In contrast, the European Central Bank doesn’t plan to raise rates until 2023 despite record inflation, blaming it on temporary factors. But it has decided the economic recovery is strong enough to start carefully dialling back some of its stimulus efforts over the next year.
Spotify slumped 13.2 per cent after the leading music-streaming service gave investors a weak forecast for a closely watched measure of its earnings. The company has come under pressure after Neil Young pulled his music from its platform to protest the spreading of COVID-19 misinformation by Spotify’s star podcaster, Joe Rogan. Other musicians have followed.
The losses on Wall Street threaten to end a run of solid daily gains for the major indexes this week, though they are still on track for weekly gains.
Investors had several earnings reports to review, with mixed outcomes for stocks. Wireless carrier T-Mobile rose 10.3 per cent after reporting strong results. Health insurer Humana rose 6.2 per cent and upscale clothing company Ralph Lauren rose 5.3 per cent after also reporting encouraging financial results.
The slump for stocks was broad. Retailers, industrial companies and energy companies also fell. Household and personal goods makers eked out gains.
ASX set to drop as Meta’s historic fall drives Wall Street lower
Source: Philippines Alive
