U.S. Stocks Move Down From Near All-Time Highs
Stocks in the U.S. market moved down with a consolidation pattern. Traders took a bearish view on the third day of the week as data showed fresh U.S. home construction unexpectedly slowed down. The data suggest that raw material prices along with labour shortage may be affecting multiple projects.
- Stoxx Europe is up by 0.19%
- Dow Jones is down by 0.39%
- NASDAQ is down by 0.06%
China Can’t Remain Isolated From the World, Says Vice President
Chinese Vice President Wang Qishan said on Wednesday that the country can’t develop while being isolated from the world. He also said that the world must work together to boost global economic growth and also Beijing will continue opening up more to foreign investment. The country will provide more market investment and growth opportunities to the world,” he added.
Ericsson Wants Half of its Staff to Work From Home
Ericsson, a Swedish multinational networking and telecommunications company is redesigning its work culture in its 400 offices by shifting half of its workforce to remote working. Peter Laurin, Head of Managed Services at Ericsson said that there will be no going back to the old fashion of working. “Over the long run, we are aiming for a hybrid model”, he added. Currently, 85% of the workforce at Ericsson globally is working from home and a 50-50 hybrid model will be implemented.
China to Establish Special Relending Facility for Cleaner Coal Use
Chinese media reported on Wednesday that it will set up a special re-lending facility for a total of $31.35 billion to support the clean use of coal in the country. The facility will focus on promoting the clean and efficient processing of coal as a part of China’s long-term climate goal. The facility will also look into safe, efficient, green, and smart coal mining, as well as the development and use of coalbed methane.
Amazon Britain to Stop Accepting Visa Credit Cards
The e-commerce giant Amazon said on Wednesday that it will stop accepting Visa credit cards in the U.K from next year because of high transaction fees. Amazon said that such payment costs should drop over time with technological advancements, but instead they continue to rise.
Metaverse Stocks Buzzing in Korea With Multiple ETF Launches
Metaverse stock fans are finding that South Korea is a go-to Asian market to bet on the technology, with a host of exchange-traded products and shares up for grabs. Korea’s ETFs focused on the metaverse, many of them newly listed, have seen double-digit gains this month to trump the Kospi benchmark’s 0.3% decline. Aside from the popular U.S.-listed Roundhill Ball Metaverse ETF, most other vehicles focused on the concept are hosted in South Korea, according to Bloomberg-compiled data.
Biden and Xi Discussed Releasing Oil From Strategic Reserves
President Joe Biden and his Chinese counterpart Xi Jinping discussed the merits of releasing oil from their strategic petroleum reserves to ensure stability in global energy markets. Monday’s virtual summit didn’t make any decisions on the issue and both sides put forward their own views on the subject, according to officials familiar with the discussions, asking not to be named because they aren’t authorized to speak publicly on the matter.