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PayPal Shares Soar on Elliott's $2 Billion Stake
PayPal announced on Tuesday that activist investor Elliott Management owns more than $2 billion in the fintech company, and the company raised its annual profit guidance.
PayPal shares (NASDAQ: PYPL) soared nearly 12% after the company announced a slew of changes, including the appointment of Blake Jorgensen as new chief financial officer and a $15 billion share repurchase program.
MACROECONOMIC DATA ANALYSIS
India's trade deficit is likely to remain above $20 billion for a considerable amount of time, increasing the likelihood of a growing current account deficit, Barclays (LON:BARC) said. Rahul Bajoria, chief economist for India at Barclays, wrote in a note that while "we still expect the trade deficit to hit US$265 billion, the risks are skewed towards an even larger deficit, posing risks to our forecast for the current account deficit to widen from the present $115 billion for FY22-23."
Residential property prices in South Korea are likely to fall by up to 2.8% in two years with a full percentage point increase in policy interest rates, according to a research paper released by the central bank on Wednesday. While other factors such as the size of new apartment supply and mortgage rules could influence property prices, the Bank of Korea study focused solely on the impact of policy rate changes on prices.
CURRENCIES
The U.S. dollar held on a thread in choppy trade on Wednesday’s early hours, following its biggest gain in weeks as Federal Reserve officials talked up the prospect of more aggressive interest rate hikes. The U.S. dollar index, which tracks the greenback against other major currencies, inched 0.01% higher to 106.115.
GOLD
Gold prices fell on Wednesday’s morning trading session, amid hawkish remarks from multiple Federal Reserve officials strengthening the dollar, while some investors expect more pronounced interest rate increases. Gold futures dropped by 0.34% to $1,783 per ounce.
OIL
Oil prices dipped in early trade on Wednesday before reversing some of their losses, ahead of a meeting of OPEC+ producers, due to concerns that a slowdown in global growth would affect gasoline consumption and a bolstered dollar greenback. Brent crude futures fell by 0.26% to $100.33 per barrel, while WTI crude barrels were down 0.20% lower to $94.22 a barrel.
INDICES
USA: S&P500 -0.67%, Dow Jones Industrial Average -1.23%, Nasdaq Composite -0.30%
Europe: FTSE 100 -0.06%, DAX -0.23%, CAC 40 -0.42%
Asia: Nikkei 225 +0.53%, Hang Seng +0.45%, CSI 300 -0.77%, Nifty 50 -0.57%
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The operator of Dubai International Airport said on Wednesday that over 14 million passengers passed through the airport in the second quarter, raising its forecast for the year to 62.4 million. The number of passengers increased for the seventh consecutive quarter as demand for international travel rises as pandemic restrictions around the world loosen.
According to a statement from Dubai Airports, the airport in Dubai processed 14.2 million passengers from April to June, more than tripling the 4.9 million that passed through security during the same period last year.
Pandora, the globe’s largest jewelry manufacturer, announced on Tuesday that it shall proceed with its bet on lab-created diamonds, following its statement last year to stop selling mined diamonds.
In an effort to attract younger customers with less expensive, more sustainable stones that are guaranteed not to have come from war zones, the Copenhagen-based jewelry giant will introduce a collection which utilizes unmined diamonds in North America this month.
Following a smaller experimental launch in Britain last year, 269 locations are now open across the United States, Canada, and via the web.
