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The decline of Amazon and Elon Musk’s acquisition of Twitter led to dramatic hours in Wall Street’s Big Tech sector.
The billionaire gave the impression of verifying media reports about his acquisition, tweeting shortly before 5 a. m. UK time on Friday: “The bird has been released. “Aggraval.
Amazon shares fell 10% after the tech company said profits would fall due to emerging hard work and delivery costs.
Energy giant Chevron beat analysts’ estimates, posting second-highest quarterly earnings in its history amid surging demand for oil and gas. Exxon and Chevron made combined profits of about $30 billion in the three months through September, the equivalent of about $1 billion each and every 3 days.
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Elon Musk completes acquisition of Twitter
Amazon’s effects fuel the collapse of the tech sector
NatWest makes provision for debts of £242 million
17:38, Simon Hunt
The FTSE 100 closed 26 things at 7,047 tonight after Natwest’s gains raised concerns about wider problems in the banking sector.
NatWest recorded an “impairment charge” of £242 million for the last 3 months alone. This compares favourably with Barclays at £381 million, Lloyds Bank at £668 million and HSBC’s £930 million, but remains a transparent sign of near distress.
The news sent Natwest shares down 9% and bank stocks overall down more than 2%.
Airtel Africa had a great day today. Its shares plunged more than 15% after reporting a 9. 1% drop in pretax profits, but shares rallied around 6% today, reducing some of the losses.
14:59, Simon Hunt
U. S. stocks fell in early trading in New York after disappointing earnings figures from Amazon and Apple, which dampened hopes of extraordinary sales in the holiday quarter.
The Nasdaq fell 26 issues to 10,766, while the S
Amazon shares fell 10% after the tech company said profits would fall due to emerging hard work and delivery costs.
The company forecast fourth-quarter net sales of between $140 billion and $148 billion, well below analysts’ expectations of $155 billion, according to Refinitiv data. Third quarter net sales of $127 billion were also under market consensus.
Matt Britzman, equity analyst at Hargreaves Lansdown, said: “Amazon’s third-quarter effects largely disappointed overall, and investors’ biggest maximum fear is likely due to forecasts for the fourth quarter, historically the most important time of the year for e-commerce.
“Obviously, Amazon was given too big too early in its expansion plans and had to slow down and then review to keep prices in check. “
13:33, Simon Hunt
The energy giant joined Chevron in breaking its earnings estimates today, posting consistent third-quarter earnings with a steady $4. 45 percent, ahead of analysts’ expectations of $3. 79.
Revenue for the quarter rose more than 50% to $112 billion, about $3 billion below market expectations.
That means Exxon and Chevron made a combined profit of about $30 billion in the three months through September, the equivalent of about $1 billion each and every three days.
12:05, Simon Hunt
Four hours into today’s trading session, here’s a snapshot of value gains on the FTSE 100.
The index is down 31 numbers to 7042. Banks lead the losses, after NatWest posted an “impairment charge” of £242 million for the last 3 months alone. This compares favourably with Barclays with £381 million, Lloyds Bank with £668 million and £930 million from HSBC, but remains a transparent sign of impending danger.
Glencore shares also fell after cutting annual production forecasts for some commodities, blaming points such as excessive weather in Australia and trade action at a nickel mine in Canada.
11:28, Simon Hunt
Energy Chevron beat analysts’ estimates by posting its second-highest quarterly profit in its history amid surging demand for oil and gas.
The company posted net profit of $11. 2 billion (£9. 6 billion) in the third quarter. Gains, by percentage, came in at $5. 78, nearly a dollar above market expectations.
“We had a quarter of solid monetary performance,” Chevron Chief Executive Michael Wirth said, adding that oil and fuel production hit a “quarterly record. “
11:02, Simon Hunt
The slowing figures for the French economy have done little to allay fears that Europe could slip into recession this winter. The second economy of the eurozone grew by 0. 2% in the 3rd quarter, compared to 0. 5% in the last 3 months.
Germany’s preliminary GDP figure showed a modest expansion of 0. 3%, compared with just 0. 1% in the past and before market expectations.
France’s effects were in line with expectations, but economists expect stable functionality in the current quarter as inflation and emerging interest rates cut spending.
The European Central Bank doubled its main deposit rate to 1. 5%, and policymakers warn that additional increases are being made to combat inflation.
On an annual basis, France’s statistics firm said GDP grew 1% in the third quarter, with an expansion of 4. 2% in the current quarter.
