U.S. Stocks Move Up with Retail Sales Data

Stocks in the U.S. market jumped up after positive economic data was published. Sales data indicated the biggest jump in U.S. retail sales since March. Retail sales rose 1.7% in October, better than expected, both for all items and excluding autos.

Inflation has been rising at its fastest pace in 30 years, but consumers don’t appear to be reducing their purchases.

  • Stoxx Europe is up by 0.21%
  • Dow Jones is up by 0.32%
  • NASDAQ is up by 0.26%

Asian Game stocks rise after Reports Say China to Resume Approvals

Major Asian gaming business-related stocks rose on Tuesday after the 21st Century Business Herald reported that China’s regulators are planning to restart approvals for online games after a three-month halt that will boost the revenue of developers. Gaming-related stocks such as Tencent Holdings (+2.1%), NetEase (+4%) closed in the green. In Tokyo Nexon (+6.3%) which gets 28% of its revenue from China also moved up.

China Asks State-Owned Firm to Stop Cryptocurrency Mining 

China said on Tuesday that it has asked its state-owned companies to stop cryptocurrency mining and strict actions will be taken on companies that defy the ban. The chief economic planner has initiated an investigation to clean up State-Owned Enterprises (SOEs) involved in mining. The country has already been hard on Bitcoin miners this year, blaming them for issues from energy wastage to coal mining accidents. 

Thousands of Australians Want Compensation for Vaccine Side Effect

The Sydney Morning Herald newspaper reported on Tuesday that the Australian government will need at least A$50 million funds as more than 10,000 people to register for a government program that aims to give compensation for those who lost income after being hospitalized for significant side effects from the vaccine. Australia’s Therapeutic Goods Administration has got almost 79,000 reports of significant side effects from 3.68 crore doses of vaccine, and the most reported side effects include a sore arm, headache, fever, and chills.

U.S. Import Prices Rises in October

The U.S Labor Department said on Tuesday that the import prices rose 1.2% in October after accelerating 0.4% in September. On a YoY basis, the prices jumped 10.7% in October against the 9.3% jump in September. The surge in import prices is mainly caused by the increasing costs of petroleum products and food. Imported fuel prices surged 8.6% last month after rising 3.9% in September. This data indicates that inflation could remain high for a while.

Musk Exercises Options and Sells $930 Million More Tesla Shares

Elon Musk exercised his stock options and sold more shares of Tesla, sending the stock down by the most since March 2020. Even though the stock is now 15% down for November, dip-buyers have come in and taken the stock up 3% today. This $930 Million worth of sold shares adds to the $6.9 billion he already sold last week, taking the total to nearly $7.83 billion (~Rs 57,800 crores). Musk said he was selling the stocks to help pay taxes.

Fed Orders China’s ICBC to Fix Risk-Management Deficiencies

Industrial and Commercial Bank of China must fix risk-management deficiencies at its New York branch that were identified by the Federal Reserve, according to a Tuesday statement. The world’s biggest bank by assets agreed to the U.S. central bank’s demands and will submit written plans to the Fed, according to an agreement between the lender and the regulator. The problems were revealed during recent examinations conducted by the Federal Reserve Bank of New York on the Chinese bank’s U.S. operations. The sanctions don’t trigger a fine. 

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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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