International Market Overview 9 June 2022

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International Market Update

  • European stocks closed lower Wednesday as investors digested a profit warning from Credit
    Suisse and waited for the European Central Bank’s decision and U.S. inflation data. The pan-European Stoxx 600 closed about 0.7% lower, with insurance stocks posting the biggest losses, down 1.6%. Retail stocks bucked the downward trend and gained 2%. Investors are also looking ahead to the ECB monetary policy announcement later today, when policymakers are expected to confirm their intention to raise interest rates in July.
  • U.S. stocks fell Wednesday as investors watched for signs of a possible slowdown in the economy and kept an eye on the bond market. U.S.-traded Credit Suisse shares fell 1% after the bank issued a second-quarter profit warning, citing tighter monetary policy and the war in the Ukraine. One bright spot for the market was the energy sector, which closed at its highest level since August 2014 on the earnings front, Campbell Soup gained 1.5% after an unexpectedly strong quarterly report.
  • Stocks in the Asia-Pacific region were mixed in early morning trading as investors waited for the release of the Investors were awaiting the release of China’s May trade data, which is expected later in the day. Meanwhile, shares in Australia’s four major banks continued to fall this morning, hitting multi-month lows, as the central bank’s biggest interest rate hike in 22 years earlier this week sparked fears of a sell-off in the housing market. Those fears intensified as housing prices snapped a 20-month winning streak in May amid rising interest rates and the cost of living. 


In International News


Intel imposes hiring freeze in chip division PC for at least two weeks
Intel has frozen hiring at its desktop and laptop chip division, PC, according to a memo seen by Reuters. Intel is “pausing all hiring and putting all job searches on hold” in its client computing group, according to the memo sent on Wednesday. The memo said some hiring could resume as early as two weeks after the division reassesses its priorities, and that all current job openings in the systems will be retained. Intel shares have fallen nearly 28% in the past year, and the company has told investors to brace for lower gross margins than in the past as it spends heavily to catch up with rivals such as Taiwan Semiconductor Manufacturing, whose manufacturing technology has outpaced Intel’s.

Twitter plans shareholder vote by August on sale to Musk
Twitter plans to hold a shareholder vote by early August on its $44 billion sale to Elon Musk as the company continues to work “constructively” to close the deal with the world’s richest person. The social media company’s top management told its employees on Wednesday. Musk’s lawyers had warned Twitter on Monday that he could walk away from the acquisition if the company did not provide the data he wanted on spam and fake accounts. Twitter has said it will continue to share information with Musk. Part of that data is the “firehose,” a set that includes all tweets on the platform and is analysed according to various parameters, such as users’ devices or profiles of accounts that post tweets, people familiar with the matter said.