U.S. Stocks Move Back up after Inflation Data
Equities in the U.S. market fell from opening gains along with European stocks on the last week of the day. Inflation pressures continued to shake up markets.
The S&P 500 and NASDAQ stayed flat. Johnson & Johnson gained after preparing for a stock split. Europe and Asian markets climbed. Oil, gold, and Bitcoin slipped.
- Stoxx Europe is up by 0.16%
- Dow Jones is up by 0.29%
- NASDAQ is up by 0.21%
AirAsia X Creditors Approve The Restructuring Plan
Malaysia’s AirAsia X (AAX) creditors on Friday approved the restructuring that will pay just 0.5% of the debt owed and close its existing contracts. After the announcement shares of AirAsia X (AAX) rose 30%. Recapitalization will start after receiving court approval and is expected to be completed in the first quarter of 2022.
China Metaverse Stocks Fall After Newspaper Warning
The shares of metaverse-related China stocks fell heavily on Friday after a local newspaper warned about speculative trading in the immature concept. Metaverse is a virtual shared space based on virtual reality technologies and many people think it has the potential to be as big as the internet. The newspaper said that the metaverse project requires long-term investment and construction and people should not invest heavily in such a new and immature concept.
Digital content provider AVIT(-9.5%), gaming company Shenzhen ZQGAME(-8.1%), content production firm Shanghai Fengyuzhu Culture and Technology(-5.1%), and media marketing business Inmyshow Digital Technology Group(-8.1%) closed in the red.
Big Short’s Michael Burry Calls Out the Federal Reserve
Michael Burry, the trader famously known for shorting the U.S. housing market in 2008 tweeted his concerns over inflation going on the economy right now. He said that there are threats that are multiplying in the markets.
He was tweeting for an article out against Tesla-rival Rivian which said we are living in the age of free money and endless government subsidies.
Pakistan Rupee Falls to Record Low
Pakistan’s currency fell to a record low on concerns from investors about the delay in the government reviving a $6 Billion(~Rs 44,000 crores) loan from the International Monetary Fund.
India’s neighbour has been in talks to renegotiate the lending programme and the country’s Finance Minister had earlier said the deal would be completed last week.
Europe Under Pressure Over Energy Supply Concern
Reports say that Europe may enter into another energy crisis as the winter season gets harder and harder. The Weather Company said that temperatures will drop starting next week, and Italy, Southern France, Spain, and Germany will experience ‘colder-than-usual’ situations. U.K.’s top energy supplier Centrica warned its 9 million customers to be ready for a tough situation that could last as long as six weeks.