European Economics Preview: UK Public Sector Finance Data Due
Pre-market Movers: IFRX, CWBR, FUTU, MRAI, GRTX…
The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 05.45 A.M. EDT).
In the Green
InflaRx N.V. (IFRX) is up over 53% at $4.40
LendingClub Corporation (LC) is up over 30% at $41.27
Marpai, Inc. Class A Common Stock (MRAI) is up over 25% at $5.95
Galera Therapeutics, Inc. (GRTX) is up over 21% at $2.93
Meten Holding Group Ltd. (METX) is up over 13% at $0.47
Ford Motor Company (F) is up over 9% at $17.01
China Pharma Holdings, Inc. (CPHI) is up over 9% at $0.71
Baudax Bio, Inc. (BXRX) is up over 8% at $0.61
In the Red
CohBar, Inc. (CWBR) is down over 31% at $0.62
Futu Holdings Limited (FUTU) is down over 25% at $49.90
Siyata Mobile Inc. (SYTA) is down over 20% at $4.22
UP Fintech Holding Limited (TIGR) is down over 18% at $7.18
China XD Plastics Company Limited (CXDC) is down over 18% at $0.76
Brickell Biotech, Inc. (BBI) is down over 16% at $0.45
Guardion Health Sciences, Inc. (GHSI) is down over 14% at $1.29
Twilio Inc. (TWLO) is down over 11% at $305.00
AgriFORCE Growing Systems, Ltd. (AGRI) is down over 11% at $2.80
IronNet, Inc. (IRNT) is down over 8% at $14.95
UK summons French ambassador in post-Brexit fishing row
LONDON (REUTERS) – Britain’s government said on Thursday (Oct 28) it would summon France’s ambassador to London to protest France’s actions in a post-Brexit fishing dispute.
“I have instructed Europe Minister Wendy Morton to summon the French Ambassador to the UK for talks tomorrow to explain the disappointing and disproportionate threats made against the UK and Channel Islands,” Foreign Secretary Liz Truss said.
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Accor Q3 Revenues Up 79%
Accor (ACRFY.PK,ACRFF.PK) Wednesday reported third-quarter revenues of 589 million euros, up 79% from 329 million euros last year.
RevPAR improved by 20 percentage points from last year, reflecting a strong activity recovery seen over the summer.
Hotel services revenues gained 96% to 440 million euros, while hotel assets surged 55% to 153 million euros last year.
CEO Sébastien Bazin said, “This third quarter of 2021 saw a genuine pick-up in demand. Our business was very strong this summer in Europe, the Middle East and the Americas, particularly for our leisure destinations. These trends are expected to persist out to the end of the year.”
Oil Prices Fall After API Data
Oil prices fell more than 1 percent on Wednesday after the American Petroleum Institute (API) reported its fifth straight week of crude oil inventory builds.
Brent crude futures for January delivery fell 93 cents, or 1.1 percent, to $84.72 a barrel, while U.S. crude futures for December settlement were down $1.18, or 1.4 percent, at $83.47 a barrel.
The API said late on Tuesday that crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, while analysts had expected a 1.6 million barrel gain.
Gasoline inventories rose by 500,000 barrels for the week and distillate stocks increased by 986,000 barrels, compared with a forecast for both to drop.
Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 3.7 million barrels for the week.
Inventory data from the Energy Information Administration will be released later in the day. On average, the report is expected to show crude inventories down by 100,000 barrels, according to a survey of analysts conducted by S&P Global Platts.
Flex Shares Down 5% On Slashed FY21 Revenue Outlook
Shares of electronics components manufacturer Flex Ltd. (FLEX) are down 5 percent on Thursday’s trading as the company cut down its revenue outlook for full year 2021.
The company now expects revenues of $24.8 billion to $25.8 billion, compared to prior guidance of $25.5 billion to $26.5 billion. Analysts expect revenues of $26.0 billion for the year ahead.
Flex also posted second-quarter earnings of $336 million or $0.69 per share, higher than $113 million or $0.22 per share in last year’s quarter. The company’s revenue for the quarter rose 4.0% to $6.23 billion from $5.99 billion last year.
Currently at $17.40, the stock has traded between $13.26 and $20.04 during the past 52 weeks.
European Economics Preview: UK Public Sector Finance Data Due
Public sector finances from the UK and business confidence from France are due on Thursday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK public sector finances for September. The budget deficit is seen at GBP 14.7 billion versus GBP 19.78 billion in August.
At 2.45 am ET, France Insee is set to issue business confidence survey results. The business sentiment index is expected to fall marginally to 105 in October from 106 in September.
At 3.00 am ET, consumer confidence survey data is due from Turkey.
Half an hour later, Statistics Sweden publishes unemployment data for September.
At 4.00 am ET, Italy’s Istat releases industrial turnover report for August. Turnover had increased 0.9 percent on month in July.
In the meantime, retail sales and unemployment figures are due from Poland. Sales are expected to grow 10.4 percent annually in September after rising 10.7 percent in August.
At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey results. The order book balance is expected to fall to 18 percent in October from 22 percent in September.
At 7.00 am ET, Turkey’s central bank announces its monetary policy decision. Economists forecast the bank to raise its one-week repo rate to 17.50 percent from 18.00 percent.
At 10.00 am ET, Eurozone consumer confidence survey data is due. The flash sentiment index is seen at -5.0 in October versus -4.0 in September.
