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International Market Update
- European stocks fell for a fifth straight session on Tuesday, with sentiment remaining negative amid the continued spread of omicron covid variant. The pan-European Stoxx 600 provisionally closed down 0.7% after giving back gains of around 0.6% earlier. Technology stocks fell 2.1% to lead the losses, while most sectors and major bourses slid into negative territory. Meanwhile, the U.K. added 257,000 jobs in November, suggesting the end of the government’s work stoppage went smoothly.
- U.S. stock markets slipped Tuesday as some big tech stocks fell and new inflation data continued to show prices rising sharply. Tech stocks were the main source of weakness on Tuesday, although the sector trimmed its losses in afternoon trading. Microsoft was a big drag on the market average, falling 3.2%. Adobe, the other software stock, fell 6.6%. Automaker Ford slipped nearly 1.9% after it was announced that Toyota will invest $35 billion in battery-powered electric vehicles by 2030, an area where Ford is looking to establish itself as a market leader.
- Asian markets were in a precarious position this morning as the world waited to hear from the US Federal Reserve when it would stop buying assets and start raising interest rates, potentially putting pressure on its peers. China released a number of key economic data today. Industrial production rose 3.8% year-on-year in November, more than the 3.5% increase in October and better than the 3.6% expected in a Reuters poll.
In International news
Toyota to invest $35 billion in battery-powered electric cars, launch 30 models by 2030
Toyota, one of the world’s largest automakers, plans to invest 4 trillion yen ($35 billion) to build a full lineup of 30 battery-powered electric vehicles by 2030. It also aims to boost global sales of battery-powered electric vehicles by 3.5 million units a year by the end of the decade, CEO Akio Toyoda said Tuesday. Most of the electric vehicles currently sold by Toyota are hybrid electric cars, which are powered by a combination of internal combustion engine and battery-powered electric motors. Pure battery electric cars account for only a fraction of current sales. The Japanese automaker will increase its investment in battery technologies by 500 billion yen ($4.4 billion) to 2 trillion yen, Toyoda said.
Google tells its employees they will lose pay and eventually be fired if they do not comply with vaccination requirements
Google has told its employees that they will lose their pay – and eventually be fired – if they do not comply with the company’s Covid 19 vaccination rules, according to internal documents seen by CNBC. A memo circulated by company executives said employees have until Dec. 3 to declare their vaccination status and upload supporting documentation or apply for a medical or religious exemption. The company said that after that date, it would begin contacting employees who had not uploaded their status or were not vaccinated, as well as those whose waiver requests had not been approved.