International Market Overview 2 November 2021

Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!

 

International Market Update

  • European stocks started November on a positive note on Monday. Investors reacted to corporate news and looked ahead to key central bank meetings. The pan-European Stoxx 600 index closed up 0.7%, with all sectors closing in positive territory. Barclays Bank shares slipped 0.8% after the investment bank announced Monday morning that CEO Jes Staley will step down following an investigation into his relationship with Jeffrey Epstein. Shares in Ryanair rose 1.2% after the budget airline reported its first quarterly profit since the Covid-19 outbreak.
  • U.S. stocks rose slightly to new records on Monday after markets successfully emerged from a historically difficult seasonal period. Tesla, which became a $1 trillion company last week, continued its gains for the year with shares rising nearly 8.5%. Investors have been getting more involved in betting on Tesla options lately. Corporate earnings season was dominated by solid profit numbers in October, though the global supply chain is a concern. About half of S&P 500 companies reported quarterly results and more than 80% of them beat Wall Street analysts’ earnings estimates, according to Refinitiv.
  • Stocks in the Asia-Pacific region were mixed this morning as the Reserve Bank of Australia is set to announce its interest rate decision later today. The Australian stock market was slightly lower, giving back some of the modest gains from the previous session. The benchmark S&P/ASX 200 held above the 7,300 mark, ignoring positive cues from Wall Street that weighed on the market overnight.

 

 

In International news

Coca-Cola buys full control of Bodyarmor for $5.6 billion

Coca-Cola announced Monday that it has acquired full control of sports drink maker Bodyarmor for $5.6 billion. This makes it the company’s largest brand acquisition to date. The beverage giant acquired a 15% stake in Bodyarmor in 2018, becoming the company’s second-largest shareholder. At the time, basketball legend Kobe Bryant was the third largest shareholder, having invested in Bodyarmor in 2013, just two years after its inception. The late NBA star’s estate will receive about $400 million from the sale, according to the Wall Street Journal.

 

Automaker Stellantis offers buyouts for pension-eligible employees in the U.S.

Automaker Stellantis, formerly Fiat Chrysler, is offering voluntary buyouts to pension-eligible employees in the U.S., the company confirmed Monday. To be eligible for the offer, employees must be at least 55 years old and have been with the company for 30 years, or at least 58 years old and have been with the company for 10 years. Unionized employees are not eligible for the buyouts, which were originally sent out in late October. A Stellantis spokeswoman declined to say how many of the company’s more than 14,000 domestic employees are eligible for the program or whether the automaker has a target for the number of workers who want to take the packages.