International Market Update
European stocks closed slightly higher Thursday, but still ended the month in the red. The pan-European Stoxx 600 provisionally closed up 0.2%, giving back some of its earlier gains. The index is down 3.2% since the start of the month, ending a seven-month winning streak. Germany’s benchmark DAX index fell 3.6% on the month, posting its first negative month since January 2021 and its worst month since October last year. The DAX also posted its first negative quarter since the first quarter of 2020 as traders tracked the results of the German parliamentary election, which will see long-time head of government Angela Merkel step down after 16 years.
U.S. stock markets fell on Thursday after Wall Street ended its worst month of the year on a sour note. The market’s weakness occurred on the last day of a difficult month for stocks, with rising interest rates, inflation fears and worries about China’s housing market roiling equities.
Stocks in the Asia-Pacific region slipped in early morning trading after falling overnight on Wall Street. Sentiment among Japan’s major manufacturers improved in the three months through September, according to the Bank of Japan’s quarterly Tankan survey released Friday.
International News Headlines
Zoom and Five9 abandon acquisition for $14.7 billion
The deal between Zoom and Five9 to buy the cloud contact centre software company fell through on Thursday after Five9 shareholders rejected the deal. Zoom had announced in July that it would acquire Five9 for $14.7 billion. This was the first acquisition worth over a billion dollars and the second largest tech deal of the year at the time. The company has now missed an opportunity to rapidly expand its capabilities after its stock rallied during the coronavirus pandemic
Facebook under fire as Senate questions its’ impact on children
A Facebook executive was questioned by senators Thursday about the impact of its apps on younger users. It comes two weeks after an explosive report suggested the company was aware that Instagram, which is owned by Facebook, could have a “toxic” effect on young girls. The hearing with Antigone Davis, Facebook’s global head of security, is the first of two being held by the Senate Commerce Committee on Facebook’s dealings with its younger users.