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Chinese iPhone Plant Still Under Strict COVID Curbs Despite Lift Of Lockdown

BEIJING/TAIPEI, Nov 9 (Reuters) – An iPhone plant in China that has come to symbolise worker discontent with harsh COVID curbs will continue to isolate its operations and staff despite the lift of a seven-day lockdown for the rest of the industrial park in which it is located.

Taiwanese contract manufacturer Foxconn (2317.TW) told Reuters on Wednesday its massive Zhengzhou plant in central China will maintain so-called closed-loop operations – a system where staff live and work on-site isolated from the wider world.

Full coverage: REUTERS

Wall Street Awaits Midterm Vote Tallies

NEW YORK, Nov 9 (Reuters) – Investors are expecting Republican gains in U.S. midterm elections, a result that could ease worries about Democratic spending and regulation but set up a bruising fight over raising the U.S. debt ceiling next year.

Control of Congress was still up for grabs early on Wednesday, with many of the most competitive races uncalled, leaving it unclear whether Republicans would crack Democrats’ tenuous hold on power.

Full coverage: REUTERS

Chip Maker TSMC Plans Multibillion-Dollar Arizona Factory Expansion – WSJ

Nov 9 (Reuters) – Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) is preparing for another multibillion-dollar factory investment in Arizona in the United States, the Wall Street Journal reported on Wednesday, citing sources.

TSMC, a major Apple Inc (AAPL.O) supplier and the world’s largest contract chipmaker, plans to announce in the coming months that it will build a cutting-edge semiconductor plant north of Phoenix, the report said.

Full coverage: REUTERS

Oil Prices Dip On U.S. Inventory Build, China COVID Worries

SINGAPORE, Nov 9 (Reuters) – Oil prices edged lower as industry data showed U.S. crude stockpiles rose more than expected and on worries a rebound in COVID-19 cases in top importer China would hurt fuel demand.

Brent crude futures fell 9 cents, or 0.1%, to $95.27 a barrel by 0727 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.2%, to $88.71 a barrel. The benchmarks fell around 3% on Tuesday.

U.S. crude oil inventories rose by about 5.6 million barrels for the week ended Nov. 4, according to market sources citing American Petroleum Institute figures, while seven analysts polled by Reuters estimated on average that crude inventories would rise by about 1.4 million barrels.

Full coverage: REUTERS

Morning Bid: Bank Man Fried

A look at the day ahead in European and global markets from Tom Westbrook

Six billion dollars of withdrawals in 72 hours have sent cryptocurrency exchange FTX into the arms of larger rival Binance and crypto markets into a new tailspin.

“We are in the best of hands,” FTX founder Sam Bankman-Fried said on Twitter, after announcing a bailout that has not quite soothed market jitters. Bitcoin was falling in Asia on Wednesday, so was FTX’s collapsing token and Binance’s token had the wobbles.

Full coverage: REUTERS

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Industry Dynamics

Barclay Family Regains Telegraph Ownership Amidst U.K. Probe

Today’s News  The Barclay family has regained temporary ownership of the Telegraph newspaper as the prospective Abu Dhabi-backed owner awaits the U.K. government’s probe results regarding its takeover. Following six months under the control of its lender, Lloyds Banking Group, the media group emerged from financial receivership. The family settled its outstanding debts using funds […]

2023-12-5 | Industry Dynamics

Japanese Developers Seek U.S. Mergers And Acquisition 

Today’s News  Three major Japanese developers are actively pursuing opportunities to acquire housebuilders in the United States, seeking growth outside their shrinking domestic market.   Daiwa House, Sekisui House, and Sumitomo Forestry are aggressively exploring potential targets, with intentions of possible acquisitions in the U.S. market. Four M&A bankers and lawyers familiar with the matter […]

2023-12-4 | Industry Dynamics

Weekly Economic Calendar For December 4th, 2023 – December 9th, 2023

Weekly Economic Calendar For December 4th, 2023 – December 9th, 2023.

2023-12-1 | Industry Dynamics