CSFX Market News | Global Market Update

  TWITTER TO LAY OFF 25% OF WORKFORCE IN FIRST ROUND OF JOB CUTS Twitter , which was acquired last week by billionaire Elon Musk, plans to let go of a quarter of its workforce as part of what is expected to be a first round of layoffs, the Washington Post reported on Monday, citing a person familiar with the matter. Celebrity lawyer Alex Spiro, a long-time Musk legal representative, led the conversations about the job cuts, according to the report. Twitter had over 7,000 employees at the end of 2021, according to a regulatory filing and a quarter of the headcount amounts to nearly 2,000 employees. Musk denied a New York Times report about laying off Twitter employees at a date earlier than Nov. 1 to avoid stock grants due on the day. Twitter did not immediately respond to a Reuters request for comment. Musk fired Twitter Chief Executive Parag Agrawal, Finance Chief Ned Segal and Legal Affairs and Policy Chief Vijaya Gadde on completion of a six-month $44 billion buyout saga of the soci

  LITECOIN’S PRICE TUMBLED BY 3,23% TO $54.250 ON FRIDAY. Litecoin manages an increase of almost 1.3% over the last past week LTC is seen trading at $54.89. LTC Price breaks above the resistance level, holding the price when a trend is higher, Coin telegraph spoke with the managing director of Litecoin, Alan Austin, about what he thinks Litecoin’s utility is reliable means of payment. Austin told “Much of his vision for Litecoin is made from personal experience” The pair of LTC/USD could recover soon but it might be limited above $58 and $60 levels. LTC price continued to drop if there is no big move happened in LTC some experts say that move should be above $58. $54.80 and $55.00 levels are the resistance level for Litecoin and the downtrend is formed with resistance near $55 on the 4-hour chart frame of LTC/USD. The development of Litecoin’s resulted in the creation of Lightning and Atomic Swaps this development suggests that the Litecoin price might rise soon. READ MORE

  AUSTRALIA STOCKS LOWER AT CLOSE OF TRADE; S&P/ASX 200 DOWN 0.87% Australian stocks were lower after the close on Friday, as losses in the Metals & Mining, Materials and Resources sectors led shares lower. At the close in Sydney, the S&P/ASX 200 declined 0.87%. The best performers of the session on the S&P/ASX 200 were Qube Holdings Ltd (ASX:QUB), which rose 5.08% or 0.13 points to trade at 2.69 at the close. Meanwhile, Vicinity Centres Re Ltd (ASX:VCX) added 4.28% or 0.08 points to end at 1.95 and Ramelius Resources Ltd (ASX:RMS) was up 4.23% or 0.03 points to 0.74 in late trade. The worst performers of the session were Champion Iron Ltd (ASX:CIA), which fell 9.16% or 0.48 points to trade at 4.76 at the close. Silver Lake Resources Ltd (ASX:SLR) declined 8.23% or 0.10 points to end at 1.12 and Fortescue Metals Group Ltd (ASX:FMG) was down 8.15% or 1.31 points to 14.76. Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 798 to 493 and 378 ended

  TECH ROUT WIDENS AS META SINKS AFTER RESULTS A carnage in U.S. technology stocks widened on Thursday as shares of Meta Platforms Inc sank 20% after the Facebook (NASDAQ:META) parent’s costly metaverse bets and the impact of soaring inflation on ad spending spooked investors. Meta was set to lose about $67 billion in market value, if losses hold through the session, adding to the trillions of dollars that some of the biggest tech names have shed this year amid rising interest rates and a stronger dollar. Meta itself has lost over half a trillion dollars in market value this year. Its shares were trading at $104.60 before the bell and set to open at their lowest in over six years. Its results come a day after Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Snap (NYSE:SNAP) posted dismal numbers, sparking a wide-spread selloff in tech stocks. Analysts say the firm’s spending towards capital-intensive projects at a time when the ad market – its major source of revenue – is drying up

