International Market Overview 4 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 stock markets closed mixed Tuesday after a strong start to November trading. The pan-European Stoxx 600 closed up 0.11%, with mining stocks leading the losses, down 2.8%, while health care stocks gained 1.2%. Oil and gas giant BP beat third-quarter earnings expectations Tuesday.  Tuesday’s third-quarter earnings expectations. The British energy company posted third-quarter adjusted profit at replacement cost, which equals net income, of $3.3 billion, beating analysts’ estimates of $3.1 billion, Refinitiv said.
  • The S&P 500 rose to a record high on Tuesday ahead of a key Federal Reserve decision as strong corporate earnings gave investors confidence in a year-end rally. The small-cap benchmark Russell 2000 rose slightly to close at an all-time high. Shares of Pfizer rose 4.1% after the drugmaker’s third-quarter profit beat expectations. The company also raised its 2021 revenue and profit forecast. Shares of Under Armour rose 16.4% after the sporting goods maker raised its full-year forecast and said the company is making progress under CEO Patrik Frisk to improve its brand image.
  • Stocks in the Asia-Pacific region were mixed in morning trade today as investors await the end of the U.S. Federal Reserve’s two-day policy meeting for clues on tapering. Australia’s S&P/ASX 200 led gains in the region’s major markets, rising about 1.2%, with shares of Commonwealth Bank of Australia and BHP both rose at least 1%. In South Korea, the Kospi slipped 0.72%. Shares of Kakao Pay jumped on their debut on Wednesday, as they more than doubled from their issue price of 90,000 Korean won. The stock was last trading about 108% higher than its issue price.

 

In International news

BMW’s electric car sales to double this year

Sales of all-electric vehicles at BMW Group jumped 121.4% to 59,688 units in the first nine months of 2021. The German automaker said Wednesday that electric mobility is becoming “an increasingly important growth driver and success factor” for the company. Overall, the Munich-based company sold a total of 231,575 pure electric and plug-in hybrid vehicles between January and September, an increase of 98.9%. By comparison, Elon Musk’s Tesla said it delivered 241,300 vehicles in the third quarter of 2021 alone.

Hertz announces 37.1 million share offer by shareholders

Hertz Global Holdings announced Wednesday that certain shareholders of the car rental company will launch a public offering of 37.1 million shares of its common stock at a discounted price of $25 to $29 per share. Hertz intends to purchase between $250 million and $500 million of the shares from the underwriters of the shareholder offering. Shares closed up 2.6% at $35.06 a share on Tuesday. On Wednesday, Hertz shares fell 7.4% to $32.45. The buyback plan follows a surge in Hertz stock after the company announced former Ford CEO Mark Fields as interim CEO and a plan to add 100,000 Tesla vehicles to its fleet by 2022.