U.S. stocks suffer losses; Dollar Rebounds From Month Low
U.S. stocks climbed from the lowest levels of the day as traders weighed disappointing earnings and bond-market gyrations sparked by concerns over inflation and monetary tightening. The dollar strengthened the most in a month.
The S&P 500 and Nasdaq 100 had retreated with Amazon.com Inc. and Apple Inc. slumping after reporting underwhelming results on Thursday. The Dow Jones Industrial Average turned positive, led higher by Microsoft Corp. and Visa Inc.
- Stoxx Europe is up by 0.063%
- Dow Jones is up by 0.16%
- NASDAQ is down by 0.10%
Starbucks Falls After Slower Sales Growth Forecast For 2022
The shares of the coffee brewer Starbucks fell more than 7% on Friday in NASDAQ after the company expect global comparable sales to grow by only less than 10% in the current financial year, down from 20% in 2021. Sales of the company in China fell 7% in the three months through September as the governments reimposed restrictions to contain the Covid-19 spread. Tata Starbucks Private Limited is a 50:50 joint venture company, owned by Tata Consumer Products and Starbucks Corporation, that owns and operates Starbucks outlets in India.
Codelco’s Copper Production Drops In Q3
The world’s biggest copper supplier-Codelco reported a 7.6% drop in Copper output during the third quarter compared to the previous year. It is a Chilean state-owned copper mining company and Chile’s total copper output for September hit the lowest since February. But the sales rose 22% after higher metal prices offset lower production which was caused by the labor disruptions.
Tesla Tops Singapore’s Top-Selling Sedan List In September
According to Land Transport Authority, new registrations of Tesla’s Model in Singapore 3 rose 89% to 312 in September compared to August. It became the country’s top-selling sedan for the first time in September. The shares of Tesla rose 2% in NASDAQ today.
U.S Consumer Spending Rises In September
The Commerce Department said on Friday that U.S consumer spending rose 0.6% during September, and August data was revised to 1.0% from previously reported 0.8%. Consumer spending accounts for more than two-thirds of U.S. economic activity. Major analysts say that market is facing a supply issue while demand is rising.
Japan’s Economy Now Seen Contracting as Election Looms
Japan’s economy likely shrank over the summer as a Covid surge and supply bottlenecks slammed an already feeble recovery, according to estimates by several economists just two days before the nation goes to the polls.
Analysts at Dai-Ichi Life Research Institute, BNP Paribas Securities and NLI Research Institute are among those who now estimate gross domestic product shrank for a second time this year adding to signs of a delayed recovery compared with other major economies.
Tesla Takes Top Spot in Singapore Sedan Sales for First Time
Tesla Inc.’s Model 3 was Singapore’s top-selling sedan for the first time in September, as Elon Musk’s electric vehicle pioneer starts to make inroads in the world’s most expensive auto market. New registrations of Teslas surged 89% to 312 last month versus August, according to Land Transport Authority data released Friday. Through the first nine months of the year, 517 Teslas were registered in the island city.