  MICROSOFT FALLS AFTER A ‘SIGNIFICANT’ GUIDANCE MISS Shares of Microsoft (NASDAQ:MSFT) are trading nearly 6% down in early Wednesday trading after the tech titan offered soft guidance for its fiscal second quarter while also lowering the 2023 revenue outlook. Microsoft reported an EPS of $2.35 to top the analyst estimate of $2.32. Revenue jumped 11% YoY to $50.1 billion, again higher than the consensus of $49.86 billion. This marks the weakest quarterly sales growth in five years for Microsoft. Microsoft Azure grew 35% to generate $20.33 billion in sales, while analysts were looking for a 36% growth rate. Microsoft’s Productivity and Business Processes and Personal Computing units topped analyst views. “In a world facing increasing headwinds, digital technology is the ultimate tailwind. In this environment, we’re focused on helping our customers do more with less, while investing in secular growth areas and managing our cost structure in a disciplined way,” said Satya Nadella, chairma

  GOLDMAN SACHS UNVEILS REVAMP AS THIRD-QUARTER PROFIT FALLS Goldman Sachs Group Inc (NYSE:GS) said on Tuesday it was reorganizing its business into three units, as the Wall Street giant undertakes another overhaul in less than three years, and reported a drop in third-quarter profit. Profit applicable to common shareholders fell to $2.96 billion, or $8.25 per share, in the quarter ended Sept. 30, from $5.28 billion, or $14.93 per share, a year ago. Analysts had expected a profit of $7.69 per share, according to Refinitiv data. It was not immediately clear if the reported numbers were comparable to estimates. It is the biggest shakeup by the investment bank in just over two years and outlined plans for four core units: investment banking, global markets, consumer and wealth management and asset management. The reshuffle comes as the Wall Street titan seeks to boost its income from fee-based businesses at a time when rising interest rates have dented valuations and deal-making. The over

  TESLA STEPS UP JOB ADS AS RECESSION CLOUDS GATHER While Elon Musk may be worried about the economy, job openings on Tesla (NASDAQ:TSLA)’s website suggest the world’s most valuable car maker is hiring employees at a quick pace, in nearly every category of job. Tesla this week listed over 6,900 jobs on its career website, almost a 50% surge since mid-June, when Reuters began tracking the data. That compares to a 2022 peak of over 7,400 job ads in May, according to data similarly tracked by Thinknum Alternative Data and hedge fund Snow Bull Capital. Chief Executive Musk warned colleagues in early June he had a “super bad” feeling about the economy and said the electric car maker needed to cut jobs. He later tweeted that total headcount would increase over the next 12 months. Jobs listed on Tesla’s website showed a steep drop in June and July. Since July, job openings for Engineering & Information Technology, Vehicle Service and Manufacturing led that revival, accounting for the vast

  EUROPEAN STOCKS HIGHER; POTENTIAL U.K. FISCAL U-TURN BOOSTS SENTIMENT European stock markets traded sharply higher Friday, continuing the global rebound after the latest U.S. inflation data, while speculation mounted that the U.K. government will abandon its plans for massive unfunded tax cuts. By 03:50 ET (07:50 GMT), the DAX in Germany traded 1% higher, the CAC 40 in France rose 1%, and U.K.’s FTSE 100 climbed 1%. U.S. stocks surged to finish more than 2% higher Thursday, reversing sharp falls, equities in Asia have followed suit and European equities continued the positive tone despite another hot U.S. inflation reading. Investors are clearly pricing in another leap-up in short-term borrowing costs from the Federal Reserve, but the gains in the global stock markets suggest fears that the inflation gains were going to be even more substantial. Back in Europe, sentiment has been boosted by reports the U.K. government could abandon the 43 billion pounds ($48.6 billion) of unfunded ta

  MICROSOFT ESTIMATES LOWERED ON ‘STEEPEST PC DECLINE IN TWO DECADES’ Credit Suisse lowered its estimates for Microsoft (NASDAQ:MSFT) on Wednesday, stating that high inventory levels and economic uncertainty are resulting in the “steepest PC decline in two decades.” “IDC and Gartner released PC shipment data for Q3 2022 showing a historic slowdown in the PC market. Gartner (sell-through) and IDC (sell-in) reported shipment declines of 19.5% and 15.0% year-over-year for Q3, respectively, versus declines of 12.6% and 15.3% year-over-year in Q2 and compared to increases of 1.0% and 3.9% in Q3 2021,” wrote Credit Suisse analysts. “In comparison, Microsoft’s management provided guidance for Windows OEM revenue for the September quarter to decline in the high single-digits. Consensus estimates for Windows OEM revenue growth currently forecast an 8.0% y/y decline.” The analysts wrote that the September quarter estimates represent the steepest market decline since Gartner began tracking the PC

