Apple Facing EU Antitrust Charge over NFC Technology
The multi-trillion-dollar technology giant will be hit with an antitrust charge from the European Commission over its NFC chip technology, specifically regarding the practices which are considered “anti-competitive” by the European regulator. Such case can put Apple at risk of a potential hefty fine, as well as the possibility of it being forced to enable its mobile systems to other technology and merchant rivals.
MACROECONOMIC DATA ANALYSIS
Private payrolls in the United States for September have witnessed a stronger than expected surge, increasing by 568,000 jobs last month, as coronavirus infections & cases started to stabilize and lessen. This allowed the American population to travel, visit restaurants and engage once more in other activities involving human contact.
According to Russian President Vladimir Putin, Russia is ready to supply more natural gas to offset the growing energy crisis. Such initiative is focused towards “stabilizing global energy markets”, with Russia aiming to prove its stance as an energy provider on a worldwide scale.
The U.S. dollar rises once more driven by soaring energy prices, which could trigger an inflationary rise and interest rate hikes, as traders & investors optimistically await the Federal Reserve’s decision on monetary policy tightening. The dollar index, compared to a bundle of major currencies, climbed 0.64% to value at 94.373.
Gold prices hold firmly, despite a strengthening U.S. dollar greenback and higher American Treasury yields, which typically drive the precious metal price downwards. Investors are eagerly awaiting the U.S. jobs report, to be announced on Friday, which includes the highly anticipated non-farm payrolls that determine the Fed’s asset tapering timeline. Gold futures are currently priced at $1,759 per ounce.
Crude oil prices drop from multi-year highs, which was initially driven by The Organization of Petroleum Exporting Countries (OPEC) and its allies’ refusal to boost production in a more rapid manner with increased concerns & worries about the global energy supply shortage. Brent oil collapsed 1.48% to $81.34 a barrel, while WTI oil declined 1.53% to $77.72 per barrel.
USA: S&P500 -0.56%, Dow Jones Industrial Average -0.71%, Nasdaq Composite -0.09%
Europe: FTSE 100 -0.98%, DAX -1.37%, CAC 40 -1.35%
Asia: Nikkei 225 -1.05%, Hang Seng -0.57%, CSI 300 +0.67%, Nifty 50 -0.99%
E-commerce leader Amazon, as part of its Climate Pledge Fund, has invested in the Italian CMC Machinery, which manufactures custom-sized packages which eliminate the necessity of single-use plastic packaging. The Climate Pledge Fund is a corporate venture capital fund, which invests in organizations driven to develop sustainable products, services and technologies.
The toymaking leader Hasbro stated that global supply chain issues cost the company around $100 million, due to an array of disruptions such as lost toy orders in the third quarter. The American multinational conglomerate has also warned of declining sales in the crucial holiday shopping season due to such supply chain bottlenecks.