Traders Await Payrolls, Corporate and International News and Reviews
Stock and fundamental news
• The stock market continues to tread water. The US employment report for September is due out today. The creation of 140,000 new jobs is expected, and the unemployment rate will remain at 4.2%.
• Tim Cook sold $50.2 million worth of Apple shares. He was awarded 219,502 Apple shares, a bonus for his work, in addition to the cash payments that Cook also receives regularly. He sold them.
• Pound suffers worst day since 2022 as Bailey hints at further rate cuts. Bank of England chief says he sees chances of more aggressive easing
• Starbucks is investing in two innovative farms to protect its coffee supply from climate change. The coffee giant buys 3% of the world's coffee supply, which has come under pressure in recent years from extreme weather.
• SWIFT plans to test transactions of tokenized assets and digital currencies in 2025. The move is part of the gradual integration of such assets into the global financial system.
• Yen currency trading is once again attracting traders' attention following Japanese Prime Minister Shigeru Ishiba's unexpected comments on interest rates.
• Zijin Mining Group is a rapidly growing Chinese company that is aiming to become one of the world’s largest copper producers. Zijin’s copper production has tripled in the last five years, making it the sixth-largest copper producer in the world. The company plans to increase production to 1.6 million tons by 2028.
• BlackRock (IBIT) and Fidelity (FBTC) BTC ETFs were among the best-performing ETFs of the 2020s, surpassing $10 billion in assets under management.
• Cryptocurrency exchange OKX announced the addition of support for the PayPal USD (PYUSD) stablecoin.
• Online luxury retailer Shein to hold roadshow soon ahead of London IPO Shein is set to hold informal meetings with investors in the coming weeks ahead of its planned initial public offering (IPO) in London as it continues preparations pending approval from UK regulators.
• Oil rose sharply as the market braced for the possibility that Israel's retaliation against Iran for its recent missile attack would include strikes on the country's oil industry.
• U.S. retailers are looking for backup shipping plans to prepare for the holidays as the strike continues. Retailers account for about half of all container shipping volume, with Walmart, IKEA and Home Depot among those relying heavily on East Coast and Gulf Coast ports.
• Tesla plans to release four new batteries in 2026, including one for robotaxis. The company currently buys most of its electric vehicle batteries from other companies, including Panasonic Energy and LG Energy. It is trying to ramp up production of its 4,680 battery cells in the U.S. to cut costs and boost profits.
• EVgo Inc. shares jumped 41%, their biggest intraday gain since November 2021, after the electric vehicle charging company received a loan guarantee of up to $1.05 billion from the U.S. Department of Energy.
• Levi Strauss shares fell after overseas problems and a domestic decline. The Dockers brand cut its full-year outlook.
• Uber teams up with Avride for food delivery and robotaxi rides. In recent weeks, Uber has expanded its ties with Alphabet’s robotaxi unit Waymo and formed new alliances with General Motors’ Cruise and China’s WeRide. In the coming weeks, Uber Eats will also begin using Avride’s sidewalk robots for food delivery in Austin.
• Constellation Brands beat quarterly results on strong beer demand. The company saw solid demand in the beer segment, its main revenue driver, as consumers continued to spend on light beers.
• Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after the vehicle is put into reverse. This is the fifth recall of the vehicle since its introduction.
• Google is updating its Search feature to include results organized by artificial intelligence. It will also add ads to AI Overview.
• The CIA is stepping up efforts to recruit Chinese citizens dissatisfied with Xi Jinping's rule. On Wednesday, the agency posted Chinese-language instructions on Instagram, Facebook, LinkedIn, YouTube, Telegram and X detailing how people can safely contact him on his public and "dark" websites.
• The European Commission is suing Hungary. The European Commission has decided to file a lawsuit with the European Court of Justice in Luxembourg in connection with the Law on the Protection of National Sovereignty adopted in Hungary. This law is considered to be contrary to EU norms, according to Brussels. The European Commission accused Hungary of restricting freedom of speech and other fundamental rights. According to the statement of the department, the EC requested an accelerated judicial procedure.
• Iran's weakening raises fears it could resort to nuclear weapons. Iran has rarely looked more at a loss after weeks of Israeli attacks that have decimated its proxies Hezbollah and Hamas. The US has called Tehran's rocket barrage, which fired about 200 rockets at Israel on Tuesday, "ineffective".
• The Fico government has increased arms exports to Ukraine. Slovakia not only has not reduced the volume of military supplies to Ukraine, but has sold even more weapons than previous governments.
• Iran could build 10 nuclear warheads by April. Iran could acquire nuclear weapons if it accelerates the process, former IAEA deputy director Olli Heinonen told the publication. It would not be enough to destroy an entire country, but it would significantly strengthen Tehran's position in international negotiations. The recent strikes on Israel could be a test of systems capable of delivering nuclear weapons.
• Israel allegedly struck Russia's Khmeimim airbase in Syria to destroy weapons destined for Hezbollah.
• Eurozone Composite and Services PMI data for September showed economic weakness:
Composite PMI = 49.6 (51 previous),
Services PMI = 51.4 (52.9).
US economic data indicators for September remain strong:
S&P Composite PMI: 54.0 (54.6 previous),
S&P Services PMI: 55.2 (55.7).
• U.S. service sector activity is expanding at its fastest pace since early 2023. U.S. factory orders unexpectedly fell 0.2% in August, after a downward revision from a 4.9% gain in July. More Americans filed for unemployment benefits last week, but layoffs remain historically low. Jobless claims rose 6,000 to 225,000 in a week.
• Italy aims to collect more taxes from most profitable companies. Italy plans to raise taxes on companies that have benefited most from the economic turbulence of recent years to help reduce the country's budget deficit, Finance Minister Giancarlo Giorgetti said.
• US: The dockworkers' union has agreed to suspend a strike at the port until January 15. Port operators have offered workers a 62% pay increase over the next six years. The ILA union has asked for a $5-an-hour increase for each of the six years of the new contract, equivalent to a 77% increase.
• Kim Jong-un threatens to destroy South Korea with nuclear weapons if provoked.