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.