Shares of Alibaba Group Holding Limited and Xpeng Motors fell in Hong Kong on Monday, while JD.Com Inc., Tencent Holdings Inc., and Baidu Inc. traded higher. Li Auto Inc. traded flat. What’s Moving Chinese e-commerce giant Alibaba’s shares traded 0.9 percent lower at about $20.7 in Hong Kong, while e-commerce company JD.Com’s shares gained 1.6…
Alibaba, Xpeng Dip in Hong Kong: JD, Tencent, and Baidu Strike Gains as China Data Beats Estimates
Gold Probes Multi-Month Highs as Inflation Drives Investor Interest in Haven Assets
Surging inflation has pushed gold prices to near five-month highs, with Credit Suisse analysts predicting a more sustained move higher that could see the haven metal attempt a breakout beyond its $2,075 record high. Spot gold prices rose sharply on Nov. 3, the day Fed policymakers capped a two-day meeting by saying they would start tapering…
Goldman Sachs Sees US Core PCE Halving by End of 2022
Goldman Sachs has forecast growth in the U.S. core personal consumption expenditures (PCE) index to nearly halve by the end of 2022, as the U.S. bank expects a surge in commodity prices and supply-chain constraints to ease after causing near-term price spikes. Economists at Goldman Sachs expect the core PCE index—the Federal Reserve’s preferred inflation…
Tyson Foods Sees Upbeat Sales as Meat Prices, Restaurant Demand Jump
November 15, 2021
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Top U.S. meatpacker Tyson Foods Inc. beat quarterly profit estimates on Monday and forecast fiscal 2022 revenue above market expectations on rising meat prices and improving demand from restaurants that have reopened after COVID-19 restrictions. The Springdale, Arkansas-based company reported a double-digit jump in sales and earnings in the fiscal fourth-quarter ended Oct. 2. “We…
Oil and Gas Will Be in the Energy System ‘For Decades to Come’: BP Chief
Oil and gas will continue to play an ongoing role in the global energy system for decades, BP’s Chief Executive Bernard Looney said Monday. While the British multinational oil and gas company has committed to become a net-zero company by 2050 or sooner in an effort to tackle climate change, and is actively focusing on reducing emissions, the…
Japan Looking to Beef Up Chip, Storage Battery Sectors as Part of Stimulus Plan
November 15, 2021
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TOKYO—Japan’s economic stimulus package will feature a plan to urgently strengthen the chip industry while the government will also formulate a strategy for storage batteries, trade minister Koichi Hagiuda said on Monday. Hagiuda unveiled the plan days before Prime Minister Fumio Kishida is set to announce a stimulus package worth “several tens of trillion yen”…
ECB’s Lagarde Keeps Pushing Back on Rate Hike Bets and Hopes
November 15, 2021
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FRANKFURT—Tightening monetary policy now to rein in inflation could choke off the euro zone’s recovery, European Central Bank President Christine Lagarde said on Monday, pushing back on calls and market bets for tighter policy. With inflation already twice its 2 percent target and likely rising further later this year, the ECB is coming under increased…
Tesla Shares Slip After Heavy Week of Losses
November 15, 2021
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Tesla Inc.’s shares slipped in premarket trading on Monday, adding to a heavy week of losses after CEO Elon Musk offloaded a combined $6.9 billion worth of shares in the electric-car maker. Shares in the company, which lost some $187 billion in market value over the past week, were down 2.7 percent at $1,005.42 in…
Wall Street Supported by Tech; Tesla Extends Losses
November 15, 2021
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U.S. stock indexes were buoyed by technology stocks on Monday as concerns over rising inflation saw investors shift to economically resilient sectors ahead of major retail earnings and data this week. The S&P technology and communication services sectors were the best performers in early trade, adding 0.4 percent and 0.6 percent, respectively, while Meta Platforms…
Futures Rise on Tech Strength; Tesla Extends Losses
November 15, 2021
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U.S. stock index futures rose on Monday as major technology stocks advanced, while investors awaited a slew of retail earnings and economic data this week to gauge the health of consumer spending. The three major Wall Street indexes had fallen between 0.3 percent and 0.7 percent last week on concerns over high inflation and weakening…
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