Thailand’s exports in September came in at US$23 billion, marking a 17 per cent surge compared to the same period last year, Commerce Minister Jurin Laksanawisit said on Tuesday.
Imports in September, meanwhile, were worth $22.43 billion or up by 30 per cent against the same period last year.
The rise in exports has been put down to the recovery of key trading partners, especially a continuous recovery of the US economy and the easing of European lockdown measures, which is helping Thailand’s service sector to recover. The global manufacturing sector is also continuing to expand.
Overall, exports for the first nine months of this year were valued at about $200 billion, marking a rise of 15.5 per cent against the same period last year.
Hence, Jurin reckoned, the 4 per cent export growth target for the entire year is well within reach.
The Stock Exchange of Thailand (SET) Index closed at 1,635.97 on Tuesday, up 1.77 points or 0.11 per cent. Transactions totalled 79 billion baht with an index high of 1,639.93 and a low of 1,627.68.
The index slightly rebounded after falling by 9.22 points or 0.56 per cent on Monday.
In the morning session, Krungsri Securities forecast the SET Index on Tuesday would fluctuate between 1,625 and 1,645 points.
It said the index gained positive sentiment from rising oil price in line with economic recovery and the Bank of Thailand’s move to relax loan-to-value (LTV) mortgage rule.
“However, uncertainty over the US Federal Reserve’s move to taper its quantitative easing on November 2-3 and mass sell-offs of shares whose third-quarter performance is expected to drop would pressure the index,” Krungsri Securities said.
The 10 stocks with the highest trade value today were KBANK, KCE, PTT, AOT, SCGP, HANA, BANPU, BBL, IVL and CPALL.
Other Asian indices were mixed:
Japan’s Nikkei Index closed at 29,106.01, up 505.60 points or 1.77 per cent.
China’s Shanghai SE Composite closed at 3,597.64, down 12.22 points or 0.34 per cent, while the Shenzhen SE Component closed at 14,552.82, down 43.91 points or 0.30 per cent.
Hong Kong’s Hang Seng Index closed at 26,038.27, down 93.76 points or 0.36 per cent.
South Korea’s KOSPI Index closed at 3,049.08, up 28.54 points or 0.94 per cent.
Taiwan’s TAIEX Index closed at 17,034.34, up 140.10 points or 0.83 per cent.
The baht hit its lowest point in a month, opening at 33.05 to the US dollar, down from Monday’s closing rate of 33.15.
The Thai currency is likely to move between 33.25 and 33.45 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon predicted that the baht would drift sideways. A factor that will cause the baht to strengthen is that the market is in a risk-on state which will also cause the dollar to weaken. Gold selling will also cause the baht to strengthen if the price goes up nearly 1,800 dollars per ounce.
However, foreign investment especially stocks might cause the baht to fluctuate. The baht will weaken if investors sell Thai stocks. In contrast, the baht will strengthen if investors buy Thai stocks.
Foreign investors are trading stocks this week until basic economy factors are clearly better and companies financial results were better than expected which analysts will decrease the valuation of Thai stocks because they are currently expensive.
The baht’s key support level would be at 33.50, the level some importers are waiting for so they can buy dollars, he added.
The support level of 33.00 is important because foreign investors speculated that the baht will weaken to 34 or 35 to the US dollar. Investors might place a stop loss at 33.00. Investors might cover short when the baht reach that level which will cause the baht to strengthen in the short term.
This report focuses on the region’s consumer markets, surveying the outlook for consumption and identifying major shifts in consumption patterns and behavior over the next decade.
While the COVID-19 pandemic continues to affect economies in Asia and around the world in fall 2021, this research aims to look beyond the economic effects of the pandemic, focusing on the factors that may influence long-term consumption growth in Asia to 2030 and beyond.
As Asia’s consumer markets are not only growing rapidly buy diversifying and segmenting, the 3 changes in perspectives are key to understanding new consumption paths in the region;
Surging up the income pyramid
From people moving into the consuming class to moving within the consuming class
Asian consumers are expected to account for half of global consumption growth in the next decade, equivalent to a $10 trillion opportunity. Globally, one of every two upper-middle-income and above households is expected to be in Asia, and one of every two consumer transactions is likely to occur in the region.
