Global Economy LIVE | Energy giants in France and UK record profits in third quarter

In order to prevent potential food shortages following strikes that immobilised the country's economic centre, Bolivia has halted a number of exports.

According to productive development minister Nestor Huanca, authorities have decided to "temporarily suspend the export of soybean, soybean cake, soy flour, sugar, oil and meat" because "there is a potential of shortage" and price hikes.

Egypt and the International Monetary Fund have achieved a tentative deal on a $3 billion loan that will assist the third-largest economy in the Arab world in implementing extensive economic reforms.

The European Central Bank is expected to raise interest rates significantly for the second time in a row, following the U.S. Federal Reserve's lead and demonstrating its will to combat record inflation that threatens to plunge the 19-country euro area into recession.

As the weather becomes colder, some individuals are being compelled to use less expensive heating options like firewood because of Europe's energy crisis, which was caused by Russia cutting natural gas flows while waging war against Ukraine. However, as more people store up and burn wood, prices have shot through the roof, there have been reports of shortages and robberies, and new frauds are popping up.

The Zurich-based bank announced intentions to minimise risk, staffing levels, and expenses. As it disclosed a third-quarter loss of 4 billion Swiss francs ($4.1 billion), it also announced that it will resuscitate the CS First Boston investment bank brand, which was long a mainstay of Wall Street.

After consistently dropping since the end of 2020, Spain's unemployment rate slightly increased in the third quarter of this year, according to official data released on Thursday.

According to a statement from the national statistics institute INE, the unemployment rate increased slightly from the previous three-month period to July to September, rising to 12.67 percent from 12.48 percent.

Hong kong shares end on with gain on Thursday.

The Hang Index added 0.72 per cent to 15,427.94.

The Shanghai Composite Index dropped 0.55 per cent to 2,982 while the Shezhen Compoiste Index lost 0.64 per cent to 1,945.38
 

Chinese telecomm giant Huwaei reported down 2.2 per cent in revenue for the first three quarter.  

The firm made 445.8 billion yuan, down 2.2 per cent from the same period a yera ago. 
 

On Thursday (October 27), following index fell in US  Nasdaq, Microsoft and Google, the Tokyo shares closed lower.

The Nikkei index lost 0.32 pewr cent to 27,345.24 while the Topic index emnded low by 0.66 points to 1,905.56.

UK's energy giant Shell on October 27 recorded net profits to 6.7 billion in the third quarter after the oil prices increased. 

France's energy giant Total Eneregies' net profits increased 43 per cent to 6.6 billion in the third quarter. 

Credit Suisse said on Thursday it intends to raise capital worth four billion Swiss francs ($4 billion) as part of a strategic overhaul of Switzerland's second-biggest bank, while also announcing to shed 9,000 jobs by 2025.

"Credit Suisse has today announced its intention to raise capital with gross proceeds of ~four billion Swiss francs through the issuance of new shares to qualified investors, including Saudi National Bank, which has committed to invest up to 1.5 billion Swiss francs to achieve a shareholding of up to 9.9 per cent," the bank said in a statement.
 

Ford Motor Company and Volkswagen AG-backed startup for self-driving cars, Argo AI LLC, which had acquired $3.6 billion in funding, is closing down, and both companies are acquiring its parts. 

Along with Ford's most recent financial report, which the auto industry said it wiped off its $2.7 billion investment in Argo AI, the company's closure was officially announced. Argo would be "wound down," according to Ford, and "talented engineers" would be offered jobs there. VW acknowledged that it anticipates hiring some Argo personnel as well.

In the period between January and September, the profits of China's industrial companies declined more quickly as COVID-19 restraints and the property crisis continued to have a negative impact on factory activity. This added pressure to companies already struggling with sluggish demand and high expenses. 

China's draconian "zero-Covid" policy, which involves recurrent testing, monitoring, and isolation of its inhabitants to stop the coronavirus from spreading, has severely hurt the nation's economy and manufacturing sector. Manufacturers who focus on exports are also feeling the effects of signs of decreasing global demand more acutely.

On Wednesday, only four days before a presidential election, Brazil's central bank maintained its benchmark interest rate at 13.75 per cent and noted that inflation "remains high" despite declining for three consecutive months. 

After stopping 12 straight hikes, the bank's monetary policy committee left the Selic interest rate steady for the second consecutive meeting.

In response to speculators' growing optimism that the Federal Reserve will decrease the rate of interest rate increases, the euro, the pound, and the yen all maintained their gains against the dollar on Thursday. 

A spike in tech companies helped Hong Kong lead the gains, continuing a comeback from Monday's downturn that was sparked by concerns over Xi Jinping's tightening hold on power in China.

Gold prices remained unchanged on Thursday, remaining close to a two-week high reached the previous day as the dollar was restrained by expectations that the US Federal Reserve would slow the rate at which it raises interest rates. 

As of 0402 GMT, spot gold was unchanged at $1,664.09 per ounce. On Wednesday, prices rose to a two-week high of $1,674.76. 

At $1,668.60, US gold futures were unchanged.

Indian shares were trading higher on Thursday, buoyed by strength in metal stocks and other Asian equities. Sentiment has improved on growing expectations that major central banks may tone down their aggressive stance on rate hikes.

The NSE Nifty 50 index was up 0.66 per cent at 17,772.90 as of 0352 GMT, and the S&P BSE Sensex climbed 0.63 per cent to 59,916.84.

Rupee has opened sharply higher at 82.15 against the US dollar on Thursday. 
It had closed at 82.72 on Tuesday.

Asian shares rose on Thursday on growing expectations that major central banks could start slowing the pace of interest rate hikes in coming months, while the dollar's retreat lifted commodities and pushed treasury yields lower.

MSCI's broadest index of Asia-Pacific shares outside Japan was 1.59% higher and set for third straight session of gains. The index is down roughly 2 per cent for the month.

Australia's resources-heavy share index advanced 0.81 percent, while Japan's Nikkei opened 0.09 per cent lower.

Tokyo shares opened lower on Thursday. This comes after US Nasdaq index fell following disappointing results from Microsoft and Google parent company Alphabet.

The benchmark Nikkei 225 index was down 0.12 per cent, or 32.04 points, to 27,399.80 at the open, while the broader Topix index slipped 0.14 per cent, or 2.72 points, to 1,915.49.

Samsung Electronics on Thursday reported a dip in its third-quarter operating profits. It said they were down 31.39 per cent year-on-year after a global economic downturn hit demand for consumer electronics.

Earnings in its crucial memory chips division were down, the company said in a statement, adding that "demand for consumer products remained weak."

Meta reported Wednesday that its profit more than halved to $4.4 billion in the third quarter from $9.2 billion a year earlier. The company said it is planning "significant changes" to bolster efficiency in the current scenario.

User numbers have been stagnating for the social networking giant and it is also facing cuts in advertising budgets. As a result, its revenue slipped to $27.7 billion from $29 billion a year earlier.

"We're approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company," said Meta chief Mark Zuckerberg.

Meta shares plunged 19.1 percent to $105 in after-market trades, the price less than a third of what it was at the start of this year.

Oil prices continued their upward trend in early Asian trade on Thursday after surging more than 3 per cent in the previous session, driven by record US crude exports and a weaker US dollar.

Brent crude futures rose 25 cents, or 0.3 per cent, to $95.94 a barrel by 0015 GMT. US West Texas Intermediate (WTI) crude rose 19 cents, or 0.2 per cent, to $88.10.