EbeneMagazine – AU – ASX rallies as AMP confirms takeover bid and U.S. tech giants leap

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Victoria registered four new coronavirus cases overnight with no further deaths The number of mysterious cases has dropped to two

Australian stocks should recoup some of yesterday’s heavy losses, after Wall Street rebounded from its worst sell-off in months

Investors have crammed into « high-profile » tech stocks, which offset concerns about next week’s US election outcome, as well as the spike in COVID-19 cases in the United States and in Europe

Shares of Apple, Amazon and Alphabet (parent company of Google) topped their earnings announcements today

All three companies have seen demand for products and services increase from people trapped in their homes during the pandemic

The Dow Jones index gained 139 points (05pc) to 26659, while the S&P 500 rose (16pc) to 3.310

In the meantime, AMP has received a non-binding takeover bid from a US private equity firm, Ares Management Corporation

Whether you’re worried about the economy or the next time you get to see your family in person, you’re probably wondering when a coronavirus vaccine will be ready Here are the latest developments

The 171-year-old finance company did not disclose the amount offered and stressed that discussions were at a « very preliminary stage »

In August, WAP’s new president, Debra Hazelton, launched a strategic review of the company – following the resignation of her predecessor David Murray, following the board’s handling of complaints of sexual harassment

Amid the leadership upheaval, John Fraser stepped down as a director and Boe Pahari was demoted from his plum role (as head of AMP Capital)

Ms Hazelton’s strategic review also comes as AMP clients withdrew billions of dollars from its wealth management division following scandals uncovered during the 2018 royal commission of inquiry

As job losses continue to rise due to closures, the number of Australians struggling to pay off their mortgages is expected to rise to higher levels than during the global financial crisis

The parent company of Google said it earned $ 11.2 billion in profits in the September quarter, well above analysts’ expectations (around 77b)

The internet giant’s advertising business accounted for the bulk (80%) of its $ 462 billion in quarterly revenue

At the height of the pandemic, in the June quarter, Google’s sales fell for the first time since its stock market debut in 2004, as companies cut back on ad spending

Last week the US government sued the company for monopoly conduct and stifling competition Other regulators in the US and elsewhere are carrying out similar ongoing investigations

The various cases could lead Google to have to cede part of its advertising business in the coming years, although financial analysts doubt that will happen

Social media giant Facebook also posted quarterly profit above market estimates as more companies used its digital advertising tools during pandemic-induced surge in online traffic

Follow the twists and turns as Donald Trump and Joe Biden face off in the race for the White House

Facebook is the world’s second-largest seller of online ads after Google, and has grown despite an unprecedented advertising boycott and a recession triggered by COVID

A July advertising boycott, which drew support from major advertisers including Unilever, Starbucks and Coca-Cola, tried to pressure Facebook to act more against hate speech

Total revenue, which is mainly made up of ad sales, reached US $ 215 billion (from US $ 17b) in the September quarter

Investor sentiment was also fueled by the latest economic data, which shows the US economy grew at its fastest pace on record in the September quarter

U.S. GDP grew 331 percent (annualized) in the three months to September 30, according to the U.S. Department of Commerce

But this rapid expansion came after the U.S. economy shrank a record 343 percent (annualized) in the June quarter

The fact that the US government injected more than $ 3 trillion in pandemic aid into the economy, which pushed up consumer spending

However, tens of millions of Americans remain unemployed and more than 222,000 people have died from the COVID-19 pandemic

Against this background, the US economy remains 35% below its level at the end of 2019 and revenues fell in the third quarter

These latest GDP figures are the last major economic scoreboard ahead of next week’s presidential election

With five days before election day, President Donald Trump, lagging behind in most national opinion polls, applauded the report

« The biggest and the best in the history of our country, and not even close, » wrote M Trump on Twitter

The Democratic challenger of M Trump, Joe Biden, highlighted the lack of a full recovery and the rapidly slowing growth spurt

« We are in a deep hole and President Trump’s failure to act meant third quarter growth was not enough to get us out of this, » Mr. Biden

« The recovery that is occurring is helping those at the top, but leaving behind tens of millions of working families and small businesses »

This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and BBC World Service which is copyrighted and may not be reproduced

AEST = Australian Eastern Standard Time, which is 10 hours ahead of GMT (Greenwich Mean Time)

AMP Limited, Takeover, Ares Management, ASX, Finance

EbeneMagazine – AU – ASX rallies as AMP confirms takeover bid and skyrocketing American tech giants


SOURCE: https://www.w24news.com

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