The Global Markets
- North America:
- Canada: The main stock index remained flat, influenced by lower gold prices and cautiousness ahead of the Bank of Canada’s policy meeting minutes.
- United States: Markets saw an uptrend, with significant movements in shares of Ford and Snap following their quarterly results. Investors awaited remarks from policymakers regarding interest-rate cuts.
- European shares showed a flat trend. Easing government bond yields and positive earnings reports from certain companies were countered by declines in healthcare and energy stocks.
- United Kingdom:
- UK markets closed in the red amid concerns over inflation, particularly driven by rising home prices.
- Japan: The Nikkei ended lower, impacted by declines in heavyweight technology stocks.
- China: Chinese shares closed higher as investors anticipated more substantial market rescue measures following signals from Beijing indicating increased efforts to support the struggling markets.
- Canada: The Canadian government expressed its commitment to support First Quantum Minerals after the closure of its flagship copper mine in Panama. Trade Minister Mary Ng emphasized the importance of the company to Canada and hinted at potential support measures.
- Alibaba: The e-commerce giant missed revenue estimates for the third quarter due to softness in the retail market and economic challenges in China. However, it announced a significant increase in its buyback program by $25 billion.
- Uber: Uber Technologies forecasted strong quarterly core profit and gross bookings above estimates, driven by increased demand in its ride-sharing and food delivery segments.
- Microsoft: The tech giant engaged in talks with CISPE to resolve an EU antitrust complaint related to its cloud computing licensing practices.
- Brazil: Brazilian federal prosecutors sought to annul a contract between Belo Sun Mining Corp and Brazil’s land rights agency for the construction of a controversial gold mine in the Amazon rainforest. The project has faced opposition due to potential environmental impacts, and prosecutors advocated for consultation with local communities before proceeding.
- First Quantum Minerals Ltd: First Quantum Minerals faced challenges following the closure of its Panama copper mine, leading to a significant drop in its market value. The Canadian government expressed willingness to support the company, which is exploring various options to manage its balance sheet, including selling smaller mines and seeking strategic investors. It has also initiated international arbitration over the contested Cobre Panama contract.