Beyond income: Redrawing Asia’s consumer map by McKinsey
An increasing number of people are projected to join the consuming class, defined as spending more than $11 a day in 2011 purchasing power parity (PPP) terms. In 2000, only 15 percent of Asia’s population was part of the consuming class; the incomes of the remaining three billion people were still insufficient to support discretionary spending. However, over the next decade, a significant reversal is likely. By 2030, three billion people, or 70 percent of Asia’s total population, may be part of the consuming class.
Beyond income: Redrawing Asia’s consumer map by McKinsey
2. Ten consumer shifts that matter
From people moving to cities to diversifying segments within cities
Cities will continue to be the main source of the region’s consumption and consumption growth and are expected to account for more than 85 percent of it over the next decade.
But the urban consumption is changing, a new focus is now needed to take account not only of which city is likely to offer the most promising opportunities, but of which consumers within each city.
A combination of social, demographic, and technological change is making this diverse region even more varied. Source of consumption growth are diversifying and segmenting. A consumer might be young Japanese person living alone whose social life is largely online; a South Korean “Insta-granny”, or a senior citizen newly conversant in social media; a high-spending-and high-borrowing-Chinese Gen Z; or a Filipina who has succeed in securing a better-paid job and has more say over household financial decisions.
Across Asia, households are getting smaller, and single-person households are becoming more common which already account for 15 to 35 percent of the total in Advanced Asia and China.
Beyond income: Redrawing Asia’s consumer map by McKinsey
3. Beyond income: Value shifts to new consumption curves
From income-driven S-curves to market-specific consumption curves
As the relationship between income and consumption breaks down in some instances, new consumption curves are emerging in specific product categories. Income-driven S-curves may flatten or shift as business innovation and new technologies enable more people, even on lower incomes, to afford goods and services.
Consumer shifts could move to 15 to 65 percent of value pools to new consumption curves, depending on the sector.
An example is “access curves” emerging in categories such as mobility, gaming, and banking, where business model innovation and digital platforms unlock latent demand by enabling lower-income consumers to obtain services that they could not previously access or were priced out of.
Beyond income: Redrawing Asia’s consumer map by McKinsey
Larges demographic shifts are creating new opportunities to innovate products for example;
New growth angles are changing the Asian financial sector in areas like payments, wealth management, and financing.
Demographic and societal shifts are changing the nature of housing demand and an emerging shift to rental and other housing models instead of buying.
It is time for companies to redraw their consumer growth map of Asia
Looking at new angles and consumptions growth
Find new growth angles: Given that urbanization and rising incomes may no longer be sufficient to understand consumption growth, companies may look carefully at which of the ten growth angles are relevant to their business.
Understand the new consumption that may play out in each sector: Consider new consumption categories that may emerge and how new demand may be unlocked by innovation in business models or product development.
Radically reimagine the future of consumption: Consider the possible futures and include new approaches in their forecasting process. To do so, they could consider revamping their usual long0term planning processes and blend elements of design, broad based signal scanning, and analytics.
Responding to rapid change and rising diversity, companies are adopting a more agile operating model
Create an agile resource-reallocation process: Yearly planning cycles, sticky budgets, and status quo business reviews may need to be replaced by frequent resources reallocation discussion in which genuine trade-offs are considered
Increase speed to market of innovation: Consider opening up innovation cycles, for instance by seeking out external partnerships, localizing R&D, and employing more rapid test-and-learn approaches to product development.
Empower local decision making: local autonomy and talent are crucial to making the right decision for the right markets at the right time.
Ensure the board is fit for the digital age: To address the digital deficit on boards, members need better knowledge about the technology environment. They also need faster, more effective ways to engage the organization and operate as a governing body and, critically, new means of attracting digital talent.
The price of gold in Thailand on Tuesday morning was unchanged from Monday close.
AGold Traders Association report at 9.21am said the buying price of a gold bar was THB28,150 per baht weight and selling price THB28,250, while the buying and selling price of gold ornaments is THB27,636.68 and THB28,750, respectively.
