Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Earnings] BMW posted impressive results, with Q3 profits growing by 10%. The increase was primarily attributed to pent up demand in Asia - with sales in China increasing by 31% in Q3 2020 compared to the same period last year.
[Tag] Shanghai and Hong Kong Stock Exchanges suspended Ant Group’s world record-setting initial public offering. Consequently, Alibaba, which owns a roughly 33% stake in Ant Group, saw its Hong Kong-listed shares tumble by more than 7% in Asia trade on Wednesday. Over60: CNBC
[M&A] Clarks, one of the U.K.’s oldest shoe chains, has been rescued in a £100m investment by Hong Kong-based private equity giant LionRock Capital. Clarks will now enter Company Voluntary Arrangement, with the prospect of LionRock buying a majority share in the company next month. Over60: Yahoo! Finance
[Services] As lockdown measures tightened across Europe, services companies in Spain and Italy, in particular, witnessed a significant drop in inactivity. The Purchasing Manager’s Index (PMI) for Spain dropped to a five-month low of 41.4, and Italy’s was 46.7, well below an acceptable level of 50.
[Markets] As the U.S. election comes closer to its end, bonds and the U.S. Dollar have faced significant tailwinds. Investors were betting for a decisive Joe Biden win, in turn boosting hopes of an improved stimulus package. However, as President Trump won vital battleground states, investors have rushed towards U.S. Government debt safety.
Over60: F.T. Exclusive