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Big Tech earnings have herd immunity

Tech companies worth a combined $5.5tn will reports their earnings within minutes of each other after the closing bell in New York today. Analysts and journalists have the unenviable task of making quick assessments of how Alphabet, Amazon, Apple and Facebook are faring, as the Big Four seek herd immunity …

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UK mortgage approvals rise to highest levels since 2007

UK mortgage approvals in September soared to their highest levels since 2007 as the government’s stamp duty holiday helped loosen pent-up demand in the housing market. Mortgage approvals increased at a faster rate than forecast, to 91,500 last month, data from the Bank of England on Thursday showed. The figure …

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Ant Group’s mega-IPO prompts investor dash for shares

Ant Group’s initial public offering has prompted a scramble among investors to secure a piece of the world’s biggest ever stock sale, helping to push the fundraising total to almost $37bn. The Chinese payments group’s dual IPO across Shanghai and Hong Kong has generated huge demand among institutional funds eager …

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StanChart: tangible disappointment

When the streets of Hong Kong were filled with protesters last year, being an Asia-focused lender bank did not sound very appealing. This year, it has helped UK-based Standard Chartered beat earnings expectations, even as it reported a 40 per cent drop in third quarter pre-tax profits to $745m. Chief …

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Spotify adds 4m subscribers as listening recovers from lockdowns

Spotify added 4m subscribers in the quarter ending in September as listening recovered from lockdowns during the pandemic, when fewer people were driving and commuting.  “All regions have fully recovered” to normal usage, Spotify said in a letter to investors, including in-car listening hours, which are now above the pre-Covid …

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New customers boost eBay and Etsy sales

Etsy and eBay have recorded another quarter of boosted revenues and user growth, as they continue to benefit from a pandemic ecommerce boom that is expected to grow the sector by about a third this year to levels not expected before at least 2022. The strong results so far have …

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Is it Election Day yet?

One thing to start: the oil price is in freefall again, as coronavirus lockdowns in advanced economies return and fear descends on markets once more. On to today’s newsletter — and the unavoidable topic of the US presidential election. Energy has not been at the top of the agenda during …

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China’s Sinopec to accelerate push into hydrogen energy

Sinopec says it will push deeper into China’s fast-growing hydrogen energy sector in a move that could reverberate through the global oil industry, as the country’s biggest refiner unveiled record quarterly earnings. The state-backed company, which has Rmb87bn ($13bn) in cash, said on Thursday it planned to “reallocate some of …

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