10:19 , Graeme Evans
Glencore shares fell 3% after cutting annual output forecasts for some commodities, blaming points such as excessive weather in Australia and trade action at a nickel mine in Canada.
Shares fell 13. 6p to 487. 4p and Rio Tinto fell 3% or 155p to 4509p while the FTSE One hundred index fell 55. 70 issues to 7017. 99.
Mining valuations have been tense in recent days, fueled by considerations about the call for prospects in China and after a lackluster reaction to recent production reports, which De Beers owner Anglo American added yesterday.
Glencore reported a sharp quarterly drop in copper production as it cut its annual forecast for several commodities, coal, due to severe flooding in New South Wales.
Zinc production projections have also been affected due to chain problems in Kazakhstan as a result of the war in Ukraine, with nickel down due to a recent 15-week strike at its northern Quebec mining complex. However, Glencore’s mammoth marketing operation is expected to perform above average functionality at the time of the year.
The publicity strain for miners came as investors pulled back on the sidelines, rattled by weak profit figures and Amazon’s nerves over next week’s interest rate decisions in the UK and US. U. S.
Further significant increases are expected, in stark contrast to today’s resolution through the Bank of Japan to keep its main short-term interest rate at minus 0. 1%.
Amazon’s update hit consumer-focused stocks, with transatlantic retailer JD Sports Fashion down 3%, down 2. 7p to 98. 8p.
On the FTSE 250 index, which fell 1. 2% or 210. 56 issues to 17,871. 36, ASOS fell 30. 5 pence to 615. 5 pence and the publisher of customer magazine Future fell 67 pence to 1171 pence amid a sell-off in technology and expansion stocks.
10:05, Simon Hunt
Bankruptcies rose 2% in the three months to September, the data showed, the latest sign that Britain’s economy is approaching recession.
One in 405 adults went bankrupt between Oct. 1, 2021, and Sept. 30, 2022, a 3% increase from last year, but the overall numbers were down from last quarter.
Bankruptcies rose four percent from last quarter to 1,713, but were below 2021 levels. Insolvencies soared in the latter part of 2021 as the government began rolling out its coronavirus emergency program for businesses.
09:42 , Simon English
Britain’s 4 largest lenders earmarked £2. 5 billion this week to tackle bad debts, a clear sign that bankers are in favour of a recession.
Today, NatWest recorded an “impairment charge” of £242 million for the last 3 months alone. This compares favourably with Barclays at £381 million, Lloyds Bank at £668 million and HSBC’s £930 million, but remains a transparent sign of withdrawal. Close anguish.
This £2. 5 billion figure comes with write-offs from other major street lenders, such as Spain’s Santander or the Nationwide Building Society.
Fears are growing of a 30% collapse in space costs. This would leave many other people in a negative monetary situation, just when they end up renegotiating mortgages at much higher costs as interest rates skyrocket.
NatWest chief executive Alison Rose said the bank had conducted 600,000 currency suitability checks in its attempt to be proactive in managing people’s finances.
“The degrees of anxiety in other people are high,” he told The Standard. “We don’t see mortgages in spaces yet, but we know other people are very concerned. “
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09:12 , Simon Hunt
Four of the world’s richest tech billionaires have noted their wealth falling by more than £50 billion in the past week, as falling household incomes reduce customer demand and rising labour prices have damaging profit margins.
Meta founder Mark Zuckerberg’s wealth fell £12 billion after Meta’s shares fell 20%, and investors reacted with sadness to a 52% drop in net revenue source to $4. 4 billion (£3. 8 billion) in the quarter to Sept. 30.
Google founders Larry Page and Sergei Brin lost 20 billion pounds after Google’s parent company Alphabet reported sales figures of about $2 billion below analysts’ expectations.
Meanwhile, Jeff Bezos is expected to lose some £22 billion of his wealth, as Amazon shares fell 19% in the secondary market overnight, as the tech giant warned that profits are expected to fall in the fourth quarter due to increased hard work and delivery expenses.
Matt Britzman, equity analyst at Hargreaves Lansdown, said: “Obviously, Amazon was too early in its expansion plans and had to slow down and then review to keep prices in check. “
08:45 , Graeme Evans
London market sellers, with the hundred FTSE index down 0. 9% or 64. 54 issues to 7009. 15 and the FTSE 250 index down 1. 2% or 225. 59 issues to 17,856. 33.
Confidence has been shaken by Amazon’s weak earnings figures, while investors are also positioning themselves for next week’s interest rate decisions in the UK and US. U. S.
