Week 45 2017

Week 45 2017

06 November – 10 November

 

06 November

 

Grab, the south-east Asian ride-hailing company, has said its drivers completed their billionth ride on October 26.

 

Car registrations in Britain slipped by 12.2 per cent last month, the latest sign of weakness in the sector, brought on by “declining business and consumer confidence”, a business group said on Monday.

 

Spain’s services sector continued expanding in October, but the rate was the weakest since the first month of 2017 as uncertainty related to Catalonia weighed on sentiment, a survey released on Monday showed.

 

A proposed tech mega-deal and rising oil prices have buoyed US equities to new record highs in early trading on Monday.

 

07 November

 

Cargill, the world’s biggest agricultural commodities trading company, has been hit with a $10m penalty by a US financial regulator for providing inaccurate information about its derivatives portfolio in an attempt to juice profits.

 

JCPenney shares were poised for their best day since February 2016 after the department store chain’s announcement late on Friday that it was realigning its merchandising operations.

 

It remains one of the greatest experiments in economic and political history. A bloody civil war, the abolition of private property, the creation of a command economy with near full state ownership, price regulation and the elimination of markets.

 

Investor orders for Apple’s eighth bond sale of the year reached $16bn, allowing the iPhone maker to tighten terms on the $6bn transaction. 

 

08 November

 

After more than three centuries of transacting almost entirely in cash, the merchants of Mumbai’s Bazargate area late last year suddenly started displaying stickers on their shopfronts bearing the names of virtual mobile “wallets” such as Paytm and MobiKwik.

 

Tencent’s China Literature rose as much as 100 per cent during its first morning session in Hong Kong as investor demand left unsatisfied by the unit’s heavily oversubscribed offer sent the stock’s price soaring beyond expectations.

 

Pay growth in the UK is likely to accelerate next year, as companies increasingly face recruitment difficulties, Bank of England agents said in their latest report on Wednesday.

 

Until recently, investors took for granted that whatever damage a lower oil price has inflicted on Saudi Arabia’s once rock-solid finances, they did not need to worry about political stability.

 

09 November

 

J Sainsbury said it was on track to deliver benefits from its Argos acquisition six months ahead of schedule and raised its cost savings target as it reported slowing sales growth in its latest quarter in what it described as a “competitive” market.

 

The launch of a newly revamped loyalty rewards programme failed to stem the tide of shopper defections at Macy’s during the third quarter.

 

Japan’s machinery orders, a sometimes volatile proxy for the corporate sector’s willingness to invest, showed a worse-than-expected decline in September.

 

Green bond issuance hit a record high in the third quarter of this year, according to new figures from credit rating agency Moody’s which demonstrate booming investor demand for ethically-labelled fixed income instruments.

 

10 November

 

Nvidia’s third quarter results blew past most Wall Street analysts’ forecasts for the third quarter, as revenues from its core gaming market surged and it recovered from a disappointing second quarter performance in data centres.

 

Uber has lost a key legal battle in the UK after a London tribunal upheld a ruling that the ride-hailing app must treat its drivers as “workers” entitled to the minimum wage and holiday pay.

 

Economic growth in Hong Kong slowed over the third quarter, but remained strong enough for the territory to predict full-year expansion will be around the top end of its forecasts as it benefits from the global uptick in growth.

 

Money is flowing out of active equity funds despite the improving performance of traditional investment managers, with another $4.5bn seeping out of US funds over the past week to take the cumulative outflow to more than $150bn this year.