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International Market Update
- European markets closed weaker Tuesday as traders tracked heavy selling in the banking sector and U.S. inflation data and turned their eyes to key central bank meetings. The pan-European Euro Stoxx 600 index provisionally closed 0.3% lower after reversing some earlier losses. On the data front, U.K. employment figures showed the country’s unemployment rate fell to its lowest level since 2019. European Central Bank policymakers will meet in Frankfurt on Thursday to discuss their next monetary policy move. They face the difficult task of balancing rising consumer prices against downward pressure on economic growth from the war in Ukraine.
- U.S. stocks fell Tuesday after investors took a downward turn following the latest U.S. inflation data. The report showed another sharp rise in prices last month. Consumer prices rose 8.5% in March from a year earlier, slightly more than expected and to the highest level since 1981, Labour Department data showed Tuesday. Meanwhile,the core rate CPI – which excludes food and energy prices – rose less than expected, rising 0.3% in March. March rose 0.3%, while economists surveyed by Dow Jones had expected a 0.5% increase.
- Asia-Pacific stocks were mixed this morning as investors awaited the market’s reaction to the release of a slightly stronger-than-expected U.S. inflation report. New Zealand also raised its key interest rate by 50 basis points, the largest increase in more than 20 years. Chinese stocks traded in negative territory ahead of the release of March trade data, as concerns over the mainland’s
Covid situation continue to weigh on investor sentiment.
In International News
Novartis to cut thousands of jobs as part of global restructuring
Swiss drugmaker Novartis will cut thousands of jobs worldwide as part of a merger of its pharmaceuticals and oncology divisions announced last week, Tages-Anzeiger reported Tuesday, citing unnamed company sources. More than 100 jobs could also be eliminated at Novartis’ Swiss sites in Rotkreuz and Basel, the newspaper reported. Contacted by Reuters, a Novartis spokesman that efficiency gains will be achieved through leaner structures and. “However, it is too early to give concrete figures,” he said. Novartis, which employs about 108,000 people worldwide, said last week it was integrating its pharmaceuticals and oncology units into an innovative medicines business unit (IM) to simplify its structure and achieve savings of at least $1 billion by 2024.
YouTube back online after services outage
YouTube, an Alphabet Inc. company, said Tuesday that it has fixed problems that caused several thousand users of its online video platform and social media to experience interruptions in certain functions. “All fixed – you should now be able to log in, switch between accounts and use the account menu & the Navigation Bar across all services (YouTube, YouTube TV, YouTube Music, YouTube Studio) and devices,” YouTube tweeted. Nearly 10,000 users had problems with the service on Downdetector, a website that tracks outages by collecting status reports from a variety of sources, including user-reported errors on the platform.