The spot gold price on Tuesday morning hovered around US$1,804 (THB59,789) per ounce after Comex gold at close on Monday surged by $10.5, hit the highest level in almost 6 weeks, to $1,806.8 per ounce due to support in buying gold as a safe-haven asset amid concerns about inflation and the fall in US government bond yields.
Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Tuesday would fluctuate between 1,625 and 1,645 points.
It said the index gained positive sentiment from rising oil price in line with economic recovery and the Bank of Thailand’s move to relax loan-to-value (LTV) mortgage rule.
“However, uncertainty over the US Federal Reserve’s move to taper its quantitative easing on November 2-3 and mass sell-offs of shares whose third-quarter performance is expected to drop would pressure the index,” Krungsri Securities said.
It also recommended buying of the following companies’ shares as an investment strategy:
▪︎ PTT, PTTEP, TOP, PTTGC, SPRC and BCP, which benefit from rising oil price and gross refining margin.
▪︎ GULF, CHG, BCH, BDMS, KCE, PSL, TTA, BANPU and LANNA, whose third-quarter profit is expected to grow.
▪︎ HMPRO, CPALL, TNP and KK, which benefit from the government’s economic stimulus measures.
The Nation Thailand and Springnews invite you to listen and discuss the direction of Thai startups in the virtual seminar.
The Nation Thailand and Springnews invite you to listen and discuss the direction of Thai startups in the virtual seminar “Thailand Startup in Post Covid Era 2022”.
• Special talk on “Startup Experience in Australia” by Allan McKinnon, Australian Ambassador to Thailand
• Seminar on the startup direction in the future by prominent entrepreneurs in Thailand
See you at our informative & exciting “Virtual Forum: Thailand Startup in the Post-Covid Era” on October 29, 2021, from 2PM to 4PM
Walt Disney Co. raised the price of a single admission to its California theme parks on the busiest days by 6.5% to $164, part of the companys shift to a system that ties admissions costs to demand.
As part of the move, the slowest days will remain at $104, the same as it has been since 2019, Disney said Monday. The company created a tiered format for ticket prices in 2016, with weekend, summer and holiday prices higher than other days. With this latest step, the company now has six tiers.
The changes suggest companies are feeling comfortable about raising prices as the pandemic ebbs and consumers start to spend again. Disney is confident that higher-end consumers are more willing to spend freely. The company’s second-highest-priced tier is increasing to $159 from $154.
The company’s two theme parks in California, Disneyland and California Adventure, last increased prices in February 2020, before the pandemic prompted an extended shutdown.
Disney said demand has been strong since its California resort reopened in April. The world’s largest theme-park operator has been using price increases, a new reservation system and other tools to help manage demand and maximize revenue.
The changes offer “guests more ticket choices to meet a variety of budgets as it moves closer to dynamic pricing designed to spread visitation throughout the weeks, months and year,” Disney said.
This month, the company began rolling out a new ride reservation system. Priced at $20 in California, it will allow purchasers to access shorter lines. The company said its highest-priced annual pass, which costs $1,399 for year-round access, is sold out.
Disney also has been introducing new attractions, such as the Avengers-themed campus that opened in June at the California Adventure park. The company’s parking-lot trams, closed since the coronavirus, will reopen next year.
Late last year, Mark Zuckerberg faced a choice: Comply with demands from Vietnams ruling Communist Party to censor anti-government dissidents or risk getting knocked offline in one of Facebooks most lucrative Asian markets.
In America, the tech CEO is a champion of free speech, reluctant to remove even malicious and misleading content from the platform. But in Vietnam, upholding the free speech rights of people who question government leaders could have come with a significant cost in a country where the social network earns more than $1 billion in annual revenue, according to a 2018 estimate by Amnesty International.
So Zuckerberg personally decided that Facebook would comply with Hanoi’s demands, according to three people familiar with the decision, speaking on the condition of anonymity to describe internal company discussions. Ahead of Vietnam’s party congress in January, Facebook significantly increased censorship of “anti-state” posts, giving the government near-total control over the platform, according to local activists and free speech advocates.
