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eBay Inc. is a leading online marketplace that facilitates buying and selling transactions for individuals and businesses through various platforms, including eBay.com and others. The company's net sales are primarily generated from the United States (50.2%), followed by the United Kingdom (15.9%), China (10.2%), Germany (9.6%), and other regions (14.1%). UBS has reiterated its neutral rating on the company.
Asia-Pacific markets experienced declines, led by Japan's Nikkei 225, which fell over 2% following significant losses on Wall Street. The S&P 500 and Nasdaq Composite recorded their worst days in nearly two months, influenced by disappointing earnings forecasts from Microsoft and Meta. Traders are awaiting key economic data, including China's manufacturing PMI, while Australia's producer prices index showed a year-on-year increase of 3.9%.
Brazil has declined to sign the Silk Road Treaty with China, citing unmet expectations for technology transfer and reliable investment commitments. As Brazil seeks to maintain a non-aligned stance in global politics, it emphasizes the need for a partnership that extends beyond mere trade, especially given China's market restrictions on Brazilian technology products.
Aging populations and rising cancer cases are driving an increase in surgical procedures. The drug-device combination products market is projected to grow from $150.3 billion in 2023 to $337.81 billion by 2034, while the cell therapy human raw materials market is expected to soar from $2.91 billion to $22.75 billion in the same period, reflecting significant growth across various healthcare sectors.
In Samvat 2080, local investors demonstrated remarkable resilience, navigating challenges like the Iran-Israel conflict and high valuations, with the Nifty's P/E at 23.5. Despite slowing domestic earnings growth, sectors like PSU and power thrived, while media and oil & gas struggled. As global inflation eases, India's economic outlook for 2024 remains positive, bolstered by local investor confidence and mutual fund flows.
Huawei Technologies Co. reported a 16% increase in revenue, reaching 168.4 billion yuan ($23.7 billion) in the September quarter, driven by strong demand for its smartphones and chips. This marks the seventh consecutive quarter of growth, as the company capitalizes on market opportunities in China, particularly at the expense of Apple Inc.
Benchmark indices Nifty and Sensex closed lower on October 31, marking a second consecutive day of losses, primarily due to declines in IT and FMCG stocks. October has emerged as the weakest month in over four years, with FIIs selling more than Rs 1 lakh crore, despite efforts from domestic investors to mitigate the impact. The downturn is attributed to factors including a resurgence in China's markets, escalating tensions in the Middle East, and disappointing quarterly results.
China's central bank has injected $70 billion into money markets through a new liquidity tool to alleviate liquidity pressures in its struggling economy. The People's Bank of China executed 500 billion yuan in six-month outright reverse repurchase agreements to ensure sufficient liquidity in the banking system.
Li Auto Inc. reported a strong third-quarter performance, achieving an adjusted net income of 3.9 billion yuan ($541 million), surpassing analysts' expectations of 3 billion yuan. The automaker's cost controls and efficiency measures contributed to this profitability, making it the third new-energy vehicle manufacturer to reach this milestone after Tesla and BYD.
UBS forecasts copper prices to average $10,500 per ton in 2025, driven by tightening supplies and increasing demand from sectors like new energy vehicles and AI data centers. A deficit of over 200,000 tons is expected as smelters face losses due to low treatment charges, while consumption in Europe and the U.S. is anticipated to improve. Additionally, alumina prices are projected to decline in early 2025 due to a supply glut, despite recent record highs caused by disruptions.
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