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Malaysia’s AirAsia Reports Disappointing Q3 Figures

AirAsia, Malaysia’s budget airline, reported deeper losses in the third quarter of this fiscal year, as it has been negatively affected by pandemic restrictions in Malaysia & Indonesia. Enhanced travel restrictions and lockdowns in the two nations weighed in on AirAsia’s revenue, but its Philippines unit had an impressive quarter.


The Chinese cabinet stated on Monday that it shall boost the financial support for smaller businesses, which have been adversely impacted by surging raw material prices, recent coronavirus outbreaks and power shortages across the nation. The policy measures unveiled by the Chinese authorities aims to tackle such issues which can ultimately provide an opportunity for job creation and economy growth.

The International Monetary Fund (IMF) announced that it has officially reached an agreement with Pakistan, aimed at reviving the $6 billion funding initiative which has been stalled since July of 2019 due to issues over required reforms. According to the IMF, “the agreement is subject to approval by the Executive Board, following the implementation of prior actions, notably on fiscal and institutional reforms”.


The U.S. dollar edges slightly higher, testing last-week highs as investors were swayed away from the Euro with rising COVID-19 infections in Europe. Investors are now eyeing the Federal Reserve’s minutes of the November meeting, which can provide significant insight on its asset-purchasing program. The dollar index, compared to a basket of six currencies, jumped 0.27% to 96.282.


Gold futures fall in the first trading session of the week, as the bullion has been vulnerable to any indication of tighter U.S. monetary policy, which is awaited by investors of high-risk appetite. Driven by a stronger dollar greenback, which typically moves inversely to the safe haven, the precious metal collapsed 1.36% in value, to value at $1,819 per ounce.


Crude oil prices edge lower, under pressure from accelerating COVID-19 infections growth in Europe, and the possibility of Japan releasing its crude oil reserves. This worries investors as such factors can result in oversupply and low demand for crude oil. Brent futures declined by 0.61% to value at $78.41 a barrel, while WTI futures dropped 0.68% to price at $75.42 a barrel.


USA: S&P500 +0.58%, Dow Jones Industrial Average +0.43%, Nasdaq Composite +0.74%

Europe: FTSE 100 +0.23%, DAX -0.13%, CAC 40 -0.05%

Asia: Nikkei 225 +0.09%, Hang Seng -0.39%, CSI 300 +0.46%, Nifty 50 -1.96%


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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