U.S. Stocks Move Back up after Inflation Data

Equities in the U.S. market fell from opening gains along with European stocks on the last week of the day. Inflation pressures continued to shake up markets.

The S&P 500 and NASDAQ stayed flat. Johnson & Johnson gained after preparing for a stock split. Europe and Asian markets climbed. Oil, gold, and Bitcoin slipped.

• Stoxx Europe is up by 0.16%
• Dow Jones is up by 0.29%
• NASDAQ is up by 0.21%

AirAsia X Creditors Approve The Restructuring Plan

Malaysia’s AirAsia X (AAX) creditors on Friday approved the restructuring that will pay just 0.5% of the debt owed and close its existing contracts. After the announcement shares of   AirAsia X (AAX) rose 30%. Recapitalization will start after receiving court approval and is expected to be completed in the first quarter of 2022.

China Metaverse Stocks Fall After Newspaper Warning

The shares of metaverse-related China stocks fell heavily on Friday after a local newspaper warned about speculative trading in the immature concept. Metaverse is a virtual shared space based on virtual reality technologies and many people think it has the potential to be as big as the internet. The newspaper said that the metaverse project requires long-term investment and construction and people should not invest heavily in such a new and immature concept. 

Digital content provider AVIT(-9.5%), gaming company Shenzhen ZQGAME(-8.1%), content production firm Shanghai Fengyuzhu Culture and Technology(-5.1%), and media marketing business Inmyshow Digital Technology Group(-8.1%) closed in the red.

Big Short’s Michael Burry Calls Out the Federal Reserve

Michael Burry, the trader famously known for shorting the U.S. housing market in 2008 tweeted his concerns over inflation going on the economy right now. He said that there are threats that are multiplying in the markets.

He was tweeting for an article out against Tesla-rival Rivian which said we are living in the age of free money and endless government subsidies.

Pakistan Rupee Falls to Record Low

Pakistan’s currency fell to a record low on concerns from investors about the delay in the government reviving a $6 Billion(~Rs 44,000 crores) loan from the International Monetary Fund.

India’s neighbour has been in talks to renegotiate the lending programme and the country’s Finance Minister had earlier said the deal would be completed last week.

Europe Under Pressure Over Energy Supply Concern

Reports say that Europe may enter into another energy crisis as the winter season gets harder and harder. The Weather Company said that temperatures will drop starting next week, and Italy, Southern France, Spain, and Germany will experience ‘colder-than-usual’ situations. U.K.’s top energy supplier Centrica warned its 9 million customers to be ready for a tough situation that could last as long as six weeks.

U.S. Stocks Move Back up after Inflation Data

Equities in the U.S. market recovered initial losses during a volatile start to the trading session.  Data published today showed that consumer prices inflation at the fastest pace since 1990.

The S&P 500 reached back to slightly in the green after falling as much as 0.5%. Bitcoin moved past $68,000 and gold jumped to the highest since June.

• Stoxx Europe is up by 0.24%
• Dow Jones is down by 0.41%
• NASDAQ is down by 0.69%

FWD May Shift US IPO to Hong Kong

Reports say that Hong Kong-based Asian insurer FWD Group is considering shifting its $2-$3 billion IPO from the United States to Hong Kong due to various reasons. The company has filed confidentially in June for the New York initial public offering (IPO), but now it is facing delays by U.S. regulators scrutinizing the plan and lack of interest from investors. 

Southeast Asia Internet Economy to Reach $1 Trillion by 2030

According to a report by Alphabet’s Google, Temasek Holdings, and Bain & Company, Southeast Asia’s internet economy is expected to reach $1 trillion by 2030, as millions of more people enter into online shopping and start using food delivery. The report says that the region had added 6 crore new internet users since the start of the coronavirus pandemic, and the total is now at  4.4 crores. Developments in 5G in the region are expected to give a boost to the numbers. Many Indian companies will benefit from this 5G revolution, starting from telecom operators, to network-component manufacturers.

