International News and Market Update: Facebook plans to hire 10,000 people in the EU, and more

 International News and Market Update: Facebook plans to hire 10,000 people in the EU, and more

International News and Market Update: Facebook plans to hire 10,000 people in the EU, and more.

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  • European stocks closed higher on Friday as corporate earnings drove global markets north to close the week. The pan-European Stoxx 600 closed 0.7% higher, with banks the gainers, up 1.7%, while media stocks fell 0.4%. Turning to economic data, French consumer price inflation was negative 0.2% month-over-month in September. On an annual basis, it was 2.7% higher. Meanwhile, French cloud computing company OVH went public on Euronext Paris on Friday.
  • U.S. stocks advanced Friday as the Dow Jones Industrial Average posted its best weekly performance since June on better-than-expected third-quarter earnings reports. Goldman Sachs’ results easily beat expectations on both the profit and loss side. The bank’s stock rose 3.8%, making it the biggest gainer in the Dow. Through Friday, 80% of the 41 S&P 500 companies that reported third-quarter results beat expectations on earnings per share, according to FactSet. Retail sales unexpectedly rose 0.7% in September. Economists surveyed by Dow Jones had expected a 0.2% decline.
  • Stocks in the Asia-Pacific region traded mostly lower this morning as investors reacted to the release of key Chinese economic data. Chinese gross domestic product grew 4.9% in the third quarter, official data showed Monday. That was below the expectations of analysts polled by Reuters, who had expected growth of 5.2%. Industrial production also fell short of expectations for a 4.5% increase in September, when it rose 3.1%, according to a Reuters poll.

Goldman Sachs beats analyst estimates thanks to strong results in investment banking and trading

Goldman Sachs beat analysts’ expectations for the third quarter on Friday as investment banking revenue jumped nearly 90% and the bank generated record revenue from equity financing. The bank’s profit jumped 63% to $5.28 billion, or $14.93 a share, while revenue climbed 26% to $13.61 billion. Shares of the New York-based bank rose 2.4%. Goldman – led by CEO David Solomon – is the world’s leading investment banking firm and analysts had expected strong revenue in the quarter due to booming merger and IPO activity. That theme also played out among Wall Street rivals from JPMorgan Chase to Morgan Stanley.

Facebook plans to hire 10,000 people in the EU to achieve its vision of a ‘metaverse’

Facebook plans to create 10,000 jobs in the European Union over the next five years to build a digital world known as the “Metaverse”. The social media giant said on Sunday that it will hire highly skilled engineers in European Union countries. The company is focusing its hiring drive on Germany, France, Italy, Spain, Poland, the Netherlands and Ireland. “Europe is hugely important to Facebook,” Nick Clegg, Facebook’s head of global affairs, and Javier Olivan, vice president of central products, said in a blog post Sunday night. Facebook CEO Mark Zuckerberg unveiled his vision of a metaverse in July. The metaverse is a term used to describe digital worlds where multiple people can interact in a 3D environment.

Mandy Nunes

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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