GCIIs a Bull Market on the way?
Taking Stock on Friday 3rd November 2023
Taking Stock: Is a look at today's top business news & investment views plus we cover the winners, losers, the most read company news & the most followed. Today this includes:
Is a Bull Market on the way?
US Federal Reserve holds interest rates.
Bank of England hold interest rates.
What will be the next move in interest rates?
The enemy is inflation - are they beating it?
Companies discussed on “Taking Stock” today:
05:50 & 15:35 Ocado #OCDO
15:25 Surface Transforms #SCE
23:05 Zoo Digital #ZOO
24:33 Sareum #SAR
25:13 Eurasia Mining #EUA
25:25 Greatland Gold #GGP
27:50 Upland Resources #UPL
30:15 Argo Blockchain #ARB
31:35 Poolbeg Pharma #POLB
32:40 Audioboom #BOOM
34:14 Future #FUTR
36:14 Card Factory #CARD
TOP BUSINESS STORIES
Maersk to cut 10,000 jobs as shipping demand falls
One of the world's biggest shipping firms is to cut 3,500 more jobs due to lower freight rates and demand.
AP Moller-Maersk already cut 6,500 roles earlier this year as part of "rigorous cost containment measures" but said more redundancies were needed.
The firm, which transports goods for major retailers such as Nike, said profits had plunged by nearly $8.5bn (£6.9bn) in its most recent results.
It said "worsening" prices for shipping by sea required further job cuts.
The cost of shipping goods soared in the first year of Covid when lockdowns lifted and businesses began to resume trading, increasing their orders for stock.
Such high demand led to congestion and logistical problems at UK ports. There was also a shortage of shipping containers in Asia, which helped drive up inflation.
More recently, however, high inflation and rising interest rates have curbed spending and dampened demand.
UK services businesses 'skirt with recession' in Oct-PMI survey
Britain's services businesses suffered a loss of momentum for a third month in a row in October, adding to signs the economy is making a weak finish to 2023 as high interest rates and cost of living pressures weigh on demand.
The Services Purchasing Managers' Index (PMI) edged up to 49.5 in October from September's eight-month low of 49.3, remaining below the 50 level that divides growth from contraction for a third consecutive month.
"Forward-looking survey indicators suggested that service providers will continue to skirt with recession," Tim Moore, economics director at S&P Global, said.
"A shallow downturn in UK service sector activity persisted in October as businesses struggled to make headway against a backdrop of worsening domestic economic conditions and stretched household budgets."
New orders fell at their fastest pace this year, reflecting weak domestic demand, although overseas orders from the United States and the Middle East were strong.
'Crypto King' Sam Bankman-Fried faces decades in jail after guilty verdict
Sam Bankman-Fried, who once ran one of the world's biggest cryptocurrency exchanges, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.
The jury delivered its verdict after less than five hours of deliberations.
It concludes a stunning fall from grace for the 31-year-old former billionaire, once known as the "King of Crypto", who now faces decades in jail.
Bankman-Fried was arrested last year after his firm, FTX, went bankrupt.
His sentencing has been set for 28 March next year.
Cryptocurrency exchange FTX was once valued at $32bn (£26bn), but when it went bankrupt in November last year $8bn in customer funds was missing.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.