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Jobless claims in the u.s.

U.S. Jobless Claims Drop, Oil Prices React to China’s Output & Alibaba Disappoints, $BABA Shares Down 10%

U.S. Jobless claims close to pre-pandemic levels

Data from the United States reported that weekly initial jobless claims dropped close to pre-pandemic levels on Thursday.

The figures from the Labor Department showed that claims had fallen by 1,000 in its latest report, to 268,000 for the week that ended November 13th.

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Thursday’s number is the lowest level for weekly claims since the start of the coronavirus pandemic, when the report became a key economic indicator.

Markets had expected that the number of Americans filing for unemployment benefits would come in at 260,000 applications.

As of writing, the benchmark S&P 500 was trading 0.25% higher.

Oil Prices fall to 6-weeks lows, as China set to access reserves

Oil prices hit their lowest level in the last 6-weeks, as reports confirmed that China would join the U.S. in increasing oil output.

It has been said that during their summit earlier this week, President Biden asked China’s leader Xi Jinping to join the U.S. in releasing oil reserves.

💡 The 2021 energy crisis
As if the pandemic weren’t enough, a global shortage of energy has impacted some of the largest economies where electricity prices have risen by over 200% in some regions. From supply chain disruptions to a cease in imports and exports (China’s unofficial ban on Australian Coal and Spain’s loss of Algerian Natural gas).

The world’s energy crisis is coming at a moment where many scientist try to forecast the implications of a possible polar vortex and La Niña phenomenon. 

The move comes as the U.S. looks to decrease oil prices, which recently climbed to 7-year highs.

OPEC, and its allies which includes Russia, opted to keep output levels unchanged, despite calls from President’s Biden to raise production.

WTI crude fell to an intraday low of $77.49, its lowest since October 7th.

Alibaba shares drop, after disappointing earnings call

Shares in Chinese tech giant Alibaba were trading lower during Thursday’s session, as the company’s Q2 earnings report disappointed.

The company, which has been impacted by China’s crackdown on the tech sector reported that revenue for the quarter came in at 200.69 billion yuan vs. 204.93 billion yuan expected.

💡 Tech Investors looking away from China?
As China continues to implement more and more regulation, investors are looking toward other countries like India, where the tech culture is blossoming. Only time will tell if this enthusiasm will last as investors will grow accustomed to the regulation.

It’s worth noting that Paytm, India’s largest IPO started trading today and crashed 27% 

Although the number missed expectations, it was 29% higher than the same period a year ago.

Alibaba’s earning per share for the quarter also failed to meet expectations, coming in at 11.20 yuan vs. 12.36 yuan estimated, a 38% annual rate of decline.

$BABA was 10.95% lower as of writing.

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– Alexander Elder

Eliman Dambell

Senior Market Analyst

 

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