Major retail stores come with JD Sports Fashion, which generates much of its profits in the United States. Its shares fell 3%, from 2. 7 pence to 98. 8 pence.
Mining stocks added to the tension after Glencore forecast its annual output for some commodities. Its shares fell 3% or 15. 4p to 485. 6p and Rio Tinto lost 145p to 4519p.
08:35 , Simon English
Lucky Voice’s karaoke bars have revealed plans for a massive investment and expansion program after customers returned to their venues much faster than expected after the pandemic.
The company, which has London headquarters in Soho, Islington and Holborn attended by celebrities including Harry Styles, Paul McCartney and Gwyneth Paltrow, said the industry had surpassed 2019 grades “just a few weeks” after reopening in May last year. Between March and May of this year, revenues exceeded by 54% the same era in 2019.
Under the new plan, the company aims to have 10 locations by the end of 2024, “including an expanded presence in London. “in Soho.
Managing Director Charlie Elek said: “We’ve been putting together phenomenal components since 2005 and sound better than ever in 2022. The renovation of our Soho site is part of a broader strategy for the company as we look to grow and invest in our locations to ensure we provide the maximum experience for both visitors and our teams. Our project is to mix karaoke with wonderful service, generation and food and drink, and we are constantly thinking about how to give other people their favorite night. .
08:14 , Graeme Evans
NatWest boss Alison Rose said the street lender continued to post strong monetary functionality after third-quarter profit rose from a year earlier to £1. 1 billion.
The effect of the rate hike means that the bank’s net interest margin of 2. 99% was 27 basis points higher than in the last quarter of the year.
NatWest assumed a bad debt ratio of £242 million in relation to its core business, which it said reflected the situation by making plans for underlying accounting functionality where situations remain benign.
Chief Executive Alison Rose said: “The bank’s strong capital and liquidity mean we need to help those who are most likely to want it. “
However, stocks fell 6%, as higher inflationary pressures mean the bank no longer expects prices in 2023 to be broadly stable.
08:09 , Simon Hunt
Elon Musk is now all the rage on Twitter and has fired his three smartest executives.
Sources on Thursday evening (early Friday morning in the UK) did not say whether all the settlement documents, first valued at $44 billion (£38 billion), had been signed or closed.
However, they said the South African-born businessman was in charge of the company and had fired CEO Parag Agrawal, chief financial officer Ned Segal and general representative Vijaya Gadde.
The billionaire gave the impression of verifying media reports about his acquisition, tweeting a little before 5 a. m. (UK time) on Friday: “The bird is free. “
07:51 , Simon Hunt
British Airways owner IAG’s profit totaled 1. 2 billion euros (£1 billion) in the three months to September, amid a return abroad over the summer.
The company’s profit amounted to €7. 3 billion, about 1% above pre-pandemic levels, despite continued restrictions in Asia and disruptions at Heathrow Airport.
Luis Gallego, IAG CEO, said: “All of our airlines have been particularly successful and we continue to see passenger demand as capacity and charging points recover.
“Demand for recreation is healthy and recreational revenue has returned to pre-pandemic levels. The business continues to recover steadily.
07:44 , Graeme Evans
The hundred FTSE index is expected to fall today, after hitting its point in more than a month last night due to the rise in energy stocks.
Disappointment over technology gains and uncertainty over next week’s interest rate decisions on both sides of the Atlantic mean CMC Markets expects the FTSE 100 to open 47 issues lower on 7026.
Futures markets also point to a 1% drop for the tech-focused Nasdaq when trading resumes on Wall Street later.
Elsewhere, Brent crude was down 1% at $95. 97 a barrel and the pound was below $1. 153.
07:30 , Graeme Evans
Last night, Amazon, the newest of Wall Street’s big tech corporations, disappointed after the e-commerce giant warned of lower-than-expected profits due to emerging hard work and delivery costs.
The company also forecast fourth-quarter sales of between $140 billion and $148 billion, well below analysts’ expectations of $155 billion, according to Refinitiv data.
Third quarter net sales of $127 billion were also under market consensus. Shares fell 20% in after-hours trading.
Meanwhile, Apple released quarterly numbers in line with expectations, iPhone earnings fell short of Wall Street projections. Stocks were largely unchanged, after falling 3% in normal trading on Thursday.
Technology valuations fell this week after the largest corporations accounted for 20% of the effects released through the S.
Oanda analyst Edward Moya said last night: “A lot has happened today for great technology; Apple’s holiday outlook is disappointing, the pain of inflation is more noticeable, and unfavorable exchange rates will hurt sales in the long run. “