Author: WTX Business Team

Global stocks climb higher as market jitters ease US stocks had their best trading day since November 2022, driven by a surprising drop in unemployment claims that eased fears of a slowing economy. The S&P 500 surged 2.3%, the Dow Jones gained 1.8%, and the Nasdaq soared 2.9%. Asian markets also saw gains, with Hong Kong’s Hang Seng up 1.7% and South Korea’s Kospi rising over 1%.  This comes after a severe downturn in Japanese stocks earlier in the week, which had caused a global market sell-off. Analysts believe the lower-than-expected US jobless claims, which fell to 233,000 last week,…

Musk’s X sues brands and trade group over advertising boycott Elon Musk’s social media platform, X (formerly Twitter), has filed a lawsuit against several major companies, accusing them of unlawfully conspiring to boycott the site. The companies named in the suit include food giants Unilever and Mars, healthcare provider CVS Health, renewable energy firm Orsted, and the trade association World Federation of Advertisers (WFA). The lawsuit alleges that these entities deprived X of “billions of dollars” in advertising revenue following Musk’s acquisition of the platform in 2022. During this period, X experienced a significant drop in ad revenue, which the…

Japan stocks jump 10% after global markets slump Japanese stocks bounced back on Tuesday morning, recovering after a sharp drop on Monday. The Nikkei 225 index rose by as much as 10%, following a more than 12% decline the day before. The sell-off was triggered by the Bank of Japan’s second rate hike in 17 years, which caused the yen to strengthen against the dollar, making Japanese exports more expensive and affecting investor sentiment. The market turmoil wasn’t limited to Japan, as US, UK, and European stocks also fell on Monday due to concerns over a potential slowdown in the…

Asia stock markets plunge after US shares tumbled Asian markets took a major hit on Monday, mirroring sharp declines seen worldwide last week. Japan’s Nikkei 225 and Topix indexes dropped nearly 13% as weak US jobs data fueled worries about the global economy. The yen’s recent 9% rise against the US dollar, following the Bank of Japan’s interest rate hike, has made Japanese stocks more costly for foreign investors, particularly hurting exporters. In other Asian markets, Taiwan’s index and South Korea’s Kospi both fell over 8%. Australia’s S&P/ASX 200 declined by 3.6%, India’s NSE Nifty 50 was down 1.8%, and…

Australia’s third largest airline enters administration Australia’s third-largest airline, Rex Airlines, has entered voluntary administration and cancelled flights on several key routes. Specialising in regional travel, Rex serves smaller towns and cities not covered by larger carriers like Qantas and Virgin Australia. Ernst & Young Australia has been appointed as the administrator after trading in Rex shares was halted earlier this week. This development follows the recent collapse of another Australian airline, Bonza, highlighting the challenges in the domestic aviation market. Founded in 2002 after the collapse of Ansett, Rex operates a fleet of 66 aircraft, including 34-seater Saab 340…

Amazon responsible for product recalls, says US US regulators have determined that Amazon is responsible for handling recalls of unsafe products sold on its platform and must improve its recall process. The US Consumer Product Safety Commission (CPSC) criticised Amazon’s current alerts as insufficient, ordering the company to develop a new plan for addressing such issues. The CPSC’s decision follows a 2021 lawsuit against Amazon, accusing the company of distributing over 400,000 hazardous items, including faulty carbon monoxide detectors. Amazon, which plans to appeal the ruling, stated that it already removes unsafe products from its site and notifies customers when…

Air NZ becomes first big carrier to drop climate goal Air New Zealand has scrapped its ambitious goal to cut carbon emissions by 2030, citing difficulties in obtaining more efficient aircraft and sustainable jet fuel. This makes it the first major airline to back away from a near-term climate target. The airline is now working on a new short-term objective while remaining committed to achieving net zero emissions by 2050, in line with industry-wide goals. The aviation industry contributes about 2% of global carbon dioxide emissions, and airlines have sought to reduce this impact through measures like upgrading fleets and…

Shares drop in US and Asia as AI stocks slide Financial markets in the US and Asia experienced sharp declines as investors sold off technology stocks, particularly those related to artificial intelligence (AI). In New York, the S&P 500 dropped 2.3%, the tech-heavy Nasdaq fell 3.6%, and the Dow Jones Industrial Average decreased by 1.2%. Major firms like Nvidia, Alphabet, Microsoft, Apple, and Tesla led the losses. In Asia, Japan’s Nikkei index fell by 3%. AI chip giant Nvidia’s shares fell 6.8%, losing about 15% of its value over two weeks. Tesla’s stock dropped over 12% following disappointing financial results.…

Musk to move SpaceX and X HQ over gender-identity law Billionaire Elon Musk announced plans to move the headquarters of SpaceX and social media platform X from California to Texas. This decision follows Musk’s opposition to a new Californian law prohibiting schools from requiring staff to disclose information about a child’s gender identity to parents. Musk expressed his frustration, stating, “This is the last straw.” This is the final straw. Because of this law and the many others that preceded it, attacking both families and companies, SpaceX will now move its HQ from Hawthorne, California, to Starbase, Texas. https://t.co/cpWUDgBWFe— Elon…

Xi tackles slow growth as economy falls short of expectations China’s economy slowed down in the second quarter, growing by 4.7% and falling short of expectations after a strong start to 2024. This comes as China’s leaders gather for the Third Plenum to address the country’s sluggish growth, aiming to meet an annual growth target of around 5%. The economy faces challenges like a prolonged property crisis, local government debt, weak consumption, and high unemployment. Analysts are watching the Plenum for significant reforms, though they are sceptical about immediate impacts. State-controlled media have hinted at comprehensive reforms, invoking past major…

Markets Indices Crypto Monday’s Business Highlights A mix bag this week after a rollercoaster weekend, President Trump’s attempted assassination by Jewish radical, Agonising Euro defeat for the English and bodies being dumped in the river. But the markets have responded as Burberry cancels dividend sending shockwaves to investors. Asian markets slip because the Chinese did not meet GDP targets. But the UK is receiving a raft of economic upgrades for positive economic performance. Crypto markets have boomed over the weekend as Bitcoin passes the $60k mark again having a knock on effect on all other crypto markets. Burberry cancels dividend…