Economic news
What moving the Stock market today
2022.11.23 07:44
What moving the Stock market today
Budrigannews.com – Due to the severe conditions imposed by the most recent COVID lockdown, violence breaks out at Apple supplier Foxconn’s iPhone assembly plant in Zhengzhou.As the PC market continues to slow, HP announces layoffs. Observed business surveys indicate that things improved in November, giving Europe a glimmer of hope.
A price cap for Russian oil is expected to be agreed upon by the G7.The Michigan Consumer Sentiment survey and weekly jobless claims data complete the data calendar before the United States goes on vacation for the Thanksgiving holiday weekend.What you need to know about the financial markets on November 23 are as follows:
- At “iPhone City,” the largest iPhone assembly plant in the world, violent protests broke out (NASDAQ:).manufacturer Foxconn (TW:)also referred to as “Hon Hai Precision”
The plant has been under COVID-19 restrictions for a month, which is an insurmountable burden for its thousands of employees who are caught between the fear of contracting the disease at work and the fear of losing their jobs if they don’t follow instructions.Reports also mentioned workers complaining about not getting paid for the first time in recent history.
Given Foxconn’s reputation as a relatively effective crisis manager during the pandemic and the nationwide spread of COVID-19 cases in recent days, the report has a negative impact on the rest of China’s manufacturing sector.
The sank as a result of worries about similar developments elsewhere - Pre-holiday U.S. data dump Due to the approaching Thanksgiving holiday on Thursday, the United States releases its weekly data one day earlier than usual.
Even though initial claims for unemployment benefits are expected to have increased from 222,000 last week to 225,000, this level still indicates that those losing their jobs are still able to find new employment relatively quickly.
At 08:30 ET (13:30 GMT), there are also orders data, followed by the November survey and October numbers at 10:00 ET (15:00 GMT). - The stock market will open mixed;HP up after layoffs are announced. The U.S. stock markets are expected to open slightly higher, but they aren’t expected to move much before the holiday weekend because most people are trying to get home quickly.
were up 26 points, or 0.1%, by 06:30 ET (11:30 GMT), while and were up simultaneously.
HP (NYSE:), among others, are stocks that may come up later.which saw a 1.4% increase in premarket prices after the maker of laptops and personal computers said it would cut its workforce over the next three years in the midst of a long period of low demand.Additionally, Dell stated that it anticipates that the situation will worsen before it improves, citing a 17 percent decline in PC and laptop sales revenue.
John Deere (NYSE:), among other stocks mentioned in the news,which published a report in its as well as English soccer team Manchester United (NYSE:),after the club’s owner, the Glazer family, stated that they would think about selling it.That occurred on the same day that the team terminated Cristiano Ronaldo’s contract due to his harshly critical interview. - In November, European PMIs stabilize. Is that a sign that things are getting better for Europe?S&P’s purchasing manager indices, which are a rough proxy for real-time changes in the dynamics of economic growth, peaked in November in the and stopped getting worse in the. There was a spike in activity, particularly, the first since Russia invaded Ukraine in February, as businesses reported a significant decrease in bottlenecks in their supply chains.
In the U.K., in the mean time, the reclamation of universal monetary strategy seems to have about out of control expansion and forcefully higher – albeit new orders to the confidential area fell the most in north of a year, promising a somber winter ahead.
The PMIs are still well below what typically indicates contractionary territory in the UK and the Eurozone. - Oil plummets on news about China and shrugs off Russia’s price cap; Due to EIA inventories, crude oil prices fell once more as concerns about China’s demand profile were rekindled by the news.As a result of their inability to sell their products domestically, recent surveys have already suggested that the nation’s refineries are exporting more.
Prices were down 2.5% at $78.67 a barrel at 06:35 ET (11:35 GMT), and futures were down 3.1% at $85.64 a barrel.
The market continues to shrug off the G7’s attempts to set a price for a cap on Russian oil exports, which the majority of people believe is unenforceable.Urals, Russia’s primary export blend, is already trading at a $20 discount to Brent due to the stigma attached to Russian crude.All things considered, reports of a cap of around $70/bbl are probably not going to make any viable difference.
