Kaohoon Morning Brief – 1 November 2021

1) China manufacturing expanded in October

China October Caixin manufacturing Purchasing Managers’ Index came in at 50.6, the highest level since June. The data was higher when compared to a reading of 50.0 expected by economists and a reading of 50.0 recorded in the previous month. A number above 50 signals an expansion in activity, while a reading below indicates a contraction.

 

2) Meta Platforms closed higher on first trading day under new name

The share price of Meta Platforms, Inc., formerly known as Facebook, closed 2.10% higher at $323.57 per share on the first trading day with a new corporate name. “It is time for us to adopt a new company brand to encompass everything that we do, to reflect who we are, and what we hope to build,” said Facebook CEO Mark Zuckerberg before announcing a new name for the company: Meta.

 

3) Looking ahead at Fed’s meeting and jobs report

The market is looking forward to the Federal Reserves’ meeting scheduled this Wednesday for tapering and inflation that rose to 30-year high. The October employment report is scheduled for Friday as the market is expecting an improvement in hiring from the decline of Covid-19 cases.

 

4) Saudi’s Aramco 3Q profit rose 160%

Saudi Arabia’s stated enterprise oil giant Aramco posted a 158% increase in third quarter net income to $30.4 billion as the world’s largest oil companies continued to appreciate the benefit from rising oil and gas prices from economic reopening in many countries.