FOR$IN — Financial News

Amazon (NASDAQ:AMZN) signs SpaceX for three Falcon 9 launches, boosting Project Kuiper's satellite broadband network. 🚀

🌐 Mission: Connect Globally
Designed for multi-launch providers, Project Kuiper accelerates global connectivity, reducing schedule risks. 🌍

🚀 Power Combo
With SpaceX's Falcon 9 joining forces, Amazon enhances its deployment schedule for Project Kuiper. 🤝

🛰️ Falcon 9 Takes Flight
Three Falcon 9 launches set for mid-2025, adding to SpaceX's impressive 270+ successful missions. 🚀

🌍 Ready to Connect
Project Kuiper gears up for full-scale deployment in early 2024, with customer pilots expected by late 2024!

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⚠️🇺🇸 #inflation #USA #sentiment
Long-term consumer inflation expectations in the US have risen to a 12-year high. Consumer confidence has fallen to a six-month low — BBG

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❗️🌎 47 Countries to Implement 'Crypto Asset Reporting System (CARF)' by 2027. (original)

The system involves an automatic exchange of information between tax authorities of different jurisdictions.

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📉 Chip Stock Shockwave! 📊

Major Asian chip stocks tumbled after China's leading chipmaker, SMIC, reported an 80% dive in quarterly profits to $94 million, a sharp contrast to last year's $470.8M. Despite only a 15% drop in revenue, their gross margin halved to 19.8%.

With a forecast for even tighter margins and a spike in capital expenditures, demand for semiconductors wanes. SMIC's shares dropped by 4.8%, and this sentiment echoed across the industry with peers like Hua Hong and giants TSMC and Samsung also seeing declines.

The fall reflects a broader industry trend, with lackluster results from top players suggesting that even the AI development boom may not be enough to lift the sector.

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📊 Market Update 📈

BMO Capital Markets maintains a bullish outlook for US stocks through 2023. Year-end target: S&P 500 at 4,550, potentially up by 5.3%.

Key Drivers:
1️⃣ Strong Q3 Earnings
2️⃣ Cautious Interest Rates

S&P 500 recovers with a 4.9% rise, rebounding from a 7% dip in Sep-Oct, driven by robust earnings and steady interest rates.

Federal Reserve's Recent Decision:
❌ No Rate Hike in November
📈 Decision supported by higher long-term rates.

Optimism remains due to a resilient labor market and robust consumer spending.

BMO's Top-Performing US Stocks:
📊 15 Companies Up 25.5% in the Past Year
🚀 Outperforming S&P 500's 12.1% Growth

BMO's Forecast: Positive Outlook for US Stocks in 2023! 📅

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🔔 Today's Market Highlights

Tech Titans Shine! 🌟

Meta Platforms (NASDAQ:META) beats Q3 expectations, but stock dips on Q4 revenue guidance.
Today, keep an eye on Amazon (NASDAQ:AMZN) as they reveal their earnings, with a focus on same-day delivery expansion impact.

Futures Dip Amid Tech Earnings

U.S. stock futures drop as tech giants' earnings impact the market.
Tech sector took a hit after Alphabet's cloud revenue miss.

ECB Pauses Rate Hikes

European Central Bank expected to pause rate hikes after 10 consecutive increases.
A weakening eurozone economy and Middle East conflict create uncertainty.

U.S. GDP Growth

The U.S. GDP is expected to rise at a 4.3% annualized rate, driven by strong consumer spending.
Fed to meet next week, but interest rates likely to remain unchanged.

Crude Oil Update

Crude prices dip as U.S. oil stocks rise.
Market remains uncertain due to developments in the Israel-Hamas conflict.

🐳 Over 800 million #USDT and #USDC were deposited into the Binance cryptocurrency exchange today!

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🔔 Today's Highlights

Tech Earnings Today! 📈

Microsoft (NASDAQ:MSFT) is set to announce earnings after the bell! Investors keen on its AI cloud-computing updates.
Alphabet (NASDAQ:GOOGL) watch out for its earnings and insights on the digital ad landscape.
Market Mood: U.S. stock futures looking good with Dow, S&P500, and Nasdaq futures all edging higher!

Bitcoin Boom! 🚀 Bitcoin skyrockets by 11% reaching $34,166. All eyes on the potential Bitcoin ETF approval.

Economic Indicators: 📉 PMI data reveals an economic slowdown. Europe, especially Germany, seems to be heading into a recession.

Oil Update: Crude prices dip slightly. The situation in Gaza keeps traders on their toes.

