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.
[Markets] S&P 500 and NASDAQ futures indicate a lower opening as the global market rally starts to lose its steam. The Volatility Index (VIX) hit 29, indicating heightened tension among investors. Analysts are currently attributing the volatility to the lack of an outcome in the U.S. elections.
[Monetary Policy] Amid rising Covid-19 cases in the U.S. and around the world, The Federal Reserve has opted to maintain its current stance on its monetary policy. The FOMC said it will keep rates between 0% and 0.25% with no changes to its bond purchase program.
Over60: Yahoo! Finance
[FinTech] Whatsapp’s payment service has received approval from Indian regulators to roll out its product. The service is expected to put pressure on heavyweights such as PhonePe (owned by Walmart), Google Pay, and Paytm. Facebook also plans on rolling out the feature in Mexico and Indonesia.
Over60: Economic Times
[Earnings] Uber’s Q3 results missed analyst estimates as the company reported a loss of $1.09 billion against estimates of $1.02 billion. Ridesharing revenue increased by 94% compared to Q2 but was still down by 53% compared to the same period last year. However, Uber Eats’ revenue was up 125% YoY.
[Commodities] Soyabean futures have hit a four year high due to dry weather and government stockpiling. Futures in Chicago traded at $11.01 a bushel, more than a third compared to the April low. The stockpiling of agricultural commodities worldwide suggests that governments are worried about food inflation.
Over60: Bloomberg Quint