China Market Makes a Perfect V-Shape Recovery

The Chinese Shanghai Composite Index on Wednesday made an amazing recovery and cut the initial losses. The index fell more than 1.5% in the first half and took support at the 3450 level. From there it moved back and closed 0.41% down, near today’s open.

What was the reason for the 1.5% fall? The producer price index rose 13.5% on a YoY basis, the fastest jump in 26 years. The consumer price index(CPI) rose 1.5%, the highest since September 2020, and was above the expectations of a 1.4% gain. The recovery happened after state media reported that authorities are likely to loosen controls for the nation’s real estate companies to issue local-currency notes, part of efforts to prevent a further deterioration in their financing.

U.S October CPI Rises 6.2% YoY

The U.S Labor Department said on Wednesday the consumer price index(CPI) rose 0.9% last month after expanding 0.4% in September. On a YoY basis, the CPI accelerated 6.2%, the largest year-on-year advance since November 1990. The core CPI(excluding the volatile food and energy components), gained 0.6% after increasing 0.2% in September.

Asia’s Most Expensive Apartment Sold in Hong Kong’s Peak Area

A Hong Kong apartment sold for HK$640 million ($82.2 million), making it Asia’s most expensive per square foot in a further sign of buoyancy in the city’s upscale housing market. Wharf Holdings Ltd. and Nan Fung Development Ltd. sold an apartment at Mount Nicholson, one of the most iconic upscale projects in the city, for HK$140,800 per square foot, according to the companies. 

U.S. Stocks Move Down; Change in Fed Leadership Possible

U.S. stocks moved down on the second day of the week as investors expected a change in leadership at the Federal Reserve.

The S&P 500 was flat after closing in the green for eight straight days to reach an all-high. PayPal Holdings fell after its guidance disappointed analysts. Shares of General Electric moved up after saying it will split into three companies. 

• Stoxx Europe is up by 0.14%
• Dow Jones is down by 0.41%
• NASDAQ is down by 0.69%

China’s Factory Inflation Increases to 26-Year High

Change in prices that Chinese factories charge for their outputs increased to a 26-years high last month. It was fueled by the increase in commodity prices and an energy shortage. Bad weather in the country also likely contributed. 

The producer price index is estimated to have climbed 12.3% last month compared to a year before.

GCC Reserves To Grow By $300-$350 Billion In Three Years, Says IMF

The International Monetary Fund (IMF) said on Tuesday that the foreign reserves of the Gulf Cooperation Council (GCC) will increase by $300-$350 billion (Rs 22 lakh-25 lakh crores) in the next three years. The GCC comprises six countries, Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman, and all are expected to benefit from fuel price hikes.

German Monthly Export Falls Again

The data from the German statistics office on Tuesday showed that the country’s September seasonally adjusted exports dropped 0.7%to 112.3 billion euros (Rs 9,60,471 crores). The imports rose up 0.1% to 99.2 billion euros, lower than the estimates of 0.6%. Exports dropped for the second consecutive month, caused by the supply chain disruptions.

Saudi Q3 GDP Jumps 6.8%

Saudi Arabia’s Q3 economy grew 6.8%, compared to the same quarter of last year and this is the fastest expansion since 2012. The growth is mainly contributed by a 9% rise in oil activities and also the country has increased its oil production in 2021. On a QoQ comparison, seasonally adjusted real GDP grew 5.8%, powered by 2.9% growth in oil activities. Non-oil activities grew 6.2% in the third quarter.

HSBC Chosen to Advise on Saudi Food Giant’s IPO as Boom Rolls On

Almunajem Foods Co., one of the largest Saudi food companies, has appointed HSBC Holdings Plc as an adviser to manage its initial public offering, according to people familiar with the matter. Riyadh-based Almunajem, which specializes in the import and distribution of food in the kingdom, could announce the deal as soon as in the next few weeks, the people said, asking not to be identified because the information is private.

