Markets Fall Ahead of Federal Reserve’s Comments; Kabul Explosion

Stocks in the U.S. market moved down after opening in green with an explosion outside the Kabul airport triggering panic in the market. The market is also waiting for signals from the Federal Reserve’s meeting to be held tonight.

The S&P 500 and NASDAQ 100 both crashed in panic as the U.S. attempted to evacuate the area around Kabul airport after two explosions. Jobless claims and annualized gross domestic product(GDP) numbers slightly missed estimates.

Stoxx Europe is down by 0.41%

Dow Jones is down by 0.35%

NASDAQ is down by 0.63%

Japan Suspends 1.6 Million Doses Of Moderna Vaccine On Contamination Reports

Japan on Thursday suspended the use of 16.3 lakh doses of Moderna Covid-19 vaccine and this is due to the contamination reports received by the domestic distributor. Currently, no safety issues had been found but the suspension is just a precaution. Many Japanese companies have canceled the worker vaccinations planned for Thursday.

Facebook To Form A Commission For Election-related Advices

According to the latest reports, Facebook is planning to form a Commission to advise it on global election-related matters and the firm has approached academics and policy experts for this. The proposed commission is expected to have powers to decide on matters such as the viability of political ads and what to do about election-related misinformation.

Taiwan Semi To Raise CHip Price By 10-20%

Taiwan Semiconductor Manufacturing Company(TSMC), a Taiwan based semiconductor manufacturing and design company has decided to raise the price of its semiconductor chips by 10-20%, depending on the type. This could raise the company’s revenue growth rate by roughly 5%. Big names including AMD, Apple, ARM, Broadcom, Marvell, MediaTek, and Nvidia are the customers of TSMC.

German Publisher To Acquire News Website Politico

German publisher Axel Springer said on Thursday it has decided to acquire U.S based political news website-Politico, as a part of global network expansion. The deal amount is expected to be around $1 billion(Rs 7,412 crores). Axel Springer already has a perfect portfolio of news outlets including BILD, WELT, INSIDER, and it already has a presence in more than 40 countries.

Forbes To Go Public Through A SPAC Merger

The publisher of the Forbes magazine, Forbes Global Media Holdings said on Thursday it is planning to go public through a merger with Magnum Opus Acquisition that values the combined entity at $630 million(Rs 4670 crores). SPACs (Special Purpose Acquisition Companies) are investment vehicles used by investors to raise money in an IPO by merging with a private company, which becomes public as a result. Forbes will be listed on the NYSE(New York Stock Exchange) under the symbol ‘FRBS’.

Evergrande EV Stock Loses $80 Billion in Market Cap

China’s property developer Evergrande Group’s electric vehicle unit shares crashed in Hong Kong today. Evergrande New Energy Vehicle Group shares dropped more than 22% in the Hong Kong exchange.

The fall wiped out nearly $80 Billion(~Rs 5.92 lakh crores) from Evergrande’s most valuable listed subsidiary. This came after the company reported nearly (~Rs 3,500 crores) in the first half of the year.

Explosion Near Kabul Airport Causes Casualties

An explosion near one of the main entrance gates to Kabul’s international airport caused an unknown number of casualties less than a week before President Joe Biden’s deadline for the departure of U.S. forces. Pentagon spokesman John Kirby confirmed the blast on Thursday afternoon Kabul time, and said more information would be coming soon. 

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