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The China Earthquake Networks Center officially reported that a 6.2-magnitude earthquake occurred at 10:31 a.m. on July 3 in the sea area near Halmahera Island, Indonesia (1.85 degrees north latitude, 127.40 degrees east longitude), with a focal depth of 120 kilometers.July 3rd - On Friday, the dollar was on track for its biggest weekly drop in nearly three months after a weak June jobs report delayed market expectations of a Federal Reserve rate hike, giving the weak yen some breathing room. The sharp slowdown in U.S. job growth in June prompted traders to lower their expectations for a near-term Fed rate hike, with the market now pricing in a 52% chance of a rate hike at the September meeting, down from 64% the previous trading day. U.S. Treasury yields also retreated from earlier highs, with the two-year Treasury yield ending a three-day winning streak. "Marginally, this data is dovish, helping to ease concerns about an overheated labor market and the need for more aggressive policy tightening," said Sim Moh Siong, FX strategist at OCBC Bank. However, he added that as long as expectations of Fed tightening remain unchanged, the overall outlook for the dollar remains constructive, especially against lower-yielding currencies.GFZ (German Center for Geosciences): A 6.3-magnitude earthquake has struck Halmahera, Indonesia.Kuaishou (01024.HK) shares fell during trading, after rising more than 6% in early trading.Fengcheng Holdings (02295.HK) resumed trading in Hong Kong today and surged over 145% after receiving a mandatory unconditional cash offer from Green Power Global Energy for a total consideration of HK$196 million.

DoorDash Performs Well Because of Inflation-resistant Takeout Demand

Aria Thomas

Nov 04, 2022 14:49

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In the third quarter, food delivery startup DoorDash Inc.'s orders reached a new high as demand remained strong despite rising prices and inflation, helping it to surpass Wall Street's revenue estimates and sending its shares 10% higher on Thursday.


Many continue to purchase food online from the comfort of their own homes, as they did during lockdowns, despite the fact that dining out is back in full swing.


According to a business official, though, DoorDash has observed a little impact from recession-aware clients purchasing fewer items each transaction.


The company achieved 439 million orders and a 30% rise in gross order value to $13.53 billion during the quarter. The gross order value is the sum of all app purchases and subscription payments.


In addition to the food industry, grocery stores, convenience stores, and retail all performed well. "Retail and supermarket partnerships will be a growth driver for DoorDash, giving the potential for a higher average order value," said Third Bridge analyst Nicholas Cauley. DoorDash estimated a fourth-quarter gross order value between $13.9 billion and $14.2 billion and confirmed its full-year forecast for the industry's most crucial metric.


The parent company of UberEats, Uber Technologies (NYSE:UBER), said on Tuesday that the number of active drivers has returned to September 2018 levels.


Driver shortages have not hurt DoorDash, with the exception of the first quarter of 2021, when the U.S. government distributed its second round of stimulus checks to help people cope with the pandemic. According to IBES data from Refinitiv, the company's third-quarter revenue climbed by 33% to $1.70 billion, exceeding analysts' forecasts of $1.63 billion. However, the company's net loss of $295 million, or 77 cents per share, exceeded expectations.

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