LBLV provides an overview of economic news.
Website LBLV is available at - https://lblv.com/
The main economic news for Wednesday, November 4:
0:00 US stocks rally as Trump leads major states
1:12 China stops Ant Group mega IPO, investors confused
2:09 BMW's Q3 revenue recovers on demand in China
3:10 Global investors calls on US for Paris Agreement
1. US stocks rally as Trump leads major states
U.S. stock futures jumped early Wednesday morning as President Donald Trump took on rival Democrat Joe Biden in Florida and other competitive states that can help decide the election. S&P emini futures were up 0.9%. Nasdaq 100 emini futures jumped 2.6%. Trump took over Biden in Florida, while other competitive swing states such as Georgia and North Carolina remained airborne. On betting site Smarkets, the odds reflected a 56% chance of Trump winning, significantly higher than the 33% earlier in the day. For months, investors have stated that they prefer a final and quick solution to the election issue, rather than the protracted process that many feared. A swift conclusion of the elections will clear the way for an agreement on the stimulus package. On Tuesday, the Dow Jones Industrial Average rose 2.06%, the S&P 500 rose 1.78% and the Nasdaq Composite rose 1.85%.
2. China stops Ant Group mega IPO, investors confused
Investors were shocked by the suspension of Ant Group's $ 37 billion stock listing on Tuesday, many of whom spent weeks researching the deal and lobbying bankers for shares in the world's largest initial public offering. Ant has suspended planned public offerings in Shanghai and Hong Kong less than 48 hours before it was due to go public after a meeting between its billionaire founder Jack Ma and Chinese financial regulators. The company apologized to investors for the inconvenience and said it would let them know. Unfortunately, so far she has provided scant details of what the problem was, other than what she called a major event. Investors feared that the deal could spill over to Ant and other Chinese tech companies. Shares of Alibaba, the e-commerce giant, fell 10% in New York trading, while shares in gaming company Tencent Holdings Ltd fell 3.5% in Frankfurt.
3. BMW's Q3 revenue recovers on demand in China
BMW said Wednesday that third-quarter earnings rose nearly 10% on rebounding demand in China for luxury vehicles. In addition, the company confirmed its predictions, despite the fact that the wave of coronavirus infections continues to sweep across Europe and the United States. Like rival Mercedes, BMW's quarterly profit before tax rebounded in the third quarter, rising 9.6% to 2.46 billion euros ($ 2.87 billion), boosted by an 8.6% rise in luxury vehicle shipments. Deliveries of BMW-branded vehicles rose 9.8% during the quarter, driven mainly by a 31% rise in China, which helped offset a 15.7% fall in demand in the US, where demand was hit by the pandemic. Despite a rebound in demand in some markets, overall high-end vehicle shipments, as well as the group's pre-tax profit, are expected to be significantly lower than last year.
4. Global investors calls on US for Paris Agreement
The global investor group, representing European and American investors with combined assets of $ 30 trillion, called on the United States to swiftly rejoin the global deal on climate change on Wednesday, when President Donald Trump's decision to withdraw from the pact came into effect. The group, which includes major investors such as New York-based BlackRock Inc, the world's largest asset management company, has warned that the United States risks falling behind in the race to create a cleaner global economy by withdrawing from the 2015 Paris Agreement. In the last election, Trump made a pledge to leave, saying the deal would hit the U.S. economy. According to UN rules, he was required to wait until November 4, 2019, to begin the year-long process required for the country's exit. No other country left.
Website LBLV is available at - https://lblv.com/
The main economic news for Wednesday, November 4:
0:00 US stocks rally as Trump leads major states
1:12 China stops Ant Group mega IPO, investors confused
2:09 BMW's Q3 revenue recovers on demand in China
3:10 Global investors calls on US for Paris Agreement
1. US stocks rally as Trump leads major states
U.S. stock futures jumped early Wednesday morning as President Donald Trump took on rival Democrat Joe Biden in Florida and other competitive states that can help decide the election. S&P emini futures were up 0.9%. Nasdaq 100 emini futures jumped 2.6%. Trump took over Biden in Florida, while other competitive swing states such as Georgia and North Carolina remained airborne. On betting site Smarkets, the odds reflected a 56% chance of Trump winning, significantly higher than the 33% earlier in the day. For months, investors have stated that they prefer a final and quick solution to the election issue, rather than the protracted process that many feared. A swift conclusion of the elections will clear the way for an agreement on the stimulus package. On Tuesday, the Dow Jones Industrial Average rose 2.06%, the S&P 500 rose 1.78% and the Nasdaq Composite rose 1.85%.
2. China stops Ant Group mega IPO, investors confused
Investors were shocked by the suspension of Ant Group's $ 37 billion stock listing on Tuesday, many of whom spent weeks researching the deal and lobbying bankers for shares in the world's largest initial public offering. Ant has suspended planned public offerings in Shanghai and Hong Kong less than 48 hours before it was due to go public after a meeting between its billionaire founder Jack Ma and Chinese financial regulators. The company apologized to investors for the inconvenience and said it would let them know. Unfortunately, so far she has provided scant details of what the problem was, other than what she called a major event. Investors feared that the deal could spill over to Ant and other Chinese tech companies. Shares of Alibaba, the e-commerce giant, fell 10% in New York trading, while shares in gaming company Tencent Holdings Ltd fell 3.5% in Frankfurt.
3. BMW's Q3 revenue recovers on demand in China
BMW said Wednesday that third-quarter earnings rose nearly 10% on rebounding demand in China for luxury vehicles. In addition, the company confirmed its predictions, despite the fact that the wave of coronavirus infections continues to sweep across Europe and the United States. Like rival Mercedes, BMW's quarterly profit before tax rebounded in the third quarter, rising 9.6% to 2.46 billion euros ($ 2.87 billion), boosted by an 8.6% rise in luxury vehicle shipments. Deliveries of BMW-branded vehicles rose 9.8% during the quarter, driven mainly by a 31% rise in China, which helped offset a 15.7% fall in demand in the US, where demand was hit by the pandemic. Despite a rebound in demand in some markets, overall high-end vehicle shipments, as well as the group's pre-tax profit, are expected to be significantly lower than last year.
4. Global investors calls on US for Paris Agreement
The global investor group, representing European and American investors with combined assets of $ 30 trillion, called on the United States to swiftly rejoin the global deal on climate change on Wednesday, when President Donald Trump's decision to withdraw from the pact came into effect. The group, which includes major investors such as New York-based BlackRock Inc, the world's largest asset management company, has warned that the United States risks falling behind in the race to create a cleaner global economy by withdrawing from the 2015 Paris Agreement. In the last election, Trump made a pledge to leave, saying the deal would hit the U.S. economy. According to UN rules, he was required to wait until November 4, 2019, to begin the year-long process required for the country's exit. No other country left.
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