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Exclusive: Output Of Apple iPhones At Major China Plant Could Fall 30% Amid COVID Curbs

TAIPEI, Oct 31 (Reuters) – Production of Apple Inc’s (AAPL.O) iPhones could slump by as much as 30% at one of the world’s biggest factories next month due to tightening COVID-19 curbs in China, a person with direct knowledge of the matter said on Monday.

Manufacturer Foxconn, formally Hon Hai Precision Industry Co Ltd (2317.TW), is working to boost production at another factory in Shenzhen city to make up for the shortfall, said the person, declining to be identified as the information was private.

Full coverage: REUTERS

Shanghai Disney Shuts Over COVID, Visitors Unable To Leave

Oct 31 (Reuters) – Shanghai’s Disney Resort abruptly suspended operations on Monday to comply with COVID-19 prevention measures, with all visitors at the time of the announcement directed to stay in the park until they return a negative test for the virus.

The resort said at 11:39 a.m. local time (03:39 GMT) it would immediately shut the main theme park and surrounding areas including its shopping street until further notice to comply with virus curbs.

Full coverage: REUTERS

Swiss National Bank Loses Nearly $143 Bln In First Nine Months

ZURICH, Oct 31 (Reuters) – The Swiss National Bank (SNBN.S) lost 142.2 billion Swiss francs ($142.60 billion) in the first nine months of 2022, it said on Monday, as rising interest rates and the stronger Swiss franc slashed the value of the central bank’s foreign investments.

The loss – the largest in the SNB’s 115-year history – was slightly more than the annual economic output of Morocco ($132 billion), but the central bank does not face bankruptcy thanks to its ability to create money.

Full coverage: REUTERS

Europe’s Debt Market Strains Force Some Governments To Rework Trading Rules

Oct 31 (Reuters) – Some euro zone countries have eased rules for the banks that manage the trading of their government debt to help them cope with some of the most challenging market conditions in years, officials told Reuters.

Out of 11 major euro area debt agencies Reuters contacted, officials in the Netherlands and Belgium told Reuters they have loosened various market-making obligations dictating how actively these banks should trade their debt.

Full coverage: REUTERS

Morning Bid: Not Even Half-Time

A look at the day ahead in European and global markets from Anshuman Daga

As a blitz of central bank rate meetings from Australia and Britain to the United States keeps investors on edge this week, markets will also wrestle with crucial data on inflation and jobs.

Monday kicks off with the euro zone’s October flash inflation estimate, which is expected to remain elevated with a 10.2% year-on-year rise.

Full coverage: REUTERS

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Industry Dynamics

Russia Halts Dollar, Euro Trades Amid New U.S. Sanctions

Following new U.S. sanctions, Russia has ceased trading in dollars and euros on its primary financial marketplace, the Moscow Exchange.  

2024-6-14 | Industry Dynamics

Weekly Economic Calendar for June 17th to 21st 2024

Weekly Economic Calendar For June 17th, 2024 – June 21st, 2024

2024-6-14 | Industry Dynamics

Fed Signals One Rate Cut This Year Amid Inflation 

Federal Reserve officials have scheduled just one interest rate cut for this year, responding cautiously even as recent inflation data showed improvement. The Federal Reserve maintains its benchmark rate at a steady 5.25% to 5.5%, aligning with expectations. Projections indicate that 15 of 19 officials anticipate reducing rates this year, likely by a single cut. 

2024-6-13 | Industry Dynamics