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.  

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

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