 17 years, beating Amazon CEO Jeff Bezos in becoming the first billionaire to reach space.

The Unity launched above the New Mexico desert and reached an altitude of 85km (53 miles), allowing Branson and five crewmates to experienced 3-4 minutes of zero gravity and observed the Earth’s curvature before going back.

Tuesday, July 13, 2021: JPMorgan, Goldman Report Strong Profits for Q2

US banking giants JPMorgan Chase & Co. and Goldman Sachs Group Inc. both posted forecast-beating earnings on Tuesday, as clients recover from the pandemic and advising firms on mergers, underwriting initial public offerings (IPOs), and stock sales secured the gains.

JPMorgan’s profit more than doubled to $11.9 billion on revenue of $30.5 billion in the second quarter, while Goldman brought in a profit of $5.49 billion on revenue of $15.39 billion in the same quarter.

Wednesday, July 14, 2021: UK Inflation Rises to 2.5% in June

The UK’s June inflation rate climbed to its highest since August 2018, as supply shortages and growing demand due to more relaxed COVID-19 restrictions led to a widespread increase in prices in the previous month.

British consumer price index (CPI) was up 2.5% in June, surpassing the Bank of England’s (BoE) 2% target and testing its stance that any rise in inflation above its target would only be short-lived.

Thursday, July 15, 2021: US Dollar Steady After Powell’s Dovish Statement

The dollar was mostly steady in Europe on Thursday after Federal Reserve Chair Jerome Powell said it was too early to stop the central bank’s substantial monetary aid for the economy despite the US inflation’s 5.4% rise in June.

The dollar index traded slightly lower at $92.358, having reached a high of $92.832 earlier this week, while the greenback fell 0.1% to 109.79 against the Japanese yen, and the euro gained 0.05% to 1.1841 against the dollar after posting a three-month low of 1.1772.

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