Tag Archives: Market News

European stock markets were higher in pre-trade amid impending Congress vote on the proposed US debt ceiling bill. European markets opened higher on Monday following the US debt ceiling deal between President Joe Biden and House Speaker Kevin McCarthy. Over the weekend, the two high-ranking politicians finally agreed to raise the US debt ceiling, thereby preventing a default. In light of the deal, Biden and McCarthy now seek to convince Congress to approve implementation in the coming...

Swedish fintech mainstay Klarna cut its Q1 net loss to $120.7 million while boosting operating income by 22% YoY. Klarna Bank AB significantly improved its Q1 bottom line after halving the net loss sustained for the period compared with last year. For the first quarter of the year, the Swedish fintech giant posted a net deficit of 1.3 billion Swedish krona ($120.7 million). This reverse is down 50% from Klarna’s year-ago outing as the company looks ahead toward profitability. In Q1 2022,...

The ongoing negotiations surrounding the US debt ceiling have been a key focal point for investors as the June 1 deadline approaches. The United States Treasury bond market experienced a decline in yields on Friday as investors eagerly await the release of key inflation data and updates on debt ceiling negotiations. According to reports, the yield on the 10-year Treasury fell by 3 basis points to 3.829%, while the 2-year Treasury yield dropped by nearly 6 basis points to 4.57%. It is...

Due to a favorable forecast and AI adoption, Nvidia has seen explosive growth and could soon hit the trillion-dollar market cap. Nvidia Corporation (NASDAQ: NVDA) is fast approaching the trillion-dollar market cap due to its explosive stock surge. On Thursday, the chip maker’s shares jumped 26% following a robust earnings outlook and increased production scale. Nvidia’s market valuation sits at $950 billion, which is almost $200 million higher than it was at Wednesday’s close. The Santa...

American spaceflight company Virgin Galactic has announced preparation for a highly anticipated milestone as it prepares to launch its first spaceflight in nearly two years. This crucial flight serves as the Virgin Galactic Holdings‘ (NYSE: SPCE) final test before the company begins flying commercial passengers, marking a significant step forward in the realization of its space tourism vision. The mission called ‘Unity 25’ represents the company’s fifth space voyage and is expected to...

Nvidia recently increased its quarterly earnings guidance on the back of solid demand, also sparking a rally in AI stocks.  The latest earnings outlook of Nvidia Corporation (NASDAQ: NVDA) has triggered a substantial rally in artificial intelligence (AI) stocks. Early Thursday, the chip maker’s stock soared, pulling other AI-exposed companies higher on a better-than-expected sales forecast. Nvidia’s bullish sales forecast originated from surging demand for its AI chips, which has also...

The IPO process would involve offering shares of Banamex to the public, allowing outside investors to purchase those shares and become partial owners of Banamex. American multinational investment banking giant Citigroup Inc (NYSE: C) has revealed its plans to pursue an Initial Public Offering (IPO) for its Mexico business, Banamex. The bank intends to separate Banamex from its operations and offer shares of Banamex to the public for the first time. According to the announcement, Banamex,...

China’s Xpeng shares were trading lower in US pre-trade after the EV company forecast significantly lower vehicle deliveries for Q2.  The shares of Chinese electric vehicle (EV) giant XPeng Motors (NYSE: XPEV) slid 5% following missed Q1 earnings and a gloomy delivery forecast. Xpeng shares sank in US pre-market trade after the company reported a 50% year-over-year (YoY) decline in Q1 revenue. The company raked in income of 4.03 billion Chinese yuan ($571.6 million) compared to the 5.19...

For Q1 2023, Xiaomi sold far fewer smartphones than in the first quarter of last year due to waning demand.  Xiaomi Corporation recently posted its Q1 2023 earnings report, which saw its revenue plunge 18.9% amid a wane in global smartphone demand. On Wednesday, the Chinese consumer electronics designer and manufacturer reported first-quarter sales of 59.5 billion yuan ($8.61 billion). Xiaomi’s Q1 2023 sales figure was roughly in line with the 59.43 billion yuan analysts expected for the...

Crop commodities, including orange juice, are bullish following several underperforming weeks and could hit record highs May-ending.  Orange Juice futures climbed 29% this year and is fully recovering following the volatility that succeeded its record highs. The world benchmark FCOJ (Frozen Concentrated Orange Juice Futures) contract remains firmly rooted among raw materials with double-digit gains for 2023. Amid this development, agriculture-focused financial services provider Rabobank...