U.S. Stocks March Higher as Earnings Reassure Investors
Underpinning that strength is the fact that third-quarter profit margins have held up well, despite soaring commodity prices and supply-chain snarls. Many companies have been able to pass through rising costs to consumers, with the majority beating Wall Street’s earnings estimates. Regardless of what the Federal Reserve may say or do this week, there’s also a perception that the U.S. will remain in an environment of comparatively low rates, which bodes well for stocks.
- Stoxx Europe is up by 0.11%
- Dow Jones is up by 0.41%
- NASDAQ is down by 0.092%
Yahoo Quits China, Due To Challenging Environment
Yahoo said on Tuesday that it has stopped its services in China from November 1, due to rising operating environment challenges. China’s digital censorship has already blocked many of the company’s services. Microsoft’s professional networking platform LinkedIn has already stopped its Chinese site.
China Shares Fall After It Tightens Covid Restrictions
Shares in Chinese markets fell on Tuesday after Beijing tightened Covid restrictions such as suspending classes at some schools. Shanghai market closed 1% down, led by financial and energy stocks. China Tourism Group Duty-Free Corp closed as a top loser, down by 7.8%. The country is continuing its Covid Zero approach that is not letting the economy recover.
Apple Cuts iPad Production To Use Chips For iPhone 13
Apple is planning to reduce iPad production and to use the chips for iPhone 13. The tech giant is adding that parts intended for older iPhones for the production of the iPhone 13. It has been fighting the chip crisis by massive purchasing power and long-term supply agreements with chip vendors.
Singapore Has Grand Ambitions to Become a Global Crypto Hub
Singapore is seeking to cement itself as a key player for cryptocurrency-related businesses as financial centers around the world grapple with approaches to handle one of the fastest-growing areas of finance. “We think the best approach is not to clamp down or ban these things,” said Ravi Menon, managing director of the Monetary Authority of Singapore, which regulates banks and financial firms.
Musk’s SpaceX Sets Up Unit to Provide Internet Services in India
Elon Musk’s Starlink has established a wholly-owned unit in India as it prepares to roll out satellite internet services in the world’s second-largest wireless market, according to Starlink’s India Director Sanjay Bhargava. The new SpaceX subsidiary, Starlink Satellite Communications Pvt., “can now start applying for licenses, open bank accounts” and other steps, Bhargava wrote in a LinkedIn post on Monday.