International News and Market Update: Shell to move headquarters to UK, and more

 International News and Market Update: Shell to move headquarters to UK, and more

International News and Market Update: Shell to move headquarters to UK, and more.

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European markets closed slightly higher on Monday as investors tracked a steady stream of economic data and corporate earnings from around the world. The pan-European Stoxx 600 provisionally closed up around 0.3%, with retail and utilities stocks up 0.8%, while the materials sector slipped 1.2%. Among individual stocks in Europe, Philips fell 10.5% after the Dutch medical device maker said on Sunday it had reached an agreement with U.S. regulators following a recent inspection at one of its facilities.

U.S. stocks were flat on Monday, while U.S. Treasury yields reversed course and climbed, and investors awaited quarterly reports from major retailers later in the week. Investors will be focused on the upcoming quarterly reports from several major retailers this week. Target gained 1.6%, while Lowe’s lost 0.5%. Both will report on Wednesday. Shares of Walmart and Home Depot, both of which report later in the day, slipped.

Stocks in the Asia-Pacific region were mostly higher this morning after the Reserve Bank of Australia governor contradicted calls for a rate hike next year. Minutes of the Reserve Bank of Australia’s November monetary policy meeting released on Tuesday showed that the RBA expects to maintain the policy rate until 2024. “Given recent data and forecasts, the central scenario for the economy remains consistent with the policy rate remaining at current levels until 2024,” the minutes said.

Shares in electric car startup Lucid rise after management confirms new reservations and vehicle production for 2022

Shares in Lucid Group jumped more than 5% in after-hours trading before returning to roughly flat after the company announced its first quarterly results as a publicly traded company. The electric vehicle startup announced a sharp increase in vehicle reservations and reaffirmed its production target for next year, while reporting a third-quarter net loss of $524.4 million. Lucid, which went public in July in a SPAC deal, lost $1.5 billion in the first nine months of the year.

The company said Monday that it has more than 17,000 reservations for its Air sedan, up 13,000 from the third quarter. The reservations through September represent a backlog of $1.3 billion, the company said. Lucid also reaffirmed its production target of 20,000 vehicles for next year, but said there are still hurdles to reaching those plans.

Shell to move headquarters to UK

Royal Dutch Shell has announced plans to move its headquarters to the UK as part of proposals to simplify its corporate structure. The oil giant will ask its shareholders to vote on moving its tax headquarters from the Netherlands to the UK. It also wants to ditch its dual share structure in favour of a single class of shares to “increase the speed and flexibility” of distributions to shareholders.

Shell’s chief executive, Ben van Beurden, will relocate to the UK. The company’s chief financial officer, Jessica Uhl, will also relocate, as will seven other senior executives. Business and Energy Minister Kwasi Kwarteng welcomed Shell’s announcement, tweeting that it was “a clear vote of confidence in British business”.

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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