Philippines Q3 GDP Slows, Below Estimates

The Philippines’ annual third-quarter economy grew at a slower pace than the estimates of analysts. The Gross Domestic Product(GDP) grew for a second straight quarter in July-September by 7.1%, at a much slower pace. Compared to the second quarter, the growth is 3.8% during the period, versus a 1.4% contraction in the June quarter. Analysts expect the central bank to leave its interest rate at a record low of 2.0%.

Evergrande Faces Biggest Payment Test Yet as Grace Periods End

China Evergrande Group is facing its biggest payment test since signs of a liquidity crisis emerged at the firm five months ago. Investors are waiting to see if the embattled developer makes coupon payments totaling $148.1 million for three-dollar bonds before the end of the 30-day grace periods Wednesday. Evergrande missed the initial interest deadlines last month, Bloomberg-compiled data show.  

U.S. Stocks Extend Rally to All-Time Highs; Tesla Falls

U.S. stocks extended their rally to record highs with the S&P 500 on its longest daily winning streak in 4 years. After corporate earnings and strong hiring data, the world’s largest economy. The dollar fell.

Smallcaps, energy stocks, and materials companies led the rally as investors moved into companies that benefit most from a strong economy. 

• Stoxx Europe is up by 0.19%
• Dow Jones is up by 0.41%
• NASDAQ is up by 0.20%

Tesla Falls After Twitter Users Ask Musk To Sell Stock

The share of EV maker Tesla fell 6% on Monday after a large number of Elon Musk’s Twitter followers supported his proposal to sell a 10% stake in the company.  In a Twitter poll that Musk ran during the weekend, 58% of the users supported his plan. He has decided to exercise a large number of stock options in the next three months, which will result in a big tax bill. The fund freed from the stock selling will be used to pay the taxes.

Toshiba To Split Itself Into Three Companies

Toshiba said on Monday that it is planning to split itself into three companies to boost shareholder value. The three companies will focus on areas such as infrastructure, devices, and semiconductor memory as early as 2023. The Nikkei news organization reported the companies are expected to get listed at some point.

AMC To Bring Back ‘Fan-Favorite’ Movies, Up 7%

The shares of AMC Entertainment Holdings rose 7% on Monday after it decided to bring back fan-favorite movies to the big screen during November 12-14. The firm will partner with Walt Disney Animation Studios, Pixar Animation Studios, Walt Disney Studios, and Lucasfilm as a part of this strategy. The American movie theater chain is expecting to bring back movie lovers to the cinemas as the Covid-19 pandemic continues to fade.

Crypto Market Hits $3 Trillion Market Cap as Ethereum and Bitcoin Gain

The entire cryptocurrency market is now worth $3 Trillion. The decade-old market for digital assets has jumped 4x from its 2020 year-end value. Memecoins and non-fungible tokens (NFT) are also a growing market with Dogecoin and Shiba Inu continuing to attract attention.

Investors have also gotten more comfortable with established tokens such as Bitcoin and networks like Ethereum. Bitcoin has gained more than 4% today.

Gas Prices in Europe Fly up as Russia Fails to Deliver

European gas and power prices moved up as Russia failed to deliver the boost in supplies today that President Vladimir Putin promised last month. Gas Futures in the Netherlands moved up as much as 9.7% today. Power contracts were also up with concerns that there won’t be enough fuel to feed thermal plants in Europe’s tough winter.

PepsiCo To Get Tesla Electric Trucks In The Fourth Quarter 

The maker of Mountain Dew drink and Doritos chips- PepsiCo said that it is expecting to receive the Tesla Electric trucks in the fourth quarter, helping to reduce fuel costs and fleet emissions. In 2017 December PepsiCo placed an order for 100 electric semi-trucks from Tesla as transportation causes 10% of the company’s total gas emissions. Major nations are going for Carbon zero in the coming decades. Which companies will lead the rally in India? Do the research and prepare your own portfolio, from power stocks to automakers.

