European stocks slipped in another volatile trading session on Thursday as concerns about the omicron covid variant persisted. The pan-European Stoxx 600 fell 1.1%, with technology stocks leading the losses with a 3.8% drop, while almost all sectors and major bourses slid sharply into negative territory.
Meanwhile, the unemployment rate across the monetary union continued to fall, hitting 7.3% in October of the labour force in October, down from 7.4% in September.
U.S. stocks rebounded sharply on Thursday after selling off in the previous session amid Omicron’s impact, as cyclical stocks recouped some of their recent losses. Shares of airlines, casinos and from the energy sector led the list of gainers on Thursday, recovering from Wednesday’s losses. Delta Air Lines rose 9.3%, MGM Resorts gained nearly 7.7% and Hilton Worldwide gained 7.4%. On the downside, shares of Apple fell after Bloomberg News reported that the tech giant is seeing slowing iPhone demand ahead of the all-important holiday shopping season.
Asia-Pacific stocks were mixed today after turbulent trading days this week as investors continue to monitor the situation surrounding the omicron Covid deal. Chinese tech stocks in Hong Kong tumbled after ride-hailing giant Didi announced on social media platform Weibo on Friday that it would take steps to delist from the New York Stock Exchange, less than six months after its debut in the US. The company also said in the statement that it will seek a listing in Hong Kong.
Chinese app giant Didi plans to pull out of US stock market and move to Hong Kong
Chinese ride-hailing giant Didi Global has announced plans to delist its shares from the New York Stock Exchange (NYSE) and move to Hong Kong. Stock Exchange (NYSE) and moving its listing to Hong Kong. The company has come under heavy pressure since its U.S. debut in July. Just days after the IPO, Beijing announced a crackdown on tech companies that list overseas. On Thursday, the US Securities and Exchange Commission had unveiled strict new rules for Chinese companies listing in America. “After careful consideration, the company will immediately start delisting from the New York Stock Exchange and make preparations for listing in Hong Kong,” the company said on its account on Weibo, China’s Twitter-like microblogging network.
U.S. regulator seeks to block U.S. Nvidia’s $40 billion acquisition of Britain’s Arm Holdings
The US Federal Trade Commission (FTC) is suing to prevent the $40 billion acquisition of British chip designer Arm Holdings by American Nvidia. According to the US authority, the acquisition would give Nvidia, one of the world’s largest chip companies, control over technologies and designs that rival companies rely on to design their own crisps. This is the latest hurdle to be thrown in the way of the acquisition, two weeks after UK Digital Secretary Nadine Dorries ordered an in-depth investigation on national security and competition grounds. The FTC alleges that the merged company would have the “means and incentive” to stifle innovation in next-generation technologies like data centres and driver assistance systems in cars.