Meta sticks to metaverse plans as already-meager sales evaporate
Focus on the metaverse comes as advertising revenues are under pressure.
Stocks
Microsoft and Alphabet’s US$250 billion stock plunge fuels fears of earnings recession
One analyst predicts a slew of bad corporate earnings will continue through next quarter.
Twitter losing its most active users, report says
The number of “heavy tweeters” is in “absolute decline” amid a downturn in interest for news, sports and entertainment content, Reuters reported.
Chinese top stocks shed nearly US$70 billion in US
The Nasdaq Golden Dragon China Index fell 14% Monday and is down nearly 80% from its February 2021 peak.
Elon Musk’s fortune is down US$100 billion
In November last year, Tesla CEO Elon Musk became the first person in history to obtain a US$300 billion fortune.
Coming up in the markets
Federal Budget, inflation numbers and central bank meetings overseas are the focus for markets.
How stocks and bonds cratered during Liz Truss’ tenure
Bond yields in the U.K. and U.S. skyrocketed to their highest levels since 2008 as the market lost confidence in governments’ ability to navigate a looming recession and digested sticky inflation data.
What economic slowdown? Airlines are not seeing it
In the past week, the three largest legacy U.S. airlines have all reported third-quarter revenue in the double-digit billions, with a B.
Netflix adds 2.4 million subscribers after months of declines
In November, Netflix plans to launch a cheaper ad-supported tier, the first time ads will be coming to the streaming service.
Rupert Murdoch mulls reuniting Fox and News Corp, including WSJ
Billionaire media mogul Rupert Murdoch is considering reuniting News Corporation and Fox Corporation into a single company.