International News and Market Update: Texas Gov. Abbott issues executive order banning Covid vaccine requirements, and more.

International News and Market Update: Texas Gov. Abbott issues executive order banning Covid vaccine requirements, and more

– European stocks trended cautiously on Monday, looking for direction after a volatile week. The pan-European Stoxx 600 hovered around the flat line and ended unchanged, with travel and leisure stocks down 1% while basic materials gained 3%. Three European Central Bank policymakers on Friday discussed the possibility of exiting pandemic-era monetary and fiscal support measures even if it makes some governments unhappy, according to reports from a panel discussion in Slovakia. The ECB is expected to make a decision on its extraordinary stimulus measures in December.

– U.S. stocks fell early in the week on Monday as investors weighed rising oil prices, economic concerns and upcoming key third-quarter results. Stocks were on the move for most of the day, but selling picked up in the final hour, with the major averages ending the session at their lows. Energy stocks gained for the most part as oil prices rose, but fell back along with the broader market by the close. Meanwhile, Goldman lowered its forecast for U.S. economic growth on Monday. The firm lowered its 2022 growth forecast to 4% from 4.4% and cut its 2021 estimate by a tick to 5.6% from 5.7%.

– Asian stocks slipped this morning as a global energy crisis stoked inflation fears and dampened investor sentiment ahead of the U.S. corporate earnings season. Reuters news agency reported that some of China Evergrande Group’s offshore bondholders had not received an interest payment by Monday.

Venture capitalists hound industrial tech startups as supply shortages mount

Supply chain disruption is hitting some of the world’s most powerful companies, prompting venture capitalists to invest in industrial tech startups that offer solutions. In this year so far, industrial startups have raised a record $45.1 billion, up from $34 billion in all of 2020, according to data from PitchBook. But the recent spike in supply chain bottlenecks, logistical issues and factory closures during the Covid pandemic has Lux Capital, GGV Capital and General Catalyst, among other renowned VCs, to invest in cutting-edge startups specializing in predictive technologies, software and artificial intelligence.

Texas Gov. Abbott issues executive order banning Covid vaccine requirements

Texas Governor Greg Abbott issued an executive order Monday prohibiting any entity, including private businesses, from requiring employees or customers to be vaccinated against Covid-19. “The COVID -19 vaccine is safe, effective and our best defense against the virus, but should remain voluntary and never be forced,” Abbott said in a statement. Abbott, a Republican, said in his executive order that he was prompted by the Biden administration’s vaccine mandate, which the governor called federal overreach. President Joe Biden last month announced a mandate requiring companies with 100 or more employees to ensure their workforces are vaccinated or regularly tested.

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