Meta Platforms Begins Final Round of Layoffs
Meta Platforms, the parent company of Facebook, Instagram and WhatsApp, has underwent the final phase of a three-part layoff plan, according to a source which is familiar with the matter. The technology giant announced a plan back in March to eliminate 10,000 jobs to cut down on costs and restructure the teams of the business.
MACROECONOMIC DATA ANALYSIS
Australia and India are set to co-operate in critical minerals deal which is expected to strengthen the economic ties between the two economically-significant nations. Australia’s Prime Minister Anthony Albanese met Narendra Modi, his Indian counterpart, in Sydney to discuss regional security & economic ties and signed a migration deal to boost student and business travel from India to Australia.
The Finance Minister of Brazil, Fernando Haddad, stated that the South American government's fresh fiscal provisions and a tax reform should calm investors and the central bank, and that there is consensus on the urgency to approve both. Haddad staid to reporters that he expects both houses of Congress to give the green light to the new fiscal rules.
The U.S. dollar remained steady on Wednesday amid uncertain U.S. debt ceiling negotiations which directed investors towards safe havens, including the precious metal. The dollar index, which tracks the greenback against other major currencies, inched 0.03% higher to 103.418.
Gold prices bumped higher on Wednesday as market participants continue to pessimistically await the results of negotiations surrounding the U.S. debt ceiling situation, which directed them towards the bullion and other safe haven assets. Gold futures jumped 0.47% to price at $1,983 per ounce.
Oil prices continued to propel on Wednesday after data revealed that U.S. crude inventories and fuel supplies have tightened, and the growing possibility of further OPEC+ output cuts. Brent futures rocketed 1.18% to $77.75 a barrel, while WTI futures soared 1.28% to $73.84.
USA: S&P500 -1.12%, Dow Jones Industrial Average -0.69%, Nasdaq Composite -1.28%
Europe: FTSE 100 -1.78%, DAX -1.71% CAC 40 -1.78%
Asia: Nikkei 225 -0.85%, Hang Seng -1.62%, CSI 300 -1.38%, Nifty 50 -0.34%