U.S. Stocks Move Sideways; Awaiting Fed Decision

Stocks and Treasuries in the U.S. market moved with volatility ahead of the Federal Reserve.

Fed officials have currently said that interest rates hikes won’t be considered until the bond-buying programme ends. The Federal Reserve meeting tonight will be an important event to watch out for tonight.

• Stoxx Europe is up by 0.29%
• Dow Jones is down by 0.40%
• NASDAQ is up by 0.073%

China’s Nuclear Arsenal Is Growing Faster Than Expected, Pentagon Says

China is expanding its nuclear weapons capabilities more rapidly than previously believed, the Pentagon warned in a report released on Wednesday. The People’s Republic of China “likely intends to have at least 1,000 nuclear warheads by 2030, exceeding the pace that the Department of Defense projected in 2020,” the Pentagon said in the latest edition of an annual report to Congress. The report also cites China’s construction of at least three silo fields, saying they will contain “hundreds” of new intercontinental ballistic missiles. 

Richest Man in Philippines Sees Supermarket Stock Jump 50% on Debut

Eager retail investors helped make the richest man in the Philippines a little richer on Wednesday. The AllDay Marts Inc. supermarket venture of billionaire Manny Villar jumped by the daily limit of 50% from its initial public offering price when the shares debuted on the nation’s stock exchange. 

Henderson to Pay Record $6.5 Billion for Hong Kong Land Site

Henderson Land Development Co. won a prime land plot along Hong Kong’s famed Victoria Harbour with a record-breaking bid of HK$50.8 billion ($6.5 billion) as it expands its portfolio in the city’s most important business district. The estimated price for the site in Central ranged from HK$37 billion to HK$55 billion, according to property analysts surveyed by Bloomberg.

40 Million Covid Shots Remain Unused in Philippines Over ‘Logistical Bottlenecks’

Millions of coronavirus vaccines remain unused in the Philippines as logistical bottlenecks and hesitancy slow inoculations, health officials said, highlighting another risk to the nation’s economic recovery. More than 40 million of the 108 million vaccines the nation has received are in warehouses, in transit to the archipelago’s remote islands, or waiting to be used in local health offices, according to the health department.

Crypto Exchange Becomes Unicorn, Coin Surges 200% After Banking Giant Buys Stake

Bitkub Online Co. became Thailand’s latest startup to notch up a valuation of more than $1 billion after it sold a majority stake to the nation’s biggest bank by market value. Bitkub’s coin tripled in value after the deal was announced.   

WHO Approves Indian-Made Covid-19 Vaccine for Emergency Use

The World Health Organization granted emergency authorization to a Covid-19 vaccine co-developed by India’s medical-research agency and local manufacturer Bharat Biotech International Ltd., ending a months-long wait that added to the controversy around the homegrown shot. 

U.S. Stocks March Higher as Earnings Reassure Investors

Underpinning that strength is the fact that third-quarter profit margins have held up well, despite soaring commodity prices and supply-chain snarls. Many companies have been able to pass through rising costs to consumers, with the majority beating Wall Street’s earnings estimates. Regardless of what the Federal Reserve may say or do this week, there’s also a perception that the U.S. will remain in an environment of comparatively low rates, which bodes well for stocks. 

• Stoxx Europe is up by 0.11%
• Dow Jones is up by 0.41%
• NASDAQ is down by 0.092%

Yahoo Quits China, Due To Challenging Environment

Yahoo said on Tuesday that it has stopped its services in China from November 1, due to rising operating environment challenges. China’s digital censorship has already blocked many of the company’s services. Microsoft’s professional networking platform LinkedIn has already stopped its Chinese site.