Zuckerberg’s role in the Vietnam decision, which has not been previously reported, exemplifies his relentless determination to ensure Facebook’s dominance, sometimes at the expense of his stated values, according to interviews with more than a dozen former employees. That ethos has come under fire in a series of whistleblower complaints filed with the U.S. Securities and Exchange Commission by former Facebook product manager Frances Haugen.
While it’s unclear whether the SEC will take the case or pursue action against the CEO personally, the allegations made by the whistleblower represent arguably the most profound challenge to Zuckerberg’s leadership of the most powerful social media company on Earth. Experts said the SEC – which has the power to seek depositions, fine him and even remove him as chairman – is likely to dig more deeply into what he knew and when. Though his direct perspective is rarely reflected in the documents, the people who worked with him say his fingerprints are everywhere in them.
In particular, Zuckerberg made countless decisions and remarks that demonstrated a hard-line devotion to free speech. Even in Vietnam, the company says that the choice to censor is justified “to ensure our services remain available for millions of people who rely on them every day,” according to a statement provided to The Post.
Haugen references Zuckerberg’s public statements at least 20 times in her SEC complaints, asserting that the CEO’s singular power and unique level of control over Facebook mean he bears ultimate responsibility for a litany of societal harms. Her documents appear to contradict the CEO on a host of issues, including the platform’s impact on children’s mental health, whether its algorithms contribute to polarization and how much hate speech it detects around the world.
For example, Zuckerberg testified last year before Congress that the company removes 94 percent of the hate speech it finds – but internal documents show that its researchers estimated that the company was removing less than 5 percent of hate speech on Facebook. In March, Zuckerberg told Congress that it was “not at all clear” that social networks polarize people, when Facebook’s own researchers had repeatedly found that they do.
The documents – disclosures made to the SEC and provided to Congress in redacted form by Haugen’s legal counsel – were obtained and reviewed by a consortium of news organizations, including The Washington Post.
In her congressional testimony, Haugen repeatedly accused Zuckerberg of choosing growth over the public good, an allegation echoed in interviews with the former employees.
“The specter of Zuckerberg looms in everything the company does,” said Brian Boland, a former vice president of partnerships and marketing who left in 2020 after coming to believe that the platform was polarizing society. “It is entirely driven by him.”
A Facebook spokeswoman, Dani Lever, denied that decisions made by Zuckerberg “cause harm,” saying the claim was based on “selected documents that are mischaracterized and devoid of any context.”
“We have no commercial or moral incentive to do anything other than give the maximum number of people as much of a positive experience as possible,” she said. “Like every platform, we are constantly making difficult decisions between free expressions and harmful speech, security and other issues, and we don’t make these decisions inside a vacuum – we rely on the input of our teams, as well as external subject matter experts to navigate them. But drawing these societal lines is always better left to elected leaders which is why we’ve spent many years advocating for Congress to pass updated Internet regulations.”
Facebook has previously fought efforts to hold Zuckerberg personally accountable. In 2019, as the company was facing a record-breaking $5 billion fine from the Federal Trade Commission for privacy violations related to Cambridge Analytica, a political consultancy that abused profile data from tens of millions of Facebook users, Facebook negotiated to protect Zuckerberg from direct liability. Internal Facebook briefing materials revealed the tech giant was willing to abandon settlement talks and duke it out in court if the agency insisted on pursuing the CEO.
The current chair of the SEC, Gary Gensler, has said he wants to go much harder on white-collar crime. Experts said Gensler is potentially likely to weigh the Haugen complaint as he looks toward a new era of corporate accountability.
Zuckerberg “has to be the driver of these decisions,” said Sean McKessy, the first chief of the SEC’s whistleblower office, now representing whistleblowers in private practice at Phillips & Cohen. “This is not a typical public company with checks and balances. This is not a democracy, it’s an authoritarian state. . . . And although the SEC doesn’t have the strongest track record of holding individuals accountable, I certainly could see this case as being a poster child for doing so.”
Zuckerberg, who is 37, founded Facebook 17 years ago in his college dorm room, envisioning a new way for classmates to connect with one another. Today, Facebook has become a conglomerate encompassing WhatsApp, Instagram and a hardware business. Zuckerberg is chairman of the board and controls 58 percent of the company’s voting shares, rendering his power virtually unchecked internally at the company and by the board.
