World stocks higher after Chinese exchange deal
Creating a link between the markets in Shanghai and Hong Kong has gone down well with investors and most of the world’s major markets are higher today after gains yesterday. The new deal will allow investors easier access to China’s main market when it begins next Monday (Nov. 17). European markets have also been boosted so far today by more positive earnings results, led by telecoms giant Vodafone and German consumer goods firms Henkel and Hochtief. US stock futures are trending upwards while oil and gold are lower this morning. The bonds market is closed today to observe Veterans Day and stock market trading is likely to be quieter.
No major data due for release today.
Aecom Technology and Tribune Media are posting results today.
US stock market hits record highs
Stocks boomed yesterday with the S&P and Dow both hitting record highs and the NASDAQ reaching its highest peak for almost 15 years. Some good corporate results, some optimism over geopolitical unrest and the China-Hong Kong markets link were all factors, as was the continued low oil price but there was no specific occurrence to spike the market.
Google to go into space with NASA
OK so the ‘space’ is real estate space for now, but Google has signed a 60 year lease worth $1 billion with NASA which will see the tech giants move in to part of the former Moffett Field Naval Air Station on the San Francisco Peninsula. A real estate deal may not be that exciting but it’s what Google plans to do there that is the real story – aviation, space exploration and robotics. Read the full story.
Alibaba enjoys ‘Singles Day’ boom
The increasingly popular Singles Day promotion in China has resulted in a boom for Alibaba. Today’s sales saw $5.9 billion spent in the first 13 hours of the 24 hour shopping promotion which is the equivalent of Cyber Monday. Singles Day is so called due to the 11/11 date but has also become popular with single people in China and is beginning to spread to other nations. Read the full story.
Radio Shack to open at 8am on Thanksgiving Day
Radio Shack has joined the growing list of retailers who are planning to open on Thanksgiving Day. While many including Toys R Us and Sears will throw open the doors in the early evening, Radio Shack will open at 8am and close at midnight. Last year the struggling electronics chain was closed on Thanksgiving Day but say they can’t ignore the increasing demand for shopping on the holiday.
‘Palace of Love’ becomes most expensive US property ever to go on sale
A Beverley Hills estate has gone on sale and broken all records for the most expensive residential property ever to go on sale in the US. Nicknamed “Palazzo di Amore” or ‘Palace of Love’ the estate boasts 25 acres and the main house; accessed via a quarter-mile-long driveway; has a dining room with seating for 250 guests and an elevator. It was bought by property tycoon Jeff Greene in 2007 for US$35 million and he’s spent US$25 million developing it. If it sells for the asking price he’ll turn a healthy profit though; it’s on the market for $195 million. Read the full story.