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🇺🇸 US Macrodata:

▪️ Initial Jobless Claims

FACT: 198K
FORECAST: 212K
PRIOR: 211K

▪️ Philadelphia Fed Manufacturing Index (Oct)

FACT: -9.0
FORECAST: -6.4
PRIOR: -13.5

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🚀 Netflix Surges on Stellar Earnings! 🍿

📈 Netflix (NFLX) shares soar 13.5% in pre-market trading as it smashes profit expectations with rising subscribers. 💥

📊 Q3 earnings per share: $3.73, Revenue: $8.54B – beating analyst estimates. 📈

👥 Paid subscribers surge by 8.76 million, surpassing expectations. 📈

🎬 Netflix deals with industry challenges like writers' strikes and continues talks with actors' unions. 🤝

🚀 Q4 outlook: EPS $2.15, Revenue ~$8.69B, aiming for 10.7% revenue growth. 📈

📈 Operating margin in Q3: 22.4%, exceeding guidance, with a strong 2023 outlook. 📈

💼 KeyBanc upgrades to Overweight, setting a $510 target, citing Netflix's growth potential. 🎯

💹 JPMorgan raises price target to $480, highlighting revenue acceleration and strong content slate. 📊 #Netflix

🔸Canon steps into the semiconductor manufacturing arena with its Molecular Imprints acquisition, taking on giants ASML and Nikon.

🔸Cutting-edge tech produces 5-nanometer circuits via extreme ultraviolet lithography (EUV), aiming for 2nm in the future.

🔸Memory leaders like SK Hynix, Toshiba, and Kioxia test Canon's innovative machines, bypassing traditional photolithography.

🔸Despite past defects and trade war implications, Canon's approach may not face restrictions.

📈 Canon's shares surge 26% this year, driven by AI applications.

🔸Canon also gears up for its first plant in 20 years, operational by 2025. 🏗️

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🚀 Key Takeaways:

🔸Britain approves Microsoft's acquisition of Activision Blizzard after addressing competition concerns.
🔸The deal, initially blocked by the Competition and Markets Authority (CMA) in April, was revisited following concessions from Microsoft.
🔸Microsoft agreed to sell streaming rights to Ubisoft Entertainment, ensuring competitive terms.
🔸CMA emphasizes its independence and commitment to competition, delivering a better outcome.
🔸Approval allows Microsoft to close the deal by Oct. 18, extending the UK approval deadline.
🔸CMA praises Microsoft's "gamechanger" concession in preventing a stranglehold on cloud gaming competition.
🔸Microsoft aims to enhance its presence in console, mobile, PC, and cloud gaming.
🔸The European Commission previously approved Microsoft's commitments to license Activision's games to other platforms.
🔸CMA's decision draws attention to regulating tech giants without political influence.

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📈 Market Update: Indian Bond Yields 🇮🇳

CLSA predicts benchmark Indian bond yields to drop to about 7% by fiscal year-end due to strong demand and market corrections.

🔍 Central bank's unexpected bond sales led to speculation, pushing 7.18% 2033 bond yield to a 7-month peak of 7.40%.

📉 CLSA anticipates an initial sell-off, pushing the 10-year G-sec yield to 7.4%. However, they expect it to ease to 7.0% by March 2024 and further to 6.5% by March 2025 due to aggressive domestic market pricing.

🌐 These forecasts are influenced by the U.S. Federal Reserve's 'higher-for-longer' policy, emphasizing the global monetary policy's impact on India's bond market.

📈 Market Update: Stocks Rise, Yields Fall 📉

📊 Stocks Rally: Nasdaq and S&P 500 surge over 1% on Fed comments.

🏦 Fed Signals: Atlanta Fed President Bostic suggests no need for further rate hikes, no recession in sight.

📉 Yields Drop: Fed officials' comments and Middle East violence drive Treasury yields down. 10-year yields down 10.6 basis points.

🌍 Global Gains: Pan-European STOXX 600 up 2%, MSCI's global stock gauge on track for fifth consecutive day of gains.

🛢️ Oil Prices Dip: U.S. crude down 0.81% to $85.68 per barrel, Brent at $87.42, down 0.83%.

💰 Market Impact: Israeli markets and companies exposed to Israel affected.

💹 Currency Moves: U.S. dollar index down 0.2%, euro up 0.4% at $1.0608.

🇨🇳 China Warning: Country Garden Holdings warns of offshore payment challenges, impacting Asian markets.

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🌍 Market Update: Middle East Tensions Roil Markets 📉

🛢️ Oil Surges: Middle East conflict lifts oil prices over $3 a barrel. Brent at $87.72 and US crude at $86.07.

🪙 Safe Havens Shine: Japanese yen and gold sought for safety amid geopolitical uncertainty.

💰 Currency Moves: Euro eases against yen (€157.37), dollar (€1.0552). Dollar dips to ¥149.14.

📈 Bond Relief: Sovereign bonds rebound with 10-year Treasury futures up, yields around 4.74%.

📉 Equities Affected: S&P 500 futures down 0.8%, Nasdaq futures down 0.7%, EuroSTOXX 50 futures slip 0.4%, FTSE futures down 0.1%.

🌏 Asia-Pacific Shares: MSCI's index flat; Chinese blue chips down 0.6% on return from holidays.

