Overnight Market Brief – 18 October 2021
Third-quarter earnings reporting season continued Friday as Goldman Sachs’ (+3.8%) results beat significantly on the top and bottom line. Shares of Alcoa Corp.(+15.2%) soared Friday after the aluminum producer reported stronger-than-expected results, said it would pay its first dividend since 2016 and announced a US$500 million share buyback. Virgin Galactic Inc.(-16.8%) shares plunged after delaying its next test flight and the start of its space-tourism business. Top Chinese developers asked Beijing for a “moderate” easing of crackdowns on the property amid concerns about Evergrande, local media reported. They want market expectations to be stabilized, help for buyers with genuine housing needs, and land-price adjustments. PBOC Governor Yi Gang reiterated that Chinese authorities can contain the fallout, and the Bank of Korea said it doesn’t expect a financial crisis from Evergrande. Hong Kong’s IPO market is going through a dry patch during what’s normally the busiest time of the year.