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Berkshire Hathaway Sold $80.7 million of BYD Shares

3.23 million Hong Kong-listed shares of electric vehicle manufacturer BYD were sold by Warren Buffett's investment firm Berkshire Hathaway for HK$630.33 million ($80.67 million), according to a stock exchange filing.

According to a filing with the Hong Kong Stock Exchange on Tuesday, the sale reduced Berkshire Hathaway's (NYSE:BRKa) holdings in BYD's total issued H-shares to 15.99% on November 17th from 16.28%.

MACROECONOMIC DATA ANALYSIS

New Zealand's central bank raised interest rates to a record high on Wednesday, warning that the economy could be in recession for an entire year in order to bring sky-high inflation under control. The Reserve Bank of New Zealand (RBNZ) increased the official cash rate (OCR) by 75 basis points to 4.25%, and rates are now expected to peak at 5.5%, up from 4.1% previously.

The Bank of England will continue to raise interest rates to combat inflation, despite Britain entering a long, albeit shallow, recession, and consumers facing an extended cost of living crisis, according to a Reuters poll of economists. In an autumn financial statement last week, Finance Minister Jeremy Hunt announced more pain, with tax increases now and spending cuts in the future, so any relief on borrowing costs would have been welcomed by indebted households.

CURRENCIES

The U.S. dollar was stable on Wednesday morning with investors waiting for the release of minutes from the Federal Reserve's most recent policy meeting, which could provide insight into the outlook for inflation and the pace of interest rate hikes. The Dollar Index fell by 0.15% to 106.957.

GOLD

The price of gold remained constant in Wednesday’s early hours while copper continued to advance strongly as risky assets rose on expectations that the Federal Reserve would raise interest rates more slowly in the near future, which also limited the greenback’s gains. Gold prices rose by 0.18% to $1,736 per ounce.

OIL

Oil prices held steady on Wednesday, as COVID-19 curbs tightened and worries about lower Chinese fuel demand abated. However, data showing a larger-than-anticipated U.S. crude draw last week also played a significant role. Brent crude futures inched lower by 0.02% to $88.34 a barrel, while West Texas Intermediate crude inched higher by 0.02% to $80.97 a barrel.

INDICES

USA: S&P500 +1.36%, Dow Jones Industrial Average +1.18%, Nasdaq Composite +1.48%

Europe: FTSE 100 +1.03%, DAX +0.29%, CAC 40 +0.35%

Asia: Nikkei 225 +0.61%, Hang Seng +1.13%, CSI 300 +0.10%, Nifty 50 +0.17%

Newest

IPO of Saudi Aramco's Luberef to Raise up to $1.32 Billion

The base oil division of Saudi Arabia's Aramco expects to raise up to 4.95 billion riyals ($1.32 billion) from its IPO, according to a statement released on Sunday.

According to a statement from Luberef, the company will sell 50.045 million shares, or close to 30% of its issued share capital, for a price ranging between 91 and 99 riyals each.

In stark contrast to the United States and Europe where global banks have been reducing headcount in a dealmaking drought, state-led IPO programs in Saudi Arabia, Abu Dhabi, and Dubai have held equity capital markets in the gulf region.

Amazon to Restart Advertising on Twitter

According to a Platformer report, e-commerce giant Amazon intends to restart advertising on Twitter at a cost of about $100 million per year, subject to some security adjustments to the social media company's ad platform.

Elon Musk, the CEO of Twitter, also claimed that Apple has resumed running advertisements on the service, according to a Bloomberg report, which cited remarks made on Saturday during a Twitter Spaces conversation.

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