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Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economic Indicator

18 Nov 2021

Stocks and Oil Slide Down; Safe-Haven Bonds and Gold Edge Up

The Index Today

Stock markets slid down on Thursday as the outlook for interest rates and growth remained uncertain. Government bonds and gold gained momentum with the yen getting more support in Asia.

Oil prices dropped further reaching a new six-week low due to growing concerns over fuel reserves being tapped into by the U.S, China and Japan. Brent futures were at $79.77, down by 8% from last month’s high.

In other news, Nikki fell by 0.6% during early trade, MSCI outside of Japan declined by 0.5% with S&P futures remaining flat. However, in Hong Kong, uneasiness of the earnings outlook affected overall tech stocks and led to a 5% drop in Alibaba. The Hand Seng was also seen 1% lower.

Jun Bei Liu, portfolio manager at Tribeca Investment Partners in Sydney stated, “We do seem to have stalled somewhat as we head into the year end. Investors perhaps are just taking a bit of pause in the wake of a strong U.S results season, but as inflation and China’s slowdown loom as macroeconomic headwinds.” The yen jumped against the dollar to 113.94 whereas gold increased by 1%. On Thursday in Asia, gold went up further 0.1% to $1,869.

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