An ownership structure that gives a single leader a lock on the board’s decision-making is “unprecedented at a company of this scale,” said Marc Goldstein, head of U.S. research for the proxy adviser Institutional Shareholder Services. “Facebook at this point is by far the largest company to have all this power concentrated in one person’s hands.”
Zuckerberg has long been obsessed with metrics, growth and neutralizing competitive threats, according to numerous people who have worked with him. The company’s use of “growth-hacking” tactics, such as tagging people in photos and buying lists of email addresses, was key to achieving its remarkable size – 3.51 billion monthly users, nearly half the planet. In Facebook’s early years, Zuckerberg set annual targets for the number of users the company wanted to gain. In 2014, he ordered teams at Facebook to grow “time spent,” or each user’s minutes spent on the service, by 10 percent a year, according to the documents and interviews.
In 2018, Zuckerberg defined a new metric that became his “north star,” according to a former executive. That metric was MSI – “meaningful social interactions” – named because the company wanted to emphasize the idea that engagement was more valuable than time spent passively scrolling through videos or other content. For example, the company’s algorithm would now weight posts that got a large number of comments as more “meaningful” than likes, and would use that information to inject the comment-filled posts into the news feeds of many more people who were not friends with the original poster, the documents said.
Even as the company has grown into a large conglomerate, Zuckerberg has maintained a reputation as a hands-on manager who goes deep on product and policy decisions, particularly when they involve critical trade-offs between preserving speech and protecting users from harm – or between safety and growth.
Politically, he has developed hard-line positions on free speech, announcing that he would allow politicians to lie in ads and at one time defending the rights of Holocaust denialists. He has publicly stated that he made the final call in the company’s most sensitive content decisions to date, including allowing President Donald Trump’s violence-inciting post during the George Floyd protests to stay up, despite objections from thousands of employees.
And his capacity for micromanagement is vast: He personally chose the colors and layout of the company’s “I got vaccinated” frames for user profile pictures, according to two of the people.
But the former employees who spoke with The Post said his influence goes far beyond what he has stated publicly, and is most felt in countless lesser-known decisions that shaped Facebook’s products to match Zuckerberg’s values – sometimes, critics say, at the expense of the personal safety of billions of users.
Ahead of the 2020 U.S. election, Facebook built a “voting information center” that promoted factual information about how to register to vote or sign up to be a poll worker. Teams at WhatsApp wanted to create a version of it in Spanish, pushing the information proactively through a chat bot or embedded link to millions of marginalized voters who communicate regularly through WhatsApp. But Zuckerberg raised objections to the idea, saying it was not “politically neutral,” or could make the company appear partisan, according to a person familiar with the project who spoke on the condition of anonymity to discuss internal matters, as well as documents reviewed by The Post.
Ultimately, the company implemented a whittled-down version: a partnership with outside groups that allowed WhatsApp users to text a chat bot if they saw potential misinformation or to text a bot built by the organization Vote.org to get voting info.
When considering whether to permit increased censorship in Vietnam, one former employee said, Zuckerberg’s line in the free speech sand seemed to be constantly shifting. Warned that catering to a repressive regime could harm Facebook’s global reputation, according to one of the people, Zuckerberg argued that going offline entirely in Vietnam would cause even greater harm to free speech in the country.
After Zuckerberg agreed to increase censorship of anti-government posts, Facebook’s transparency report shows that more than 2,200 posts by Vietnamese users were blocked between July and December 2020, compared with 834 in the previous six months. Pro-democracy and environmental groups, meanwhile, have become a target of government-led mass reporting campaigns, the documents and interviews show, landing people in jail for even mildly critical posts.
In April 2020, Zuckerberg appeared to shoot down or express reservations about researchers’ proposals to cut down on hate speech, nudity, graphic violence and misinformation, according to one of the documents. The pandemic was in its early days and coronavirus-related misinformation was spreading. The researchers proposed a limit to boosting content the news-feed algorithm predicts will be reshared, because serial “reshares” tended to correlate with misinformation. Early tests showed limiting this could reduce coronavirus-related misinformation by up to 38 percent, according to the document.
