FTSE continues to drop
FTSE 100 stock index fell nearly 2% below 6,900, putting significant selling pressure on London’s stocks. Concerns about the interest rate hikes to control inflation continue to hurt markets. Moreover, the effect of the UK’s questionable fiscal strategy on global economic growth continued to dominate sentiment.
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Pinduoduo (PDD) stock jumped 15% in the pre-market after quarterly results. The company reported much higher earnings per share of 8.62 instead of 4.79. The forecasted revenue for Q3 was $30.71 billion, but the firm surprised the market with $35.5 billion revenue.
Several stock indices had a relief rally, taking S&P 500 15.5% higher and Nasdaq 12.5% up from their local bottoms. The upcoming Christmas suggests the uptrend may continue due to the historic “Santa Claus Rally.” This could take S&P 500 above 4,100 and Nasdaq above 12,200 if history repeats itself. However, dangerous levels are in the way.
The German stock index DAX has been rising for eight weeks in a row. The growth started in early October, fueled by signals from central banks that rate hikes won’t be that aggressive anymore. Meanwhile, the German GDP jumped 0.4% from 0.1% in the last quarter. DAX is up almost 23% in less than two months.
Medtronic (MDT) stock dropped 5% in the pre-market after releasing its financial results. The anticipated 1.28 EPS was beaten with 1.3, but revenue declined. Quarterly revenue is $7.6 billion instead of forecasted $7.7 billion.
Disney (DIS) stock soared 9% to $100 in early trading hours on Monday. The stock rose after Disney announced that former CEO Bob Iger would return to lead the company again with an immediate validity.
The social platform Grindr had an IPO on Friday on the New York Stock Exchange. Grindr started trading at $16.9 per share under its new ticker, GRND, soaring to a high of $71.5 during the session. When the market closed, the stock price more than doubled to $36.50.
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Porsche plans to launch its first Web3 project, which will consist of 7,500 NFTs. The NFT collection is based on the classic Porsche 911 and will launch in January 2023. Each NFT will be built as a unique 3D asset in Unreal Engine 5.
The annual inflation rate in the Euro Area decreased back to 10% from a record high of 10.6% in October. The result exceeded market expectations by 10.4%, finally declining after several increases.
WTI crude oil increased toward $80 after a decline in US crude inventory by 8 million barrels last week. An upcoming OPEC+ meeting sparked fears of further output restrictions, as OPEC+ is supposed to meet on Dec. 4th to decide on output strategy. Rumors that the cartel will reduce output further in response to market weakness are gaining momentum.
Australia’s annual inflation rate fell to 6.9% in October 2022. It decreased from September’s record high of 7.3% and fell short of expectations of 7.4% due to a lower increase in food prices.
One of the largest Solana-based wallets Phantom is expanding to other blockchains. The wallet will expand to Polygon and Ethereum, threatning the market leader Metamask. Phantom reportedly now has more than 3 million users.