International News and Market Update: Rivian shares fall over 2021 production, and more

 International News and Market Update: Rivian shares fall over 2021 production, and more

International News and Market Update.

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European stock markets closed weaker Monday, while global markets were on edge in anticipation of key U.S. inflation data this week and further comments from the Federal Reserve. The pan-European Stoxx 600 provisionally closed down 1.3% after rising 0.3% earlier in the session. Technology stocks fell 3.2% to lead losses, while banks, which would benefit from higher interest rates, gained 0.4%. Eurozone unemployment fell to 7.2% in November from 7.3% in October.

U.S. stocks staged an afternoon rally Monday as large-cap technology stocks erased earlier losses and the Nasdaq Composite ended its four-day losing streak. Large-cap technology stocks were under pressure early in the trading session, but were able to stabilize and rally later in the day. Nvidia, Tesla and Apple all closed higher after losing ground early in the trading session. Federal Reserve Chairman Jerome Powell is scheduled to testify at his nomination hearing before a Senate committee later today, while Fed Governor Lael Brainard’s nomination hearing for the vice chair post is set for Thursday.

Markets in the Asia-Pacific region were mostly lower this morning as investors remain concerned about inflation and the likely tightening of policy by central banks such as the Federal Reserve. Australia’s ASX 200 fell 0.7% this morning. The heavily weighted financials sub-index fell 1.56% as the country’s major banking stocks sold off. Commonwealth Bank of Australia shares fell 2.39% and ANZ slipped 1.62%.

Taiwan Semiconductor Manufacturing posts new quarterly revenue record

Leading chipmaker TSMC posted a new quarterly revenue record at the end of 2021, boosted by continued demand for semiconductors from top customers such as Apple and Qualcomm. Fourth-quarter revenue totaled $ 438.18 billion in new Taiwan dollars. This is the sixth consecutive quarterly revenue record for TSMC. Demand for semiconductors, which are important for everything from smartphones to cars, continues to rise, even as several industries are hit by a shortage of French fries.

Rivian shares fall over 2021 production

Shares of Rivian Automotive fell 5% in after-hours trading Monday after the company said it missed its 2021 production target and confirmed the departure of its chief operating officer. The electric vehicle startup announced that it built 1,015 vehicles in its first months of production – 185 vehicles less than its original production target. Of those vehicles, 920 were delivered to owners, Rivian said in a statement. The production results come less than a month after the company announced it would miss its 2021 production target of 1,200 vehicles by “several hundred vehicles.”

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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