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Hasbro Warns of Hit to Holiday Sales

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.

MACROECONOMIC DATA ANALYSIS

The countries of the European Union failed to agree over the bloc-wide response to rocketing energy prices, splitting those in favor of a response and those nations which oppose this initiative. European gas prices have hit record highs this autumn, which has pushed the EU to conduct an emergency meeting of government ministers to address this issue.

The public’s opinion of the United Kingdom for inflation over the next year has soared to its highest level since 2008, according to Citi bank. The Bank of England will note this down ahead of its meeting next week where it shall decide whether to raise national interest rates or not.

CURRENCIES

The U.S. dollar carries on its momentum as investors and traders eagerly await central bank meetings of major economies in the following weeks, which shall provide more insights on the current and future direction of currency markets. The dollar index edged 0.04% higher to 93.847.

GOLD

Gold futures plummet below the $1,800 mark it secured on Monday, driven by a solid dollar greenback, which typically moves inversely to the precious metal, despite fears of persistent inflation on a global scale. The safe haven drops 1.19% to currently price at $1,786 per ounce.

OIL

Crude oil prices head towards multi-year highs, assisted and boosted by the global energy supply crunch as well as strong demand in the world’s largest oil consumer, the United States. Brent oil futures climbed 0.26% to $85.39 a barrel, while WTI oil futures jumped 0.39% to price at $84.12 per oil barrel.

INDICES

USA: S&P500 +0.63%, Dow Jones Industrial Average +0.36%, Nasdaq Composite +1.15%

Europe: FTSE 100 +0.68%, DAX +1.08%, CAC 40 +0.79%

Asia: Nikkei 225 +1.77%, Hang Seng -0.36 %, CSI 300 -0.33%, Nifty 50 +0.79%

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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