Market News
Glencore-led Consortium Acquires Teck’s Coal Assets for $9 Billion:
A consortium led by Glencore has successfully completed a major deal in the mining sector, acquiring Teck Resources’ steelmaking coal unit for $9 billion. This move signifies Glencore’s strategic focus on strengthening its position in the coal market.
Sun Life Financial Surpasses Profit Estimates:
Sun Life Financial of Canada has reported better-than-expected quarterly profits. The positive financial performance is attributed to growth in its wealth and asset management unit, coupled with increased fees, reflecting the company’s resilience and effective financial strategies.
Home Depot Beats Quarterly Results Estimates:
Home Depot, the leading U.S. home-improvement retailer, has exceeded quarterly profit estimates. The success is linked to the retailer’s ability to capitalize on a trend among customers who are increasingly engaging in small-scale projects and repair work, showcasing adaptability in meeting evolving consumer preferences.
IEA Raises Oil Demand Growth Forecasts:
The International Energy Agency (IEA) has revised upward its oil demand growth forecasts for the current year and the next, despite slower economic growth in major economies. However, the IEA has flagged a potential surplus in 2024, with its outlook differing significantly from that of OPEC.
Trudeau’s Climate Strategy Questioned After Carbon Tax Dilution:
Canadian Prime Minister Justin Trudeau faces criticism from environmental experts for diluting his signature carbon tax policy. This move is seen as contradictory to his climate policy, raising questions about mixed messages and the balance between environmental concerns and addressing the cost of living, particularly in regions supportive of his party.
US Bank Regulators Face Congressional Scrutiny Over Capital Hike Plan:
The Federal Reserve’s key figure, Michael Barr, and other bank regulators are set to defend plans to increase U.S. bank capital requirements before Congress. This comes as regulators face growing pressure from lawmakers to address concerns and potentially scale back their efforts in this regard.
Xi Jinping Faces Complex Politics at US Business Dinner:
Chinese President Xi Jinping is expected to meet with top U.S. business leaders in San Francisco, aiming to strengthen ties with American companies. This initiative is seen as a response to China’s recent challenges in attracting foreign investment. The dinner underscores the intricate political dynamics between the U.S. and China.
Microsoft and Google Accept EU Gatekeeper Designation Without Challenge:
Microsoft and Google have decided not to challenge a new EU law requiring them to facilitate easier user transitions between competing services, such as different social media platforms and internet browsers. This move signals compliance with EU regulations without contesting the gatekeeper designation.
BRF SA:
The Brazilian pork and poultry processor BRF SA reported a widened third-quarter loss due to a chicken oversupply and efforts to control grain prices.
The net loss for Q3 was 262 million real, larger than the 136.7 million loss a year ago but slightly better than the consensus forecast of a 279 million real loss.
Despite challenges, BRF highlighted improvements in operating performance, and CEO Miguel Gularte stated that the drop in grain costs is beginning to impact the company’s results.
Fisker Inc:
Electric-vehicle startup Fisker Inc reduced its 2023 production guidance to 13,000 to 17,000 vehicles, down from the previous projection of 20,000 to 23,000, citing challenges in ramping up deliveries and internal control weaknesses.
Q3 revenue was $71.8 million, lower than analysts’ expectations, with a larger-than-expected loss of $91 million.
CFO Geeta Fisker emphasized the decision as responsible for long-term sustainability, aiming to prevent excess inventory and manage working capital efficiently.
Mitsubishi UFJ Financial Group Inc:
Japan’s largest lender, Mitsubishi UFJ Financial Group, reported a more than threefold increase in Q2 net profit, reaching 368.89 billion yen, buoyed by healthy lending margins in Japan and overseas.
The full-year profit forecast remains at a record 1.3 trillion yen, with the announcement of a share buyback of up to 3.31% of its own shares worth 400 billion yen.
Tencent Music Entertainment Group:
Chinese company Tencent Music Entertainment Group beat estimates for Q3 revenue, with steady growth in paid subscriptions on its music streaming platform.
Total revenue fell to 6.57 billion yuan, but it exceeded analyst expectations, and the company’s social entertainment services faced a nearly 50% drop in revenue due to Beijing’s crackdown on online gambling.
Vodafone Group Plc:
British telecoms company Vodafone reported an acceleration in quarterly service revenue, driven by Germany’s return to growth, with a 4.2% rise in group service revenue for the six months to the end of September.
Brazilian investment manager XP Inc.
BIM XP reported a rise in Q3 revenue, propelled by a rebound in capital markets, resulting in a 17% increase in total client assets to 1.08 trillion reais.
Boston Properties
Boston Properties Inc agreed to sell a 45% interest in two Massachusetts-based life sciences development properties to Norges Bank Investment Management at a gross valuation of about $1.66 billion.
A Glencore-led consortium sealed a $9 billion deal to buy Canadian miner Teck Resources’ steelmaking coal unit.
Nvidia Inc.
Nvidia plans to release a new AI chip, the H200, with enhanced features starting next year.
Rivian Inc.
Rivian plans to raise nearly $15 billion in debt to build an electric vehicle manufacturing plant in Georgia.
StoneX Group
U.S. brokerage firm BTIG files a $200 million lawsuit against StoneX Group, accusing it of stealing trade secrets.
Tesla Inc.
Tesla plans to double the number of components it imports from India.
AstraZeneca Plc:
AstraZeneca’s cancer drug Imfinzi, administered concurrently with chemoradiotherapy, failed to meet its main goal in a late-stage trial for unresectable Stage 3 non-small cell lung cancer.
Azenta Inc:
Azenta Inc announced strong earnings, changes to its board, and stated that activist investor Politan Capital Management will not be pushing for seats this year.
Catalent Inc:
Catalent Inc will delay its quarterly filing due to a goodwill impairment charge of about $700 million related to acquisitions in its consumer health and biomodalities unit.
Chevron Corp & Exxon Mobil Corp:
Indonesia’s Pertamina and U.S. oil majors discuss investments in carbon capture facilities, while Exxon eyes a petrochemical project in the country.
Cigna Group & Elevance Health Inc:
Cigna Group’s Express Scripts unit and Elevance Health settle the last pending claim in a contract dispute, clearing the way for Elevance to appeal the dismissal of its $14.8 billion lawsuit against Express Scripts.
Freeport McMoran Inc:
Indonesia’s discussions with Freeport McMoran on the government’s plan to increase its stake in its Indonesian unit and extend its mining permit are expected to conclude by the end of November.
Johnson Controls International Plc:
Johnson Controls warns of a delay in reporting its Q4 results due to a cybersecurity incident.
Amazon.com
Amazon will allow U.S. Snapchat users to buy products directly from the social media app.
Tesla Inc:
Tesla plans to double the number of components it imports from India.
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