OECD Strikes Deal on 15% Minimum Tax Rate Starting in 2023
(OECD) The international community of 136 countries has agreed to a global tax system that will see multinational enterprises pay a minimum rate of 15% from 2023. The deal allows…
Wholesale Inventories Rises by 1.2% in August as Sales Fall
(Census Bureau) US inventories of merchant wholesalers were $731.1 billion in August, a gain of 1.2% from July. The inventories were 12.3% higher than August 2020. The sales of merchant…
Nonfarm Payroll Employment Misses Estimates after Gaining by 194,000
(BLS) US total nonfarm payroll employment increased by 194,000 in September, a deviation from expected increase of 500,000. Unemployment was down by 0.4% to a post-pandemic record low of 4.8%,…
TVL on DeFi Tops a Record $200 Billion as Ethereum Based Platforms Dominate
(Beincrypto) The total value locked on decentralized finance hit a record $208.39 billion, with Ethereum-based platforms controlling 72% of the total. Binance Smart Chain is the second most popular DeFi…
China’s Regulator Imposes $533 Million Fine on Meituan After Anti-Monopoly Probe
(Bloomberg) China State Administration for Market Regulation has fined Meituan 3.44 billion yuan or $533 million over anti-monopoly violations after a two-month probe. Meituan has been ordered to return a…
Tether’s $69 Billion Market Cap Seen to Threaten the Financial System
(Bloomberg) Tether, a stablecoin supposed to be worth only $1, is now troubling regulators with its $69 billion market cap. Tether’s huge market cap is believed to be derived from…
Samsung Upgrades Third-Quarter Guidance on Chip Price Strengths
(Samsung) Samsung Electronics projects a third-quarter profit of between 15.7 and 15.9 trillion Korean Won, the highest in three years. The world’s largest memory chip and smartphone company projects the revenue…
Germanys’ Balance of Trade Remains a Surplus in August but Weaker Than Last Year
(Destatis) Germany’s foreign trade balance in August was a surplus of 10.7 billion euros, a decline from 11.9 billion euros registered in the comparable month of 2020. Exports averaged 104.4…
China’s Service Business Activity Moves From Contraction as Index Hits 53.4 in Sept.
(IHS Markit) China’s Business Activity Index moved from a contraction level of 46.7 in August to an expansion of 53.4 in September, reflecting robust improvements in service businesses. The mark-up…
MRVL Upgraded After Raising Long-Term Growth Target to 15-20%
(Marvell) Several analysts have upgraded Marvell Technology Inc. stock after the company raised its growth target to 15-20% from the initial 10-15%. Marvell also upgraded its gross margin target to between…
Invesco Joins Hands with Galaxy Digital, Alerian to List Two Crypto ETFs on CBOE
(CoinDesk) Invesco is teaming up with digital asset firm Galaxy Digital and Alerian, an index provider, to debut two exchange-traded funds on Cboe Global Markets. The two ETFs, Invesco Alerian…
Jobless Claims Make a U-turn to Fall to a Below-Estimate Level of 326,000
(Department of Labor) US jobless claims for the week that ended October 2 was 326,000, a decline of 38,000 from the previous week and below the projected 348,000. On a…
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