📊 Rate Expectations: Strong U.S. jobs report raises rate expectations. Fed fund futures suggest an 86% chance of no rate hike in November.

📈 Inflation Data Ahead: Eyes on September consumer prices to gauge inflation trends.

🏦 Fed Meeting Minutes: Minutes may reveal Fed's stance on rates.

🏭 China Data: China returns with crucial data releases on inflation, trade, credit, and lending growth.

📊 Earnings Season Starts: 12 S&P 500 companies reporting, including JP Morgan, Citi, and Wells Fargo.

📈 Goldman's View: Goldman Sachs expects 2% sales growth, margin contraction, and flat EPS in the earnings season.

📉 Market Uncertainty: Middle East developments could impact markets and Fed's rate decisions.

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📈 Top 5 Market Insights for the Week Ahead 🌐

1️⃣ Inflation Data: Keep an eye on the U.S. consumer and producer price index data for September. High inflation could reinforce the Fed's stance on 'higher for longer' interest rates.

2️⃣ Fed Minutes: The Federal Reserve's September meeting minutes are out on Wednesday. Watch for hints about potential rate hikes by year-end.

3️⃣ Earnings Season Begins: Big banks like JPMorgan, Citigroup, and Wells Fargo report this week. Investors are watching for how higher rates impact loan demand and consumer behavior.

4️⃣ Oil Prices: Oil prices saw steep weekly losses due to various factors. Keep an eye on Brent and WTI crude prices, as global growth concerns and geopolitical risks may affect them.

5️⃣ IMF & World Bank Meetings: Global finance officials gather in Marrakesh. Watch for updates on inflation control strategies and economic forecasts in the IMF's World Economic Outlook.

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🔍 Focus:

Investors are eyeing Israel due to rising geopolitical risks.

🔫 Recent Event:

Unprecedented attack by Hamas on Israel.
Western nations, including the US, support Israel.

🛒 Market Reaction:

Potential surge in safe assets like gold 🥇, US dollar 💵, and US Treasuries.

💬 Expert Insights:

"Gold is a perfect hedge against international turmoil." - Peter Cardillo, Spartan Capital Securities.
Brian Jacobsen of Annex Wealth Management highlights the importance of Saudi Arabia's reaction and the questionable impact on oil prices despite Iran's recent actions.

🔁 Current Market Situation:

Rising US interest rates, soaring bond yields, strong US dollar, and recent stock market stabilizations.

🇺🇸 US Internal Dynamics:

US internal challenges with budget showdowns and political changes may affect its international response capabilities.

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📢 Announcement:

Tesla to open its LARGEST sales and service centre in Shanghai by mid-2024.
🏢 Store Details:

Massive 861,000 sq. feet space.
Located in the developing Xin Park, Pudong district.
📊 Tesla in China:

Currently, nearly 300 Tesla stores countrywide.
Plans to potentially shift from flashy mall locations to more suburban spots.
🔧 Strategic Vision:

With an eye on service enhancement, Tesla aims for accessible locations providing both sales and repairs.

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🔍 Key Takeaways:

Nestle shares ⬇️ by 2%, hitting their lowest in over two years.
Concerns arise from Novo Nordisk's weight-loss drug Wegovy potentially reducing food spending.
Walmart noted a slight decrease in food consumption linked to appetite-suppressing drugs.
📉 Market Impact:

Danone and Unilever also see a decline: ⬇️ 1.5% and ⬇️ 2% respectively.
🎙 Industry Voices:

Jon Cox of Kepler Cheuvreux: Points to Walmart's observation but doesn't see long-term risk to the food industry.
Bruno Monteyne from Bernstein: Questions the logic of the sell-off, particularly for products like water, baby milk, and yogurt.
🔎 Vontobel Analysis:

Potential risks noted in some of Nestle's product categories but many remain unaffected: including coffee, pet food, infant nutrition, and more.

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🔍 Highlights:

Exxon Mobil in advanced talks to acquire Pioneer Natural Resources.
Deal could value Pioneer at around $60 billion.
Would be Exxon's largest acquisition since the $81 billion Mobil deal in 1998.
Pioneer is the third-largest producer in the lucrative Permian basin.
Exxon's production: ~620,000 boed in Permian basin Q2.
Pioneer's output: 711,000 boed in Permian basin Q2.
Exxon's 2022 earnings: Record $55.7 billion; had $29.6 billion in cash end of the year.
Deal expected to face political and regulatory scrutiny.
📈 Stock Impact:

Pioneer shares 🆙 ~12% to $240.47.
Exxon 📉 1.7%.
💡 Why This Matters:

Acquisition strategy to replenish reserves without "poking holes in the ground" - Bill Smead, Smead Capital Management.
Other major oil companies also looking to acquisitions over drilling new acreage.
🔜 Potential deal announcement could be in the coming days.

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