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.