- European stock markets closed mostly lower on Tuesday amid volatile sentiment in global markets. The pan-European Stoxx 600 provisionally closed 0.1% lower, trimming losses slightly after falling as much as 1.2% in early trading. Health care, retail and basic materials stocks fell 0.5% each to lead the losses. Tuesday’s mixed trading in Europe comes at a choppy time for global markets as investors monitor the outlook for inflation, supply chain issues, bond yields and central bank policy.
- The three major U.S. stock indexes closed lower for a third straight day Tuesday as key inflation data is released and third-quarter earnings season gets underway. The averages traded near the flat line for most of Tuesday before selling increased by the close. Markets were largely in a wait-and-see mode ahead of this week’s report release,” Bank of America said. The consumer price index for September is scheduled to be released Wednesday morning. Economists expect prices for a range of consumer goods to rise 0.3% in September from the previous month and 5.3% from a year earlier, according to Dow Jones.
- Asian stocks were tense this morning as worries about rising electricity prices fueling inflation weighed on sentiment and fueled expectations that the United States would scale back its emergency bond-buying programme, keeping the dollar at a one-year high. Adding to the choppy mood, investors were waiting for a slew of data to be released today, including Chinese trade figures, U.S. consumer price inflation data and minutes from the Federal Reserve’s September meeting. Hong Kong stock market was closed in the morning due to typhoon
Boeing plane orders top cancellations for eighth straight month
Boeing reported an eighth straight month of net aeroplane sales on Tuesday, but deliveries of its Dreamliner planes remain suspended as they undergo quality checks. The aeroplane maker posted sales of 27 planes in September, including 16 737 Maxes and six 777 Freighters. September, as well as the cancellation of five aircraft. Boeing said it delivered 35 jets last month. Among them were 26 737 Maxs. Net orders for the year through September total 349. Boeing aircraft orders surpass cancellations for eighth straight month
LG to pay up to $1.9 billion to General Motors over Bolt EV battery fires
LG Electronics has agreed to pay General Motors up to $1.9 billion to recall and repair Chevrolet Bolt electric vehicles recall and repair. This is due to fire risks caused by faulty batteries from the South Korean supplier. Problems with the Bolt – the company’s flagship vehicle – have led to the automaker having to recall every single electric car since production began in 2016. Fixing the vehicles, including replacing some batteries entirely, is expected to cost $2 billion, GM said Tuesday. That’s an increase from an earlier estimate of $1.8 billion.