Asian markets were mixed Tuesday as investors took a breather after the previous day's rally and as they gear up for the release of key US inflation data later in the week.
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France arrests Russian tycoon in tax, sanctions probe
French police have arrested Russian billionaire Alexei Kuzmichev, one of the co-founders of the Alfa Group and who is targeted by EU sanctions, on suspicion of tax fraud and violating sanctions, sources close to the case said. Kuzmichev has launched an appeal to get the EU sanctions against him lifted, a source close to the case said.
Prada sees slowing sales growth in third quarter
Prada saw its sales growth decelerate during the third quarter but the Italian luxury group said Tuesday sales for the year were still solidly higher thanks to strong performances in Asia and Europe, its top markets. Luxury groups have recently seen growth slow, in part due to China's weak economy.
US Fed poised to keep rates unchanged as it opens key meeting
The US central bank opened a key policy meeting Tuesday, with officials widely expected to hold interest rates at a 22-year-high as they balance efforts to lower inflation while staving off a recession. With financial conditions tightening, analysts expect the Fed can continue holding rates steady.
Caterpillar earnings boosted by North American strength
Caterpillar reported higher profits Tuesday behind strong pricing trends, especially in its home North America market, which led revenue growth. Umpleby told Wall Street analysts the company expects "continued weakness" in China where construction activity is well below the long-term growth trends.
Pfizer reports loss as Covid-19 revenues shrink
Pfizer reported Tuesday a loss following a sharp fall in the sales of its Covid-19 vaccine and therapeutic from pandemic peaks. Results were dented by a $5.6 billion inventory write-down in Covid-19 therapeutic Paxlovid and vaccine Comirnaty.
AB InBev profit higher despite Bud Light sales plunge
AB InBev, the world's top brewer, said Tuesday sales and net profits edged higher in the third quarter despite a drop in sales volume, in particular in the United States where Bud Light has been boycotted by conservative figures. But sales volumes in the United States plunged by a fifth in the third quarter, "primarily due to the volume decline of Bud Light", the brewer said.
Eurozone economy shrinks in third quarter, inflation falls further
Economic growth in the eurozone contracted in the third quarter, data showed Tuesday, hit by the European Central Bank's painful rate-hiking campaign and Germany's weakening economy, but inflation slowed in October. Consumer price inflation in the eurozone has slowed to 2.9 percent, Eurostat data for October showed Tuesday, the lowest rate since July 2021 when it reached 2.2 percent.
Vodafone sells Spain unit for up to 5.0 bn euros
British mobile phone giant Vodafone announced Tuesday the sale of its Spanish division to investment fund Zegona for up to 5.0 billion euros ($5.3 billion), as part of an ongoing overhaul. The price comprises at least 4.1 billion euros in cash and up to 900 million euros in preference shares.
France arrests Russian tycoon Kuzmichev in tax, sanctions probe
French police have arrested Russian billionaire Alexei Kuzmichev, one of the co-founders of the Alfa Group who is targeted by EU sanctions, on suspicion of tax fraud and violating sanctions, sources close to the case said.
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