International News and Market Update: Evergrande shares slide after it raises $273 million in company sale, and more

 International News and Market Update: Evergrande shares slide after it raises $273 million in company sale, and more

International News and Market Update: Evergrande shares slide after it raises $273 million in company sale, and more.

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European stocks closed slightly higher on Wednesday as investors reacted to inflation data and fresh corporate earnings. The pan-European Stoxx 600 provisionally closed 0.2% higher. Mining stocks gained 1.2%, while travel and leisure stocks fell 1.6%. Eurozone inflation was confirmed at 4.1% year-on-year in October, more than double the European Central Bank’s target. Inflation in the United Kingdom (CPI) rose to 4.2% y/y in October, the highest level in nearly a decade, with sharp increases in energy and motor vehicle costs.

U.S. stock markets slipped Wednesday as investors weighed continued strong results from major retailers against lingering inflation concerns. Retail giant Target posted gains in both its profit and loss statements. However, the company’s CEO indicated that rising costs could weigh on the company going forward, as the company plans to absorb those costs instead of passing them on to customers. Visa shares slid after Amazon said it would stop accepting payments with Visa credit cards issued in the UK from next year. The change came shortly after Visa increased its interchange fees for transactions between Britain and the European Union.

Asia-Pacific markets traded mixed today after losses on Wall Street overnight. Stocks in Japan, South Korea, Hong Kong and mainland China struggled to make gains. Australian shares bucked the broader downtrend as the ASX 200 recovered early losses to add 0.2%. However, the energy sector remained under pressure amid an overnight sell-off in crude oil futures. Oil stocks such as Santos, Oil Search and Woodside Petroleum fell between 0.73% and 1.34%.

Nvidia data center sales soar 55% thanks to demand for artificial intelligence

Shares of Nvidia rose more than 5% in extended trading after the company announced results for its third fiscal quarter on Wednesday that beat expectations on both profit and revenue. The company also provided optimistic revenue guidance for the current quarter, which ends in January. Nvidia said it expects revenue of about $7.4 billion for the current quarter ending in January, above analysts’ expectations of $6.86 billion. Nvidia stock is soaring, up more than 124% year to date. The company has had more demand than it could meet, especially for its hard-to-find GeForce graphics cards, which are popular with gamers. Nvidia reported $2.9 billion in data center revenue, up 55% from $1.9 billion in the same quarter last year.

Evergrande shares slide after it raises $273 million in company sale

Debt-ridden property developer China Evergrande is set to raise about $273 million from the sale of its remaining stake in film production and streaming company HengTen Networks. This is according to a statement released before the stock market opened on Thursday. Evergrande, the largest issuer of U.S. dollar debt among Chinese property developers, was on the verge of officially defaulting this year. The company has made eleventh-hour payments and resumed building apartments owed to buyers. But that’s only a fraction of what the company owes.

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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