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China Shares Fall After It Tightens Covid Restrictions

Shares in Chinese markets fell on Tuesday after Beijing tightened Covid restrictions such as suspending classes at some schools. Shanghai market closed 1% down, led by financial and energy stocks. China Tourism Group Duty-Free Corp closed as a top loser, down by 7.8%. The country is continuing its Covid Zero approach that is not letting the economy recover.

Apple Cuts iPad Production To Use Chips For iPhone 13

Apple is planning to reduce iPad production and to use the chips for iPhone 13. The tech giant is adding that parts intended for older iPhones for the production of the iPhone 13. It has been fighting the chip crisis by massive purchasing power and long-term supply agreements with chip vendors.

Singapore Has Grand Ambitions to Become a Global Crypto Hub

Singapore is seeking to cement itself as a key player for cryptocurrency-related businesses as financial centers around the world grapple with approaches to handle one of the fastest-growing areas of finance. “We think the best approach is not to clamp down or ban these things,” said Ravi Menon, managing director of the Monetary Authority of Singapore, which regulates banks and financial firms. 

Musk’s SpaceX Sets Up Unit to Provide Internet Services in India

Elon Musk’s Starlink has established a wholly-owned unit in India as it prepares to roll out satellite internet services in the world’s second-largest wireless market, according to Starlink’s India Director Sanjay Bhargava. The new SpaceX subsidiary, Starlink Satellite Communications Pvt., “can now start applying for licenses, open bank accounts” and other steps, Bhargava wrote in a LinkedIn post on Monday.

U.S. stocks suffer losses; Dollar Rebounds From Month Low

Stocks in the U.S. moved sideways as traders weighed in between corporate earnings and economic data. In tomorrow’s FOMC meeting, the Federal Reserve is getting ready to wind down economic stimulus.

• The S&P 500 index was flat.  Treasuries fell. More than 80% of S&P 500 companies reporting quarterly results have beaten estimates. 
• Stoxx Europe is up by 0.73%
• Dow Jones is up by 0.10%
• NASDAQ is down by 0.37%

Australia Permits Quarantine-Free Travel From Singapore

Australia has decided to permit fully-vaccinated travelers from Singapore to enter the states of New South Wales and Victoria without having to quarantine from Nov. 21. Travelers will have to submit a negative PCR test taken within 72 hours of departure. Singapore has already announced quarantine free entry for people arriving from Australia, effective from October 26. Today, Australia added Bharat Biotech’s Covid-19 vaccine Covaxin to its list of Covid-19 vaccines for establishing a traveler’s vaccination status.

China Locks Guests Inside Disneyland For Covid-19 Testing

The staff of Shanghai Disneyland on Sunday locked nearly 34,000 visitors inside the amusement park who were waiting for roller coasters and other adventures. After that People in Hazmat suits entered through the gates to conduct Covid-19. All visitors were found to be negative but are still required to isolate at home for two days and be re-tested for the coronavirus in two weeks.

This happened after a positive case in a woman who traveled to Shanghai from nearby Hangzhou over the weekend.

Australia Tops Hong Kong In IPOs, First Time In Last Two Years

Great news for Australia! The IPOs in the Sydney market have raised more funds than the IPOs in Hong Kong, for the first time since 2019. Twenty companies in Australia have raised a total of $3.5 billion (Rs 26,218 crores) in October, compared to $732 million(Rs 5,483 crores) fundraised by three deals in Hong Kong, the lowest amount for a month since April 2020. Australia is expected to perform better in IPOs during  Q4 as it’s the busiest IPO season in the country.

Goldman Sachs Now Expects U.S. Rate Hike In July 2022

Goldman Sachs Group said they now expect the U.S Federal Reserve to announce a rate hike in July 2022. The investment bank previously expected the hike in 2023 and the change is due to sustained inflation. They also expect another interest rate hike in November 2022 and two rate increases each year after that.

