Tag Archives: Market News

Nokia’s cost reduction plan is a strategic move aimed at addressing the challenging market environment it currently faces. Finnish telecommunications giant Nokia Oyj (HEL: NOKIA) has revealed plans to cut up to 14,000 jobs as part of a comprehensive cost reduction strategy, prompted by a substantial drop in Q3 2023 earnings. Nokia Job Cut Reduction Strategy According to reports, Nokia’s decision to cut jobs and streamline its operations is in direct response to its third-quarter earnings...

Bitcoin is enjoying price spikes and increased trading volumes as Fidelity and others amend proposals while the market awaits an approval. The price of Bitcoin (BTC) hit $28,817 today in response to amendments to spot Bitcoin ETF applications submitted to the United States Securities and Exchange Commission (SEC). However, as of this writing, Bitcoin has fallen to $28,379 according to data from CoinMarketCap, a 4.3% increase over the last 7 days. The initial increase put Bitcoin at a new...

The Adidas Q3 financial success and better full-year forecast demonstrate the brand’s tenacity and adaptation in the fast-paced world of sportswear and design. Adidas AG (ETR: ADS), the renowned German sportswear giant, has made headlines as its shares climbed 4% during early European trading hours this morning, largely thanks to the unexpected success of its Yeezy inventory. Adidas Full-Year Projections On Tuesday, the company revealed that it anticipates a full-year operating loss of...

The UK Chancellor of the Exchequer Jeremy Hunt is optimistic that inflation would ease. UK inflation came in for September at 6.7%, higher than expectations set by analysts. Also, inflation in the UK remained unchanged from August. While inflation remained unaltered, the UK’s headline consumer price index (CPI) met expectations from economists polled by Reuters. The economists predicted a monthly increase of 0.5% and an annual 6.6%. For core CPI, the UK’s figure fell to 6.1%...

ASML is taking a conservative view of 2024, with revenue projections similar to 2023. ASML Holding NV (NASDAQ: ASML), one of the world’s leading semiconductor firms has reported a significant year-on-year rise in profit for the third quarter of 2023, exceeding analyst expectations. However, the company forecasts that its revenue in 2024 will remain flat. This comes as the semiconductor industry experiences a period of uncertainty, with ASML CEO Peter Wennink acknowledging the ongoing...

Though the anticipation for MiCA has gone into full throttle, ESMA has warned national regulators against allowing what it calls ‘letterbox’ entities. The European Securities and Markets Authority (ESMA) is wary of global crypto firms who might try to exploit loopholes currently present in its Markets in Crypto Assets regulation (MiCA). MiCA, whose rules are set to take effect by December 2024, would allow companies that have been registered under an existing regime to continue doing their...

Country Garden’s struggles come amidst broader turmoil within the Chinese property development sector. China’s leading private property developer Country Garden is grappling with a severe default risk on its offshore debt as it races against time to meet a critical $15 million coupon payment due on Tuesday, signifying the end of a 30-day grace period. Failure to meet this payment will trigger cross defaults, a standard within the company’s bond contracts. The company’s difficulties have...

Bank of America, once expected to be a major beneficiary of rising interest rates, has faced unexpected challenges in 2023. In a recent earnings report, Bank of America Corp (NYSE: BAC) showcased its resilience and financial strength, surpassing analysts’ expectations for the third quarter of the year (Q3 2023). Exceeding Earnings Expectations The North Carolina-based banking giant reported robust earnings per share and impressive revenue figures, further cementing its reputation as one of...

A new report notes that AI has brought trillions in good fortune to tech giants in the United States, like Microsoft, Apple, and Amazon. The ongoing AI explosion has benefited several tech companies in the US, adding trillions to their market capitalizations in a year. According to a venture capital firm Accel report, AI has helped US tech giants increase their valuations by $2.4 trillion. Tech Giants Enjoy AI Boom Accel published its annual Euroscape Report, noting the benefits tech...

The US stock futures were slightly down early this morning as the third-quarter earnings season gained momentum. According to reports, futures tied to the Dow Jones Industrial Average (INDEXDJX: .DJI) lost 46 points, or 0.13%, S&P 500 Index (INDEXSP: .INX) fell 0.13%, and Nasdaq 100 futures were also down 0.12%. US Stock Futures: Monday’s Optimistic Performance During Monday’s primary trading session, the major stock averages managed to close in the green, defying expectations as...