“Mark doesn’t think we could go broad,” said Anna Stepanov, the director giving the readout from the Zuckerberg meeting, about the CEO’s response to the proposal to change the algorithm. “We wouldn’t launch if there was a material trade-off with MSI.”
Zuckerberg was a bit more open to a proposal to allow algorithms to be slightly less precise in what the software deemed to be hate speech, nudity and other banned categories – enabling it to delete a broader array of “probable violating content” and potentially reducing such harmful material by as much as 17 percent. But he only supported it as a “break the glass” measure, to be used in emergency situations such as the Jan. 6 insurrection, the documents said. Account demotions – which would have preemptively limited accounts that algorithms predicted were most likely to promote misinformation or hate – were off the table.
Facebook’s Lever says “probable violating” proposals were not break the glass measures and the company did implement them across categories such as graphic violence, nudity and porn, and hostile speech. Later, it also implemented the algorithm change fully for political and health categories that are in place today.
The Wall Street Journal first reported on the document’s existence.
The document that finally reached Zuckerberg was carefully tailored to address objections that researchers anticipated he would raise. For each of the nine suggestions that made their way up the chain, the data scientists added one row to list how the proposals would affect three areas he was known to care about: free speech, how Facebook is viewed publicly and how the algorithm change might affect MSI.
One former employee involved in that proposal process said those who worked on it were deflated by Zuckerberg’s response. The researchers had gone back and forth with leadership for months on it, changing it many times to address concerns about clamping down on free speech.
Zuckerberg, said a former executive, “is extremely inquisitive about anything that impacts how content gets ranked in the feed – because that’s the secret sauce, that’s the way this whole thing keeps spinning and working and making profits.”
“People felt, it was Mark’s thing, so he needs it to be successful. It needs to work,” the person added.
In 2019, those in the company’s civic integrity division, a roughly 200-person team that focused on how to mitigate harms caused by the platform, began to hear that Zuckerberg himself was becoming very worried about “false positives” – or legitimate speech being taken down by mistake. They were soon asked to justify their work by providing estimates of how many “false positives” any integrity-related project was producing, according to one of the people.
“Our very existence is fundamentally opposed to the goals of the company, the goals of Mark Zuckerberg,” said another person who quit. “And it made it so we had to justify our existence when other teams didn’t.”
“Founder-CEOs have superpowers that allow them to do courageous things. Mark has done that time and again,” Samidh Chakrabarti, the former head of the company’s civic integrity unit, who quit recently, tweeted this month. “But the trust deficit is real and the FB family may now better prosper under distributed leadership.”
Even as Facebook is facing perhaps its most existential crisis to date over the whistleblower documents, lately Zuckerberg’s attention has been elsewhere, focused on a push toward virtual-reality hardware in what former executives said was an attempt to distance himself from the problems of the core Facebook, known internally as the Big Blue app. The company is reportedly even considering changing its name to align better with his vision of a virtual-reality-driven “metaverse.” Facebook has said it doesn’t comment on rumors or speculation.
The former employees said it was also not surprising that the document trove contains so few references to Zuckerberg’s thoughts. He has become more isolated in recent years, in the face of mounting scandals and leaks (Facebook disputes his isolation). He primarily communicates decisions through a small inner circle, known as the Small Team, and a slightly bigger group of company leaders known as M-Team, or Mark’s team. Information that gets to him is also tightly controlled, as well as information about him.
Even criticizing Zuckerberg personally can come with costs. An engineer who spoke with The Post, and whose story was reflected in the documents, says he was fired in 2020 after penning an open letter to Zuckerberg on the company’s chat system, accusing the CEO of responsibility for protecting conservatives whose accounts had been escalated for misinformation.
One document, a 2020 proposal that indicates it was sent to Zuckerberg for review – over whether to hide like counts on Instagram and Facebook – strongly suggests that Zuckerberg was directly aware of some of the research into harmful effects of the service. It included internal research from 2018 that found that 37 percent of teenagers said one reason that they stopped posting content was because wanting to get enough like counts caused them “stress or anxiety.”
