🔼Intel stocks up 6% after 3Q results spark optimism about changes at the company
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🔽Apple shares fell 2% after the report due to below-expected revenue in China
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📈Uber's quarterly revenue increased by 20%
Total orders increased 16% YoY to $40.97 billion, but this was worse than market forecasts of $41.25 billion.
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⚡️Samsung reports 40% profit decline in Q3, but promises progress in AI chip business
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⚡️Bank of Japan Keeps Rates But Signals Normalization Continues
Analysts warn political uncertainty following failed elections raises risk of abrupt policy changes
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💸TikTok Founder Is Now China's Richest Man
Zhang Yiming, co-founder of TikTok's parent company ByteDance, is worth $49.3 billion. Zhang's rise comes as ByteDance's global revenue rose 30% last year to $110 billion
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⚠️EU Will Continue To Impose Restrictions On Chinese Electric Cars After Negotiations Fail
The tariff rate will be 35.3% in addition to the base duty of 10%.
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☄️The World Bank Predicts That Oil Prices Will Fall To A 5-year Low In 2025
The glut is so large that it will likely limit the price impacts of even a broader conflict in the Middle East. In 2025, oil supply is expected to exceed demand by an average of 1.2 million barrels per day.
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⚡️Chinese Luxury Cars Threaten Mercedes And Porsche Sales In Europe
Mercedes-Benz Group AG and Porsche AG were once the benchmarks of automotive excellence, but falling sales and profits highlight how even the lucrative segment of the upscale auto market is being weighed down by China.
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⚡️Robinhood Begins Accepting Bets On US Election Predictions
Starting Monday, October 28, investors can start buying trade contracts related to voting for Kamala Harris or Donald Trump
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📉 Indian Rupee Hits Historic Low Against US Dollar
The rise in dollar and yields is due to the increased likelihood of Donald Trump winning the presidential election and stable US economic indicators.
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🔽Oil opened with a gap down almost 5% after Iran reported that Israeli strikes only affected the military structure and did not affect oil facilities.
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🗓 Corporate Earnings Season Continues In the US
So far, 37% of SP500 companies have reported. Of these, 75% beat EPS expectations, below the 5-year average of 77% and on par with the 10-year average of 75%.
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⚠️Boeing Questions The Future Of The Iconic Starliner Space Program
Boeing's new CEO, Kelly Ortberg, is evaluating the company's portfolio to raise funds, weed out underperforming units and save the company from crisis. A review of the Starliner program signals that Boeing may wind down or sell an operation marred by years of disruption with cost overruns and delays of more than $1.8 billion.
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🔽Newmont Shares Fall By The Most In More Than 25 Years
Shares of the world's largest gold mining company Newmont lost 16% due to disappointing earnings. The company did not meet analysts' expectations for either revenue or profit, despite gold prices breaking records.
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📈Chinese Government Notes A Sharp Recovery In The Residential Real Estate Market In Major Chinese Cities
Housing sales there increased by 14% year-on-year in October after new measures to support the Chinese economy
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⚡️Meta Platforms Q3 Revenue Grew To A Record $40.6 billion
Net income in the reporting period increased by 35% year-on-year to $15.69 billion. Earnings per share rose to $6.03 from $4.39, while analysts had predicted $5.22 per share.
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⚠️The concentration of the largest stocks in S&P500 has risen to concentration levels during the Great Depression bubble in US - Goldman
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⚠️ Indian stocks have their worst month in 4 years amid strong selling by non-residents
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💵Reddit Becomes Profitable For The First Time In 20 years
The company earned $29.9 million in the quarter. The number of daily users grew to almost 100 million (+47% YoY)
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💥The Price Of Gold Reached A New Record - $2800
The drivers of the rally have not changed: uncertainty around the US presidential elections and events in the Middle East
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©The Era Of Zero Interest Rates And Zero Inflation Is Over - CEO Morgan Stanley
September Fed rate cut by 50 bp. – a turning point in the management of the US economy and the Fed's inflation forecasts.
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🗓 170 companies from S&P 500 report this week (47% of market cap), including Big Tech.
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🔔Trump Wants To Appoint Elon Musk "Responsible For Government Efficiency"
If Musk gets this position, he could cut the US federal budget by $2 trillion. And if this happens, the event will be the most severe budget austerity since the end of World War II.
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⚠️Last week, the strongest outflow from Chinese stocks in 9 years was recorded - data from BofA/EPFR
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⚡️Investors Are Buying Gold At Record Pace Since 2020
Over the past week, investments in gold ETFs increased by $3.2 billion, improving the previous week’s figure by 2.6 times.
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🗓 KEY EVENTS THIS WEEK
⏺Monday, October 28
US - Dallas Fed Mfg Business Index
⏺Tuesday, October 29
US - Consumer Confidence
⏺Wednesday, October 30
Eurozone, US - GDP Q3
⏺Thursday, October 31
China - Manufacturing PMI
Bank of Japan - Rate Decision
Eurozone - CPI
⏺Friday, November 1
US, China - Manufacturing PMI
US - Non-Farm Payrolls
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📈 Shares of Deckers Outdoor, the maker of popular footwear brands like Hoka and Ugg, surged 10% after the company leapfrogged past estimates in its fiscal Q2 earnings report.
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Alibaba has agreed to pay $433.5 million to settle a lawsuit in US filed by investors accusing the e-commerce giant of monopolistic practices.
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💵US Money Market Funds See Big Inflows As Election Approaches
Amid uncertainty surrounding the US presidential election and a revision to the Fed rate outlook, investors flocked to safe haven assets, leading to significant flows into money market funds in the week ending October 23
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