U.S. Markets Cut Gains; Snap Falls 20% in Trade
Stocks in the U.S market moved with volatility on the last day of the week. Big tech companies fell after disappointing corporate results.
The S&P 500 fluctuated and the NASDAQ fell after Snapchat’s parent company fell 22%. Other names in the tech world including Facebook, Twitter fell sharply. Quarterly results from Snap were disappointing after it said ad spending increased due to policy changes by Apple and other stocks including Facebook, Google-owner Alphabet, Pinterest, and Twitter also fell sharply.
- Stoxx Europe is up by 0.72%
- Dow Jones is up by 0.41%
- NASDAQ is down by 0.18%
London Stock Exchange Q3 Updates
The London Stock Exchange said on Friday that its total income rose to 1.78 billion pounds (Rs 18,544 crores) during the third quarter ended September, compared with 1.75 billion pounds a year ago. LSE Group also said that it was on track to reach its cost savings from the integration of the data platform Refinitiv. Refinitiv was bought by LSEG in a $27 billion(Rs 201898 crore) deal finalized in January 2021.
U.S. Would Defend Taiwan From China Attack, Says Biden
President Biden said that the U.S. is committed to defending Taiwan from a Chinese attack. He also said that America doesn’t want a Cold War with China, but won’t change any of the views. China considers the island as part of its territory and has reserved the right to use military force to bring it under its control.
2021 Production Loses To Be Higher Than Forecast: Renault
The French carmaker Renault said on Friday that production losses in 2021 due to a global semiconductor shortage will be far larger than previously forecast. But they maintained their profit outlook, powered by higher car prices and cost cuts. The CFO said the chip shortage crisis is currently very bad and don’t have clear visibility because the information coming from suppliers is very unreliable
China Trying to avert another Energy Crisis
Oil refineries in China are trying to push and increase production to avoid adding another energy crisis. The country needs more diesel as it tries to boost itself from supply shortages seen in coal and natural gas. State-owned refiners are set to boost crude processing and prioritize the production of diesel to use in heating to powering trucks and industrial purposes.
Evergrande Staves Off Default With Last-Minute Bond Payment
China Evergrande Group pulled back from the brink of default by paying a bond coupon before Saturday’s deadline, giving the property giant at least another week to come to grips with a debt crisis that has rattled investor confidence in the world’s second-largest economy.
Astra Covid Vaccine Found Safe for Pregnancy, Fertility in Study
AstraZeneca Plc’s Covid-19 vaccine has no adverse impact on pregnancy or fertility, according to data from a small group of trial participants who conceived during a study. The rate of miscarriage was roughly the same between the vaccine and placebo groups, and no stillbirths or neonatal deaths were recorded, according to an analysis of the outcomes published in The Lancet medical journal late Thursday. Fertility was also shown to be unaffected by the vaccine.
Malaysia to Open Langkawi to Foreign Tourists in Bubble Plan
Malaysia will reopen the tourist haven of Langkawi islands to overseas visitors beginning Nov. 15, under a pilot international tourism bubble project that will run for three months. The government has approved protocols for international tourists to enter the islands without having to quarantine, Prime Minister Ismail Sabri Yaakob said in a statement on Friday.