  VOLKSWAGEN TARGETING 20-30% AUTOMATION AT NEW ELECTRIC VEHICLE PLANT Volkswagen (ETR:VOWG_p) is looking at automating 20-30% of production at its upcoming Trinity plant near its Wolfsburg headquarters, the plant’s chief production officer said on Tuesday. “Assembly is still 90% manual work,” Sebastian Schmickartz said at a suppliers summit in Wolfsburg. “This is what we want to change with the new factory. We are looking at 20-30% automation.” The Trinity plant, where the German carmaker will build a new flagship electric sedan, is due to begin pre-series production in 2025, with the official start of production in 2026. The key to automating more of its assembly line will be moving to a module-based strategy, Schmickartz said, condensing 50 parts into one through techniques like die casting to produce front-end, back-end and roof modules. Volkswagen brand production chief Christian Vollmer told Reuters earlier this year the carmaker hoped this production strategy would help boost it

  EURUSD TECHNICAL ANALYSIS: WEEKLY CHART In the weekly charts, EURUSD is trading in a down channel. EURUSD is currently trading below all SMA. RSI is in the selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness. Its immediate support is 0.96500 the resistance level is at 0.97000 EURUSD will trade in a down channel until there is a trend reversal. EURUSD TECHNICAL ANALYSIS: DAILY CHART Click here to Full report Read More Report Here

  TRADE SIGNAL AS ON 10-10-2022   NZDJPY SELL = 81.4130 TARGET= 80.5660 SL= 81.8347                                                   SAP AG SELL = 86.85    TARGET= 84.67 SL= 87.31                                                 BRENT CRUDE OIL BUY = 96.22 TARGET= 97.84 Click here for free trading signals

TESLA’S LOGISTICAL CHALLENGES OVERSHADOW RECORD DELIVERIES Tesla  Inc on Sunday announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries. The top electric car maker said “it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost,” but some analysts were also concerned about demand for high-ticket items due to the weakening global economy. “The economy around the edges is still having a negative impact for Tesla (NASDAQ:TSLA) that’s mostly logistical. But I think there is some demand (issues) sprinkled in there,” Wedbush Securities analyst Dan Ives told Reuters after the delivery results. “There is a dark cloud over the auto sector. And Tesla is not immune.” Tesla delivered 343,830 electric vehicles, a record for the world’s most valuable automaker, but less than the 359,162 analysts on average had expected, according to Refinitiv. A year earlier Tesla deli

  MICRON TECHNOLOGY IS TRADING DOWN 1.94% AT 50.01 Shares of Micron Technology (NASDAQ:MU) are up nearly 3% in pre-market Friday despite the chipmaker reporting extremely soft guidance for its first fiscal quarter. Micron’s FQ4 earnings report has so far proved to be “sell the rumor buy the news” as shares trade higher despite a significant guidance miss. Micron reported an EPS of $1.45 on revenue of $6.64 billion, which compares to analyst estimates of $1.41 per share on revenue of $6.81 billion. For this quarter, the company is looking for EPS of $0.02 (the midpoint) on revenue of $4.25 billion (the midpoint). The offered guidance compares to the analyst consensus of $0.64 per share on revenue of $5.62 billion. The adjusted gross margin is seen between 24% and 28%, marking another material miss as consensus stood at 33.6% Read More

  AMAZON, MAJOR PUBLISHERS WIN DISMISSAL OF ANTITRUST LAWSUITS OVER BOOK PRICING A federal judge on Thursday dismissed two antitrust lawsuits accusing Amazon.com Inc (NASDAQ:AMZN) and five large publishers of illegally conspiring to fix U.S. prices of electronic and traditional books, causing consumers and bookstores to pay more. U.S. District Judge Gregory Woods in Manhattan accepted a magistrate judge’s recommendations to end both cases against Amazon, Hachette Book Group, HarperCollins Publishers, Macmillan Publishing Group, Penguin Random House and Simon & Schuster. Consumers accused the defendants of signing agreements that let the publishers inflate e-book prices by locking in a 30% “agency” fee for Amazon on each sale, and guaranteeing that Amazon’s prices would not be undercut. Retail booksellers, meanwhile, alleged that Amazon had been awarded a “discriminatory discount” on hardbacks, paperbacks and mass-produced books, forcing them to pay higher wholesale prices to the pu