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On October 24, U.S. electric car maker Rivian (RIVN.O) agreed to pay $250 million to settle an investor lawsuit and said it hopes to put the legal dispute behind it. Rivian said the settlement will be paid through a combination of $67 million in directors and officers liability insurance and $183 million in existing cash. The core allegation in the case is that Rivian deliberately failed to disclose material information - including plans to increase the price of its first models. In after-hours trading, Rivians stock price was little changed. The stock has fallen about 1.6% so far this year, but it is trading well below its post-IPO high of $172. On the same day that Rivian announced the settlement, the electric car maker also said it would cut 4.5% of its workforce, the second round of layoffs since September.Japans preliminary manufacturing PMI for October was 48.3, compared with 48.5 in the previous month.Japans preliminary composite PMI for October was 50.9, compared with 51.3 in the previous month.Japans preliminary services PMI for October was 52.4, compared with 53.3 in the previous month.On October 24th, according to sources and an internal memo, US oil giant ConocoPhillips (COP.N) will begin layoffs at its Canadian operations next month as part of a 25% global workforce reduction announced last month. The memo did not specify the number of layoffs, but stated that the layoffs would begin in Canada during the first week of November. According to ConocoPhillips website, the company will employ 950 people in Canada by the end of 2024, with production in Canada projected to be 164,000 barrels of oil equivalent per day in 2024.

EURGBP declines toward 0.87 due to Russia-Poland tensions, while investors await the UK Autumn Statement/CPI

Daniel Rogers

Nov 16, 2022 14:59

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Early in Tokyo, the EURGBP pair wavered between 0.8720 and 0.8740 after falling perpendicularly from the round-level resistance of 0.8800. In the context of escalating global tensions, it is projected that the cross will resume its downturn and may find support near 0.8700.

 

After wreaking havoc in Ukraine, Russia has increased its military operations against NATO member Poland, lowering investor sentiment in the Eurozone. The upshot of Poland's hosting a meeting of NATO ambassadors will provide increased impetus for investors to engage in more activity. An escalation of geopolitical tensions may exacerbate supply chain issues within the trading bloc.

 

The primary focus will be on the speech of Christine Lagarde, president of the European Central Bank (ECB). It is anticipated that the President of the European Central Bank (ECB) will provide hints regarding future monetary policy actions. In addition, inflationary pressure guidance will be of the utmost importance.

 

On the British front, the release of inflation data and the first Autumn Statement under Prime Minister Rishi Sunak and Chancellor Jeremy Hunt will be key.

 

The headline Consumer Price Index (CPI) is much higher at 10.7% compared to 10.1% in the previous edition. While the core CPI, which excludes the cost of oil and food, may decline slightly to 6.4% compared to the prior estimate of 6.5%, this decrease is unlikely to be significant.

 

To bridge the £60 billion budget imbalance, investors will focus on the proportion of tax hikes to spending cuts in the Autumn Budget. Sky News was briefed by Treasury officials that the "black hole" may be as large as £60 billion, demanding up to £35 billion in spending cuts and an additional £25 billion in tax income. Moreover, the energy bill cap will be quite relevant.


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