(The like-hiding study, named Project Daisy, was also reported by the Journal. In 2021, the company ultimately did offer an option to hide likes on Instagram, but not on Facebook. Facebook says it didn’t implement Project Daisy because a test showed mixed results for people’s well-being and that the 2018 study used in the presentation “cannot be used to show that Instagram causes harm because the survey wasn’t designed to test that, nor does the data show it.”)
Over the summer, executives in Facebook’s Washington office heard that Zuckerberg was angry about President Biden charge that coronavirus misinformation on Facebook was “killing people.” Zuckerberg felt Biden had unfairly targeted the company and wanted to fight back, according to people who heard a key Zuckerberg adviser, Facebook Vice President for Global Affairs Nick Clegg, express the CEO’s viewpoint.
Zuckerberg is married to a physician, runs a foundation focused on health issues and had hoped that Facebook’s ability to help people during the pandemic would be legacy-making. Instead, the plan was going south.
In July, Guy Rosen, Facebook’s vice president for integrity, wrote a blog post noting that White House had missed its own vaccine goals, and asserting that Facebook wasn’t to blame for the large number of Americans who refused to get vaccinated.
Though Biden later backed off his comment, some former executives saw Facebook’s attack on the White House as unnecessary self-sabotage, an example of the company exercising poor judgment in an effort to please Zuckerberg.
But complaints about the brash action were met with a familiar response, three people said: It was meant to please the “audience of one.”
U.S. stocks rose as traders geared for a string of earnings reports from technology heavyweights including Facebook Inc., while keeping in mind inflation concerns and rising covid-19 risks.
Consumer discretionary, energy and materials sectors led the S&P 500 higher after the benchmark index whipsawed traders at the start of the session. PayPal Holdings Inc. rose after the company said it isn’t pursuing an acquisition of Pinterest Inc., ending days of speculation over a potential $45 billion deal. Tesla Inc. advanced after receiving an order for 100,000 cars from Hertz Global Holdings Inc. Still to come: the five largest U.S. technology companies are set to report earnings, starting with Facebook on Monday.
“This year, broad market indices have benefited from robust earnings growth-the rising tide lifts all boats adage has been in full effect,” said Principal Global Investors Chief Strategist Seema Shah. “But as the economy slows and market conditions become more challenging, selectivity will be key. Staying overweight equities, with a focus on factors such as quality, will be increasingly important for investors aiming to balance portfolios in the market environment ahead.”
Oil pared gains after hitting $85 a barrel for the first time since 2014 with traders focused on upcoming talks between Iran and the European Union that may lead to a revival of a 2015 nuclear deal.
Yields on shorter-maturity Treasuries fell and the dollar edged higher after Federal Reserve Chair Jerome Powell flagged that inflation could stay higher for longer, fueling investor concern that sticky price increases may force policymakers to raise borrowing costs. Gold advanced above $1,800 an ounce.
Global equities have remained resilient despite risks from price pressures stoked by supply-chain bottlenecks and higher energy costs. Treasury Secretary Janet Yellen is among those counseling the inflation situation reflects temporary pain that will ease in the second half of 2022. Investors are wary that tighter monetary policy to keep inflation in check will stir volatility.
Traders are also monitoring an outbreak of the delta virus strain in China that is expected to worsen. The nation sought to allay concerns about the economy’s slowdown with a lengthy state media commentary outlining how the government is managing risks and remains confident about achieving its targets for the year.
The Stoxx Europe 600 index edged higher. The basic-resources sector advanced as crude oil and metals rose earlier, while banks increased on HSBC Holdings Plc’s bright outlook.
Some of the main moves in markets:
Stocks The S&P 500 rose 0.5% as of 4 p.m. EDT
The Nasdaq 100 rose 1%
The Dow Jones industrial average rose 0.2%
The MSCI World index rose 0.3%
Currencies
The Bloomberg Dollar Spot Index rose 0.1%
The euro fell 0.3% to $1.1611
The British pound was little changed at $1.3765
The Japanese yen fell 0.2% to 113.72 per dollar
Bonds
The yield on 10-year Treasurys was little changed at 1.63%
Germany’s 10-year yield declined one basis point to -0.11%
Britain’s 10-year yield was little changed at 1.14%
Commodities
West Texas Intermediate crude fell 0.4% to $83.45 a barrel