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Weekly news summary for November 12 to November 18

Friday, Nov. 12: Musk Sells $6.9B in Tesla Stock This Week

Tesla Inc. Chief Executive Elon Musk sold a combined $6.9 billion worth of shares in the US electric vehicle (EV) maker this week, making the most of a remarkable rally that drove the company’s value to more than $1 trillion.

Financial filings showed that Musk offloaded around $1.2 billion in Tesla stock on Friday, while Musk still holds over 166 million shares in the carmaker, and the stock remained up by about 46% this year after posting a record of $1,229.91 on November 4.

Monday, Nov. 15: AMC Theatres Starts Online Cryptocurrency Payments

AMC Entertainment Holdings Inc. has officially started accepting cryptocurrencies for online purchases, such as movie tickets, two months after announcing the plan.

AMC Chief Executive Adam Aron announced on Twitter that they are now accepting Bitcoin, Ether, Bitcoin Cash, and Litecoin as payments for the US cinema giant’s offerings and added that Dogecoin would be next to be adopted.

Tuesday, Nov. 16: US Dollar Gains After Positive Retail Sales Data

The US dollar posted a 16-month high on Tuesday after official data showed the country’s retail sales were up 1.7% in October, beating expectations, as the holiday shopping started early, while the euro declined amid growth worries and an increase in COVID-19 infections in Europe.

The dollar index gained 0.3% to $95.89 after hitting its highest since July 2020 at $95.92 earlier, while the euro continued to lose against the greenback, falling to $1.13, its weakest since July 2020.

Wednesday, Nov. 17: UK CPI Hits 10-Year High of 4.2% in October

The UK inflation rose to a 10-year high in October as household energy prices surged and broad-based supply shortages hit the economy, with the consumer price index (CPI) climbing twofold the Bank of England’s (BoE) 2% target.

Office for National Statistics (ONS) said the UK’s CPI was up by 4.2% from a year earlier in October, higher than September’s 3.1% and economists’ forecasts of 3.9%, while the BoE expects inflation to reach 5% in spring 2022 before dropping toward its 2% target by 2023.

Thursday, Nov. 18: Asian Shares Fall after US Stocks Retreat

Asian stocks mostly weakened on Thursday after US major indices slipped further from record highs, with Visa Inc.’s 4.7% drop leading the Dow’s fall, as investors evaluate ongoing strong earnings from big-box retailers against current concerns over inflation.

The MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5% to $651.08, the Nikkei 225 shed 0.3% to ¥29,598.66, while S&P/ASX 200 surged 0.1% to A$7,379.20, and the Hang Seng index declined 1.3% to HK$25,312.09.

 

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