International News and Market Update

 International News and Market Update

International News and Market Update.

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  • European stocks rallied Tuesday as investors in the region recouped losses on Wall Street earlier in the week. The pan-European Stoxx 600 closed up 1.2%, with banks leading the gains with a 3.4% rise, while technology stocks added 2.1%. On the economic data front, final purchasing managers’ indices (PMI) from across the eurozone showed that business growth in September was dampened by inflationary pressures and supply chain issues. The final IHS Markit Composite PMI came in at 56.2 last month, down from 59.0 in August. Anything above 50 indicates expansion.
  • The major indexes rebounded on Tuesday after the market slumped in the previous session, especially in the technology sector. Mega-cap tech stocks were solidly in the green Tuesday. Netflix rose 5.2%, while Amazon gained nearly 1%. Apple and Alphabet rose 1.4% and nearly 1.8%, respectively. Facebook shares rose 2% after falling 5% Monday on whistleblower allegations and a website outage. Stocks tied to the economic recovery, such as cruise lines, airlines, retailers and banks, also rose with the broader market.
  • Stocks in the Asia-Pacific region were mixed in early trading after Wall Street recovered from Monday’s losses overnight. The Reserve Bank of New Zealand (RBNZ) raised its benchmark interest rate to 0.5% this morning, joining South Korea and Norway as the first countries to raise rates in the pandemic era.

Pepsi profit beats estimates despite higher supply chain costs

PepsiCo on Tuesday raised its full-year guidance after its latest quarterly results and revenue beat analysts’ expectations despite higher costs and supply chain bottlenecks. Net income for the quarter ended Sept. 4 was $2.22 billion, or $1.60 per share. That’s down from $2.29 billion, or $1.65 per share, a year earlier. Excluding items, the food and beverage giant earned $1.79 per share, beating expectations of $1.73 per share from analysts polled by Refinitiv. Net sales rose 11.6% to $20.19 billion, beating expectations of $19.39 billion.

Volvo says shift to electric cars is the reason for its $2.9 billion IPO

The CEO of Volvo Cars has told CNBC that the automaker’s shift to electric vehicles is the reason behind its planned IPO on Nasdaq Stockholm. The company is looking to raise 25 billion Swedish kronor, or $2.9 billion, through the IPO, which will be one of the largest in Europe this year. “We have very strong investor interest in investing in EV companies and that is growing all the time,” he said.

Mandy Nunes

https://gvmarkets.com/

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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