International News and Market Update: U.S. bans telecom giant China Unicom over spying concerns, and more

 International News and Market Update: U.S. bans telecom giant China Unicom over spying concerns, and more

International News and Market Update.

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European stocks fell sharply Friday, capping another volatile week for markets that was marked by fears over the direction of central bank policy. The pan-European Stoxx 600 closed down 1%, with mining stocks leading the losses with a 2.8% drop, while almost all sectors slipped into negative territory except retail and travel. Earnings were one of the main drivers of individual stock price performance on Friday. Dutch lighting company Signify saw its share price jump almost 11% following strong results.

U.S. stocks recovered by Friday’s close, ending a roller-coaster week driven by resurgent technology stocks. Shares of Apple jumped nearly 7% after stellar quarterly results drove stock prices higher. The company reported its strongest single quarter ever in terms of revenue, despite supply issues and the lingering effects of the pandemic. Major tech companies Microsoft, Amazon, Facebook parent Meta and Google parent Alphabet all closed higher Friday.

Stocks in the Asia-Pacific region were mixed this morning – the last trading day of January – as markets in mainland China and South Korea are closed for the New Year holiday. Official data released Sunday showed that growth in Chinese factory activity slowed in January. The country’s official manufacturing Purchasing Managers’ Index stood at 50.1 in January, just above the 50 mark that separates growth from contraction. The January reading compares with December’s 50.3.

Chevron’s fourth-quarter profit falls short of expectations

Shares of Chevron fell Friday after the company posted a mixed quarter despite rising oil and gas prices. Chevron earned $2.56 per share excluding items in the fourth quarter, while analysts had expected $3.12 per share, according to estimates from Refinitiv. Revenue, meanwhile, came in at $48.13 billion, above the $45.69 billion expected. For the full year, Chevron reported record free cash flow of $21.1 billion, while reducing debt by $12.9 billion. The oil giant earned a profit of $15.6 billion this year, compared with a loss of $5.5 billion in 2020. Chevron’s fourth-quarter results compare with a loss of one cent per share on an adjusted basis in the year-ago quarter and revenue of $25.25 billion.

U.S. bans telecom giant China Unicom over spying concerns

China Unicom is the latest Chinese telecommunications giant to be banned from the U.S. over “significant” national security and espionage concerns. The Federal Communications Commission (FCC) said it had voted unanimously to revoke the company’s U.S. unit’s licence to operate in the United States. The company must stop providing telecommunications services in America within 60 days. The announcement comes after larger rival China Telecom had its licence to operate in the U.S. revoked in October.

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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