Thanks for joining me. Shipping giant Maersk has announced it will cut 10,000 jobs next year as it tries to save $600m amid falling demand for freight.
It comes as the company suffered a $10.6bn (£8.7bn) decline in revenues in the third quarter of the year.
5 things to start your day
1) Sam Bankman-Fried found guilty of defrauding FTX customers | A jury in Manhattan federal court convicted him on all seven counts of fraud, embezzlement and criminal conspiracy
2) Apple suffers longest slump in over 20 years as Chinese sales suffer | The downturn comes as Apple battles a global drop off in smartphone sales
3) Britain faces recession risk in election year, warns Bank of England | Threadneedle Street slashes growth forecasts after holding rates at 5.25pc
4) ChatGPT boss says lack of AI skills risks locking older workers out of the job market | Research shows younger employees are much more likely to make use of chatbots at work
5) Elon Musk tells Sunak AI will mean people no longer need to work | Tesla boss said AI would “do everything” in the future and people would decide to have jobs only if they want to for “personal satisfaction”
What happened overnight
Asian shares advanced after Wall Street roared higher on bets that market-rattling interest rate hikes are coming to an end.
Hong Kong’s Hang Seng added 1.2pc to 17,296.34, while the Shanghai Composite edged 0.1pc higher to 3,026.32. Tokyo markets were closed for a holiday.
In China, a services industry survey showed a slight improvement in October, though retail sales hit its lowest level in 10 months. Similar surveys for the manufacturing sector released early this week showed more sluggish market conditions overall.
Australia’s S&P/ASX 200 gained 1.2pc to 6,978.40. South Korea’s Kospi surged 1pc to 2,367.53. India’s Sensex was 0.8pc higher and Bangkok’s SET rose 0.6pc.
Wall Street stocks rallied amid hopes the Federal Reserve may finally be done with its aggressive monetary tightening.
The S&P 500 gained 79.92 points or 1.9pc at 4,317.78 in its biggest one-day gain since April, and placed the benchmark on track for its best week since November last year. Markets in Japan are closed Friday for a holiday..
The Dow Jones Industrial Average rose 564.5 points or 1.7pc to 33,839.08, while the Nasdaq Composite added 232.72 points or 1.78pc at 13,294.19.
The yield on the 10-year Treasury dropped to 4.67pc from 4.74pc late Wednesday.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
