International News and Market Update: Marmite maker cuts thousands of jobs worldwide, and more

 International News and Market Update: Marmite maker cuts thousands of jobs worldwide, and more

International News and Market Update.

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European stocks fell Monday as investors prepared for next week’s Federal Reserve meeting and watched developments in Ukraine amid growing tensions with Russia. The pan-European Stoxx 600 provisionally ended down 3.6%, with technology as well as travel and leisure stocks falling 5.2%, while all sectors and major bourses slid into negative territory. The data from Monday showed that the eurozone economic recovery continued to stutter in January, as the omicron Covid-19 variant led to renewed containment measures that dampened activity.

U.S. stocks made a dramatic comeback Monday as investors piled into battered tech stocks after a sharp selloff the day before. The Nasdaq Composite Index turned higher after falling as much as 4.9% earlier. The S&P 500 closed in the green after briefly correcting earlier, retreating more than 10% from its record high on Jan. 3. Meanwhile, investors are looking ahead to the Fed meeting, which begins today and concludes Wednesday. Market participants will be looking for signals on how much the central bank will raise interest rates this year and when it will start doing so.

Stocks in Japan and Hong Kong fell 2% as Asia-Pacific markets tumbled this morning after a volatile session overnight on Wall Street. The ASX 200 lost nearly 3% as banks, mining and oil stocks slumped across the board. Banking stocks such as ANZ, Commonwealth Bank of Australia and National Australia Bank all fell 3%. Inflation in Australia rose 1.3% in the fourth quarter and 3.5% for the year, according to the Australian Bureau of Statistics. Prices rose at the fastest annual pace since 2014, Reuters reported.

IBM shares rise after company reports 6% revenue growth in fourth quarter

Shares of IBM rose as much as 7% in after- hours trading, but pared much of their gains on Monday after the software and services company announced that fourth-quarter revenue rose 6%, beating expectations. During the period, IBM spun off its Managed Infrastructure Services division into Kyndryl. Revenue from IBM ‘s continuing operations increased 6% year over year, the company said in a statement. Some of the growth came from sales to Kyndryl. Fourth-quarter net income rose 72% from a year ago to $2.33 billion, while gross margin fell to 56.9% from 58.9%.

Marmite maker cuts thousands of jobs worldwide

Consumer goods giant Unilever will announce thousands of job cuts this week. The Marmite and Dove soap maker will cut jobs in more than 100 countries, with cuts planned in the “low thousands,” a source said. The announcement comes a week after Unilever failed in its £50 billion takeover attempt of GlaxoSmithKline’s consumer health division. Unilever, which declined to comment on the cuts, is under growing pressure from investors to accelerate its growth. The British company, which employs 149,000 people worldwide, will make the layoffs as part of a broader restructuring that aims to introduce a more competitive business model. It is not yet clear where the job cuts will take place. The company employs more than 6,000 people across its operations in the UK and Ireland.

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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