SoftBank’s Vision Fund Sells $2 Billion of DoorDash Shares

Masayoshi Son has tapped his shareholdings in DoorDash Inc. for the third time in just six months, selling $2 billion worth of SoftBank Group Corp.’s stake in the food-delivery giant. SoftBank’s Vision Fund on Oct. 27 unloaded 10 million shares at $202.815 apiece, according to a filing with the U.S. Securities and Exchange Commission. Son sold $1 billion worth of DoorDash stock in May and raised $2.2 billion from a sale in August.

Hong Kong’s Growth Slows With Recovery Hinging on Reopening

Hong Kong’s economy grew at a slower pace than analysts expected last quarter, with the rollout of spending vouchers to residents not enough to keep the growth momentum going as the city’s borders stay closed. Gross domestic product rose 5.4% in the third quarter from a year earlier, a government report showed Monday, lower than the 5.7% median estimate in a Bloomberg survey of economists and down from 7.6% in the previous three months. 

U.S. stocks suffer losses; Dollar Rebounds From Month Low

 U.S. stocks climbed from the lowest levels of the day as traders weighed disappointing earnings and bond-market gyrations sparked by concerns over inflation and monetary tightening. The dollar strengthened the most in a month.

The S&P 500 and Nasdaq 100 had retreated with Amazon.com Inc. and Apple Inc. slumping after reporting underwhelming results on Thursday. The Dow Jones Industrial Average turned positive, led higher by Microsoft Corp. and Visa Inc.

• Stoxx Europe is up by 0.063%
• Dow Jones is up by 0.16%
• NASDAQ is down by 0.10%

Starbucks Falls After Slower Sales Growth Forecast For 2022

The shares of the coffee brewer Starbucks fell more than 7% on Friday in NASDAQ  after the company expect global comparable sales to grow by only less than 10% in the current financial year, down from 20% in 2021. Sales of the company in China fell 7% in the three months through September as the governments reimposed restrictions to contain the Covid-19 spread. Tata Starbucks Private Limited is a 50:50 joint venture company, owned by Tata Consumer Products and Starbucks Corporation, that owns and operates Starbucks outlets in India.

Codelco’s Copper Production Drops In Q3

The world’s biggest copper supplier-Codelco reported a 7.6% drop in Copper output during the third quarter compared to the previous year. It is a Chilean state-owned copper mining company and Chile’s total copper output for September hit the lowest since February. But the sales rose 22% after higher metal prices offset lower production which was caused by the labor disruptions.

Tesla Tops Singapore’s Top-Selling Sedan List In September

According to Land Transport Authority, new registrations of Tesla’s Model in Singapore 3 rose 89% to 312 in September compared to August. It became the country’s top-selling sedan for the first time in September. The shares of Tesla rose 2% in NASDAQ today.

U.S Consumer Spending Rises In September

The Commerce Department said on Friday that U.S consumer spending rose 0.6% during September, and August data was revised to 1.0% from previously reported 0.8%. Consumer spending accounts for more than two-thirds of U.S. economic activity. Major analysts say that market is facing a supply issue while demand is rising.

Japan’s Economy Now Seen Contracting as Election Looms

Japan’s economy likely shrank over the summer as a Covid surge and supply bottlenecks slammed an already feeble recovery, according to estimates by several economists just two days before the nation goes to the polls.

Analysts at Dai-Ichi Life Research Institute, BNP Paribas Securities and NLI Research Institute are among those who now estimate gross domestic product shrank for a second time this year adding to signs of a delayed recovery compared with other major economies. 

Tesla Takes Top Spot in Singapore Sedan Sales for First Time

Tesla Inc.’s Model 3 was Singapore’s top-selling sedan for the first time in September, as Elon Musk’s electric vehicle pioneer starts to make inroads in the world’s most expensive auto market. New registrations of Teslas surged 89% to 312 last month versus August, according to Land Transport Authority data released Friday. Through the first nine months of the year, 517 Teslas were registered in the island city.