Markets in Details: 07 November 2019

7 November, 2019

Euro area’s Composite PMI recorded 50.6 in October, which suggests a flat scenario. Germany’s lack of growth continues to affect the euro area’s readings, although manufacturing rebounded to 1.3% in September, against the forecast of 0.1% gain.

The ECB has been calling for member countries to support growth via fiscal measures but this has been largely ignored as governments are hesitant to spend while global trade growth is still largely a question mark.

Dot com stubborness on the wall

Softbank plunged deep into red with a $6.5bn loss due to investments in once-superstars WeWork and Uber.

Despite the massive loss, which for the Japanese investment company has suffered for the first time in 14 years, its founder Masayoshi Son said he would not change the course, which he believes is the best move forward.

Softbank and Vision Fund have invested $10bn in WeWork before valuation sank to one fifth of the pre-IPO valuation when the IPO failed in September; the former then went in with a $9.5bn rescue package to take control of the coworking company.

Huawei still without a buyer for 5G

Chinese telecoms equipment maker Huawei said it is still looking for a buyer for its 5G network technology, adding that it is not directly in talks with any U.S. company at the present time.

Huawei says a deal should be made with a U.S. company because Europe has its own providers, namely Nokia and Ericsson.

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