U.S. Markets Move Up Again after Gap-Up
Stocks move up after dip buyers come into the market after yesterday’s selloff
It’s the third straight session with a big move of 1% or more in either direction the S&P 500 rose strongly again. All major sectors advanced, led by gains in some travel companies and banks.
- Stoxx Europe is up by 1.89%
- Dow Jones is up by 1.39%
- NASDAQ is up by 1.57%
China To Ban Loophole Used By Tech Firms For Overseas IPOs
China is planning to ban tech companies from getting listed on foreign stock markets by closing a loophole that is long used by the country’s technology industry to raise funds from overseas investors. More details of the ban are expected in a new draft of China’s overseas listing rules, which focuses on the concerns over data security. Hong Kong market listings are exempt from the ban but still need approval from the regulators.
Google Won’t Accept Philippines Election Advertisements
Google said on Wednesday that it will not take election advertisements in the Philippines ahead of the 2022 presidential vote, in line with its global plan to limit false messaging. The halt on advertising will be from February 8 to May 9, 2022. The policy will be applicable to election ads intended to be placed on Google, YouTube, and other platforms. During the 2016 Philippines election, it was found that voters can get affected by false information they see online.
U.S. Manufacturing Sector Expands In November ISM
The Institute for Supply Management (ISM) said on Wednesday that its index of national factory activity rose to a value of 61.1 in November from 60.8 in October. Manufacturing accounts for 12% of the U.S. economy, and a value above 50 indicates expansion in the activity. This indicates that demand for goods is still strong and companies are hiring more workers.
China’s Aggressive Mandarin Push Aims to Have 85% of Citizens Speaking It by 2025
China is launching an aggressive campaign to promote Mandarin, saying 85% of its citizens will use the national language by 2025. The move appears to put threatened Chinese regional dialects such as Cantonese and Hokkien under even greater pressure, along with minority languages such as Tibetan, Mongolian and Uyghur.
Cathie Wood’s Ark Loads Up on Twitter After Stock Hit Year-Low
Cathie Wood amped up buying of Twitter Inc. as the stock slumped to its lowest in a year amidst founder Jack Dorsey’s move to step down as chief executive officer. ARK Investment Management, which is already one of the largest shareholders of the social-media platform, bought about 1.1 million shares of Twitter on Tuesday to mark its biggest one-day purchase of the stock since July 23.
