These are some of the most outstanding news this week:
As of Thursday, in the U.S. stock market, forecast-beating results have helped ease investors’ worries that supply-chain difficulties would dent profits, sending stocks higher throughout October. With nearly 50% of S&P 500 companies having posted results this reporting season, about 82% of those have managed to beat analysts’ expectations for earnings.
According to official data released on Wednesday, profits at China’s industrial companies rose at a faster pace in September than in August. Overall profits jumped +16.3% year on year to 738B yuan ($115B), an acceleration from the +10.1% gain than in the prior month. There were particularly strong gains in mining & energy. The price of coal has surged in recent months amid supply shortages & power rationing.
Microsoft passed Apple in market cap Friday, making it the world’s most valuable publicly-traded firm after Apple missed earnings expectations Thursday. Apple reported revenue that fell short of analyst expectations during the company’s fiscal Q4 on Thursday, a result of supply chain constraints. Apple was the 1st company to reach a $1T & $2T market cap. It became the world’s most valuable publicly-traded company, when it surpassed state oil giant Saudi Aramco, in market cap last year.
A dramatic increase in spending on health care services & transport were among plans the U.K. Finance Minister Rishi Sunak announced in his latest budget statement Wednesday. He proposed total departmental spending would increase by £150 billion ($207B), representing the largest increase this century. He told lawmakers in the U.K. Parliament that the gov’t budget will deliver a stronger economy for British people, stronger growth, with the UK recovering faster than major competitors.
El Salvador added 420 Bitcoins to its reserves, Binance Colombia cannot block accounts without a court order assured lawyer, supermarket chain Walmart is ready to accept Bitcoin.