As of Monday, China’s Covid controls negatively affected 12.2% of national GDP, up from 9.5% a week ago, according to Nomura’s model.
Roblox shares sink after reporting bigger loss than expected
Shares of Roblox fell in premarket trading Wednesday after the company reported a third-quarter loss but beat analyst estimates for revenue.
Adidas warns of big earnings hit after ending Ye partnership
Adidas on Wednesday cut its full-year guidance on the back of the German sportswear giant’s termination of its partnership with Kanye West’s Yeezy brand.
Disney misses on profit and key revenue segments, warns streaming growth could taper
Disney fell short of expectations for profit and key revenue segments during the fiscal fourth quarter Tuesday.
Electric vehicle maker Lucid reports third-quarter loss, confirms it’s on track to meet production guidance
The company said it’s still on track to make between 6,000 and 7,000 of its luxury sedans this year.
Novavax posts third quarter loss but beats revenue expectations
The Covid-19 vaccine maker reported a net loss of more than $169 million for the third quarter, compared to a loss of $322 million in the same period last year.
US MBA mortgage applications w.e. 4 November -0.1% vs -0.5% prior
<ul><li>Prior -0.5%</li><li>Market index 199.9 vs 200.1 prior</li><li>Purchase index 162.6 vs 160.5 prior</li><li>Refinance index 373.1 vs 386.7 prior</li><li>30-year mortgage rate 7.14% vs 7.06% prior</li></ul>
This article was written by Justin Low at forexlive.com.
Goldman Sachs revises higher its forecast for USD/JPY, sees 155 in play
<p style=““ class=“text-align-justify“>That seems to be the take from Goldman Sachs as they revise higher their 3-, 6-, and 12-month outlook for USD/JPY to 155, 155, and 140 respectively (previously was 150, 135, and 125 respectively). Whatever the case may be, <a target=“_blank“ href=“https://www.forexlive.com/news/usdjpy-stays-lockstep-with-the-bond-market-20221108/“ target=“_blank“>the pair remains lockstep with the bond market</a> and this week’s US CPI data will be a crucial one for short-term sentiment at least.</p>
This article was written by Justin Low at forexlive.com.
Meta to cut 11,000 employees, or about 13% of its team
<p style=““ class=“text-align-justify“>This was already rumoured earlier in the week <a target=“_blank“ href=“https://www.forexlive.com/news/wsj-reported-facebook-parent-meta-will-cut-thousands-of-jobs-this-week-20221107/“ target=“_blank“>here</a>. But it is a sign of the times with big banks also looking to cut jobs further as we global economic headwinds build. In addition to that, Meta will also extend its hiring freeze through to Q1 next year with only some exceptions being made.</p>
This article was written by Justin Low at forexlive.com.
Dollar advances as risk sentiment takes a knock
<p style=““ class=“text-align-justify“>The dollar is posting a decent advance on the day now but more so against currencies with high beta (risky currencies) and these days, that includes the pound. GBP/USD is down nearly 1% to 1.1420 as it cracks below its 200-hour moving average:</p><p style=““ class=“text-align-justify“>That erases the gains from yesterday as sellers regain some near-term control in the pair, though <a target=“_blank“ href=“https://www.forexlive.com/news/gbpusd-still-caught-in-no-mans-land-20221108/“ target=“_blank“>the big picture look is still not really going anywhere</a> for now.</p><p style=““ class=“text-align-justify“>The dollar’s push higher comes as we see a round of selling in equities with S&P 500 futures now down by 0.6% on the day.</p><p style=““ class=“text-align-justify“>There’s not much in terms of headlines to have sparked the quick drop in the past hour or so, with the US midterms still shaping up as it is i.e. a less Republican-favoured result than initially anticipated. The Senate race remains tight and the fight for control of the House is still just slightly favoured for the Republicans, even if Democrats have showed much resilience.</p><p style=““ class=“text-align-justify“>One can argue that perhaps the rout in cryptos is starting to spill over as things are looking rather bearish now with Bitcoin breaking the June lows:</p>
This article was written by Justin Low at forexlive.com.