Edition #1
Monday October 24th 2022
Welcome to the first edition of the Acorn!
I’ll be summarising the daily movements in the market, what’s causing it, and bringing in all the investing content you need to be a success. 🥳
Let’s get our money working harder 📈
Summary 📝
Markets await PMI information later today to determine if the economy is expanding or contracting. 📈📉
A major week of earnings reports are ahead, with Apple, Microsoft, Meta and Amazon on deck.😅
China’s surprise GDP beat for Q3 has spooked markets, with large drawdowns in Chinese based US stocks. 🇨🇳
It looks increasingly likely that former Chancellor Rishi Sunak will become the new UK Prime Minister later this week. 🇬🇧
Market Recap 📈
Yesterday’s Post 💌
What’s Moving Markets?
Incoming Earnings Reports this week- provided by Earnings Whispers.
Hong Kong stocks and mainland China markets fell sharply Monday while other major Asia-Pacific markets rose.
Hong Kong’s Hang Seng index spiraled down 6.36% to 15,180.69, its lowest levels since April 2009, with the Hang Seng Tech index down more than 9%.
Tesla shares slipped in pre-market trade on Monday after the company cut the price of some of its cars in China.
Shares of the electric carmaker were down around 3% before the market open.
The starting price for the Model 3 sedan was cut to 265,900 yuan ($$36,615) from 279,900 yuan. The Model Y sports utility vehicle now costs 288,900 yuan versus the previous price of 316,900 yuan.
Former Finance Minister Rishi Sunak looks set to become the next prime minister of the U.K., with votes to be counted Monday afternoon.
Former Defense Minister Penny Mordaunt is his only rival after former Prime Minister Boris Johnson pulled out of the race Sunday.
Chart of the Day 📈
Financial Times
Personal portfolios in the US fell 44 per cent between early January and October 18, according to data compiled by JPMorgan Chase, in a reflection of the acute pressure applied to highly valued equities by rising interest rates and a darkening economic outlook.
Investor’s Toolkit
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Disclosure
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This newsletter provides general information only. Before making any financial or investment decisions, please consult a financial planner to take into account your personal investment objectives, financial situation and individual needs.