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Blackstone’s Earnings More than Doubled in Third Quarter

U.S. Investment management firm Blackstone announced that its distributable earnings more than doubled in the third quarter of this fiscal year, at $1.6 billion, boosted by solid asset sales from its private equity & real estate portfolios. Their distributable earnings of $1.28 per share exceeded Wall Street estimates of 91 cents, as its dealmaking activity surged the past quarter.

MACROECONOMIC DATA ANALYSIS

Moscow seeks to implement its strictest lockdown rules since the birth of COVID-19, as the coronavirus situation in the Russian city is heading towards the “worst-case scenario” according to Mayor Sergei Sobyanin. From October 29th to November 7th, schools and kindergartens will be on vacation, and most business other than essential services will be shut down.

New Zealand and the United Kingdom have reached a free trade agreement, aimed at reducing tariffs, strengthening services trading and leverage the city of London towards a wider, trans-Pacific trade deal. The deal has been sealed by Prime ministers Boris Johnson and Jacinda Ardern on a Zoom call after 16 months of negotiation.

CURRENCIES

The U.S. dollar remains consolidated and remains stable, as American companies recorded impressive earnings & revenue for the third quarter of 2021, despite rising bond yields and a global energy crunch. The dollar index, pegged to a basket of major currencies, edged just 0.02% higher to 93.558.

GOLD

Gold prices escalate despite a steady U.S. dollar greenback, which typically moves inversely to the precious metal, as two U.S. Federal Reserve officials announced that it is still too soon to begin hiking interest rates. The safe haven futures edged 0.20% higher to price at $1,785 per ounce.

OIL

Crude oil prices reach three-year highs above the $86 per barrel mark, but then pulls back, driven by a global energy shortage and tighter oil supply, despite oil prices easing as investors cashed in profits amid signs that the oil rally is overhyped. Brent oil futures dropped 0.89% to price at $85.06 a barrel, while WTI oil declined 0.84% to $82.75 per barrel.

INDICES

USA: S&P500 -0.03%, Dow Jones Industrial Average -0.24%, Nasdaq Composite -0.20%

Europe: FTSE 100 -0.30%, DAX -0.19%, CAC 40 -0.30%

Asia: Nikkei 225 -1.87%, Hang Seng -0.45%, CSI 300 +0.36%, Nifty 50 -0.48%

Newest

Salesmen Threaten to Disrupt Reliance Supply

A letter seen by Reuters unveiled that salesmen from India have threatened to disrupt & derange supplies to stores which are partnered with the renowned Reliance giant. As per the Reuters report, Indian salesmen from companies such as Reckitt Benckiser, Uniliever and Colgate-Palmolive stated that their sales declined 20-25% in the last year as small, family-owned and independent businesses were increasingly in partnership with Reliance to provide lower prices, dominating the market.

Apple: Demand for iPhone 13 Has Weakened

According to people familiar with the matter, Apple has informed to its suppliers that the demand for the iPhone 13 has slowed down. The company has already cut iPhone 13 production by 10 million units due to global semiconductor chip shortages, as well as coronavirus-related manufacturing issues in Asia. The news of weaker iPhone 13 demand has pushed the Apple stock downwards by 2.92% in early trading sessions.

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