International News and Market Update: Electric truck maker Rivian reportedly raises more than $10 billion, and more

 International News and Market Update: Electric truck maker Rivian reportedly raises more than $10 billion, and more

International News and Market Update: Electric truck maker Rivian reportedly raises more than $10 billion, and more.

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European stock markets closed lower on Tuesday as investors assessed key U.S. inflation data. The pan-European Stoxx 600 provisionally closed down 0.2% after earlier being in positive territory. Basic materials stocks slipped 1.2%, while the retail sector gained 1.2%. On the data front, Germany’s ZEW economic sentiment survey far exceeded expectations in November, coming in at 31.7 versus a forecast of 20.0.

The S&P 500 closed lower for the first time in nine sessions on Tuesday as investors took profits after an October rally and awaited key inflation data. All three major indexes fell back from record highs. The S&P 500 posted its 64th record close this year on Monday andits eighth straight positive day – its longest winning streak since April 2019. The producer price index for October rose 0.6% from the prior month, the Labor Department reported Tuesday, matching the Dow Jones consensus estimate. Still, wholesale prices rose 8.6% in October from a year earlier, the most in nearly 11 years.

Stocks in the Asia-Pacific region were mixed this morning as investors reacted to the release of Chinese inflation data for October. Hong Kong’s Hang Seng Index fell 0.37%, with shares of Chinese property company Fantasia Holdings plunging more than 48% after trading resumed. Fantasia – whose Hong Kong-listed shares were suspended for more than a month, failed to repay a $206 million bond due in early October. Consumer inflation in China was roughly in line with expectations in October, according to official data released today.

Electric truck maker Rivian reportedly raises more than $10 billion

Shares in electric vehicle maker Rivian will trade in New York later today after raising around $10.5bn (£7.75bn) from investors. According to media reports, the shares were trading at $78 apiece. This would make it the largest initial public offering by a US company since Facebook’s initial public offering (IPO) in 2012, even though Rivian only started delivering its first electric pick-ups to customers in September.

The California-based startup has racked up losses of more than $2 billion in the past two years. But the maker of vans and trucks has attracted a lot of interest from investors, in part because it’s already backed by online giant Amazon. It also has rivals like Ford and General Motors in a market segment – small trucks, pickups and SUVs – that is popular with American drivers.

Krispy Kreme sales beat estimates as doughnut chain flexes pricing power

Krispy Kreme’s sales rose 18% in the third quarter, driven by higher prices for fresh doughnuts that helped the chain offset rising raw material and labor costs. CEO Mike Tattersfield said in an interview that customers are willing to spend more for fresh donuts.

In recent years, the company has shifted its business to delivering doughnuts fresh to stores daily. But its pricing power also comes from when customers buy the treats. For its third fiscal quarter, which ended Oct. 3, Krispy Kreme said net loss attributable to the company narrowed to $5.7 million, or 4 cents per share, from a net loss of $14.9 million, or 12 cents per share, a year earlier. Net revenue reached $342.8 million in the quarter, beating Wall Street expectations of $337.7 million.

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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